laenuõigus

Laenuõigus refers to the branch of law that governs loan agreements. It encompasses the rights and obligations of both the lender and the borrower in a credit relationship. The core of laenuõigus lies in the contract, which details the terms of the loan, including the principal amount, interest rate, repayment schedule, and any associated fees or collateral.

Key principles within laenuõigus include good faith and fair dealing, ensuring that both parties act honestly and transparently. Lenders are typically required to provide clear and understandable information about the loan's terms and conditions, especially in consumer credit agreements. Borrowers, in turn, are obligated to repay the loan according to the agreed-upon terms.

The law also addresses situations where the borrower defaults on the loan. This can lead to various remedies for the lender, such as charging late fees, initiating collection proceedings, or seizing collateral. Conversely, laenuõigus may provide protections for borrowers against predatory lending practices or unfair contract terms.

In Estonia, laenuõigus is primarily regulated by the Law of Obligations Act (Võlaõigusseadus). This legislation covers various types of loans, including consumer loans, business loans, and mortgage loans, and establishes specific rules and protections for each. Understanding laenuõigus is crucial for anyone entering into or administering a loan agreement, as it defines the legal framework for credit transactions.