Spousal consent requirement in business close to being lifted
ISTANBUL - Hürriyet Daily News
The need for spouses’ approval in commercial loans is causing some family quarrels, professionals say.A recently enacted regulation preventing married businesspeople from applying for commercial loans or being a guarantor without spousal consent will be changed in the next legislative year, Customs and Trade Minister Hayati Yazıcı has told daily Radikal.
Yazıcı said he had received a number of complaints since the regulation came into force. “It was put in place because of some problems in the past. But the thread has been lost. The regulation has to be more reasonable. [My colleagues] are examining it. The representatives of the business world are also studying the matter and will submit [their suggestions] to the Ministry of Justice,” he said, adding that the matter would be handled in the next legislative year, which starts Sept. 1.
Criticism on lenders
Yazıcı blamed banks for the way they handled the process. “I think banks impose the regulation too strictly. Banks turn it into an opportunity and a tool to pressure borrowers. We will see what we will do after the research,” he said.
The law says that if a businessperson puts up his or her assets as collateral for a commercial loan, he or she has to gain his or her spouse’s consent, according to the regulation. The law also prohibits being a guarantor without written spousal consent.
This regulation was enacted after a change in the Civil Code that says conjoints are entitled to equal rights on assets earned after marriage.
The business world has registered strong objections to the regulation. The requirement of spousal consent for commercial loans is applicable for family companies and has started to cause serious challenges in other cases, according to Mehmet Reis, the chairman of Reis Gıda, a local firm active in legume production and trade.
“The business world races against time, and spousal consent creates a handicap,” Reis said.
Touching on consumer complaints in general, Yazıcı said specialists would be employed at arbitration committees for consumer problems. He also offered the following advise for consumers: “Do not eat too much or stroll around markets and delicatessens when fasting.”