ORDER OF THE MINISTRY OF TRADE OF THE REPUBLIC OF BELARUS

of April 29, 1996 No. 36

About approval of the Instruction about procedure for sales of goods on credit

For the purpose of activation of sales of goods of long-term use on credit and in connection with the changed conditions of managing I ORDER:

1. Approve and enact the Instruction about procedure for sales of goods on credit (appendix 1).

2. To governing bodies of trade of regional executive committees and Mingorispolkom, Belkoopsoyuz, the ministries and departments having retail chain stores:

2.1. Bring the Instruction about procedure for sales of goods on credit to all subjects of managing performing retail trade and provide control of its observance.

2.2. Determine the list of the companies of the state pattern of ownership and the consumer cooperation performing sales of goods on credit.

2.3. Provide information of the population on procedure for sales of goods on credit.

2.4. Recommend to carry out organizational work on use by subjects of managing of all patterns of ownership of work experience of trade enterprises of Minsk (Belarus department store, ATP "Furniture, Building Materials", Radiotekhnika shop, etc.) with commercial banks on provision to buyers of acquisition loan of goods in specific trade enterprise (appendix 2).

3. To management of financial accounting, control, finance and prices (Kurilenkov) together with management of the organization of trade and consumer protection (Melnik), Administration of commerce of Mingorispolkom (Volodko) till August 1, 1996 to hold seminar on generalization of the specified experience with practical employees of governing bodies of trade.

4. Declare invalid the order of the Ministry of Trade of June 1, 1992 of N28 "About Approval of the Instruction about Procedure for Sales of Goods on Credit and Custom Tailoring of Clothes on Payment Terms on Credit Materials of Studio and Workshops".

5. To impose control over the implementation of this order on management of financial accounting, control, finance and the prices (Kurilenkov) and management of the organization of trade and consumer protection (Melnik).

Approved by the Ministry of Trade of the Republic of Belarus

Appendix 1

to the order of the Ministry of Trade of the Republic of Belarus of April 29, 1996 No. 36

The instruction about procedure for sales of goods on credit

1. The instruction about procedure for sales of goods on credit (further the Instruction) regulates procedure for sale to citizens of the Republic of Belarus for goods on credit in retailers of all patterns of ownership.

2. The sales of goods are on credit made to citizens of the Republic of Belarus, in trade enterprises of the city or other settlement where they constantly live.

3. The inventory, subject to credit sale, is established by the owner of trade enterprise. The specified list shall be hung out in trade floor for information of buyers.

The sales of goods are on credit made at the prices operating at the time of sale. Subsequent change of the prices of the goods sold on credit does not involve recalculation.

4. The buyer acquiring goods on credit has the same rights, as upon purchase of goods in cash, according to the Law of the Republic of Belarus "About consumer protection".

5. The term of loan granting is determined by the agreement between trade enterprise and the buyer, but for one month at least.

6. The amount of the granted loan shall not exceed 50 percent of the average monthly income of the citizen (the salary, pension, grant, entrepreneurial incomes and others) for the period on which the loan is granted.

7. Trade enterprises levy from buyers payment for use of the credit which is determined independently, that it shall not exceed more than for 2 percent the level of the interest rates applied by banks when crediting of the specified companies. Subsequent change of rates for bank loans does not involve recalculation on these percent.

8. Transfer to the buyer, the goods acquired on credit is made in case of payment of at least 25-50% of its cost by it (at the discretion of trade enterprise depending on the cost of goods and solvency of the buyer) and if the rest of cost of goods exceeds limiting credit amount (the item 6), also differences between the cost of goods and the amount of the granted loan. The credit amount and payment for use of the credit shall be settled by the buyer equal parts within the term for which the loan is granted.

In case of sales of goods on credit to needy citizens on representation of social security authorities transfer of goods to the buyer is made in case of payment of 10% of its cost by it.

At the discretion of trade enterprise transfer to the buyer of the goods acquired on credit can be made without the advance payment provided by this Item.

Under the agreement between trade enterprise and the buyer transfer of the goods sold on credit can be performed both at the time of registration of sale of goods on credit, and in other time, but not later than until the end of calendar month in which the sales of goods on credit are drawn up.

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