General installment limits in retail trade readjusted

With the regulatory amendment prepared by the Ministry of Trade, the general 12-month installment limit applied to purchases of goods and services other than residential housing, as well as the special installment periods for different product groups, have been removed.

Regulation Published in the Official Gazette

The Regulation on Amending the Regulation on Principles and Rules to be Applied in Retail Trade, prepared by the Ministry of Trade, has been published in the Official Gazette and entered into force.

With this legal arrangement, certain paragraphs of the previously effective installment sales articles were amended while others were repealed.

Fixed Periods Eliminated

Provisions regarding the general 12-month installment limit applied to purchases of goods and services other than housing sales, as well as the special installment periods determined for different product groups, have been repealed.

Within this scope, special duration regulations in categories such as airline transportation, travel, accommodation, furniture, electronic devices, and white goods have also changed.

Ministry's Powers Expanded

Instead of fixed rules in the current regulation, decisions to be made by the Ministry of Trade will henceforth serve as the basis for determining installment periods.

If needed, the Ministry will be able to redetermine installment periods and introduce additional sector-based limitations.

Credit Card and Debt Installment Payment

Installment limits on credit card purchases do not change directly with this regulation; rules in this area continue to be determined by the Banking Regulation and Supervision Agency (BDDK).

The new regulation also includes post-sale installment payment of debt for a certain fee and deferred payment periods within the decision-making authority of the Ministry.