The Parliament introduced a cap of interest rates on consumer loans. The annual percentage rate of consumer credit costs can not exceed five times the legal interest on overdue payments denominated in BGN or a currency determined by a Council of Ministers Decree. These are the provisions adopted by the MPs on second reading of the amendments to the Consumer Credit Act. The proposal for introducing a cap on interest rates was made by Georgi Atanasov, Boris Tsvetkov and Georgi Kadiev from Coalition for Bulgaria. It was adopted with the votes of MPs from all parliamentary groups. Georgi Kadiev explained to journalists that the statutory interest rate is about 0.1 % plus 10%. In his words, the adopted text sets a ceiling of about 50.5% annual interest rate on all consumer loans, including mortgages and the so called "fast" credits. All current contracts that do not meet the requirements of this law will be considered invalid , said the MP. According to the adopted legislative amendments, a loan agreement shall be concluded in writing, on paper or on another durable medium, in a clear and understandable way, and all elements of the contract shall be presented in the same type, format and font size - not less than 12, in two copies - one for each of the contracting parties.

Under the adopted texts the creditor shall be allowed to collect user fees and charges for additional services related to the loan agreement. He/she will not be entitled to require payment of fees and commissions for actions related to the loan utilization and management. He/she shall not be allowed to collect more than once a fee and / or commission for the same action. According to the adopted amendments, the General Conditions of the loan agreement shall be signed by the parties on each page. The MPs also regulated the determination of the reference interest rate used as a basis for calculation of the variable interest rate on the loan applicable to the loan agreement. Under the changes, the reference interest rate constitutes a market index - LIBOR, EURIBOR, SOFIBOR and / or indicators published by the Bulgarian National Bank and / or the National Statistical Institute or a combination thereof.