luottolainsäädäntö

Luottolainsäädäntö is the body of Finnish legislation that governs credit, loans, and debt management. It regulates how financial institutions offer credit to consumers, the obligations of borrowers, and the procedures for debt collection and arbitration.

The core of the system is the Luottotietolaki (Credit Information Act) and the Kuluttajaluottolaki (Consumer Credit Act), both enacted in the 1970s and substantially revised in the early 2000s. The laws were updated to align with EU directives on consumer protection and cross‑border credit, and to introduce electronic credit reporting.

Key goals include ensuring fair and transparent lending, preventing over‑indebtedness, and protecting consumer rights. The legislation applies to all credit agreements, from mortgages to credit cards, and establishes clear rules for interest rates, fees, and repayment terms. It also mandates that lenders provide consumers with comprehensible information sheets and enforce a right to review and dispute credit reports.

Debt recovery is regulated through a treatment hierarchy: first informal negotiation, then formal written demand, followed by legal proceedings if necessary. The system also provides for debt consolidation and restructuring agreements. The Finnish Competition and Consumer Authority (KKH) supervises compliance, while individual supply of credit is overseen by the Financial Supervisory Authority (Finanssivalvonta). Consumer protection organisations also play a role in monitoring abuse of credit.

Recent reforms focus on digitalisation of credit processes, tighter anti‑excessive‑interest rules, and greater transparency in loan contracts. The current framework aims to balance credit availability with risk mitigation, ensuring that Finnish consumers have safe, fair access to financial services.