Legal Acts in English

The present Law shall deal with the financial leasing transaction, financial leasing contract, rights and duties of the parties to a financial leasing transaction, conditions under which financial leasing transactions may be conducted, supervision of lessors' operations and financial leasing register.

A financial leasing transaction is a financial mediation transaction carried out by the lessor and which implies that the lessor, while keeping the right of ownership of the subject matter of leasing, transfers to the lessee the authoritiy to keep and exploit the subject matter of leasing over the agreed period, together with all risks and benefits connected with the right of ownership, and the lessee undertakes to pay to it the agreed leasing fee, provided that at least one of the following requirements have been met:

1) The subject matter of leasing is defined by the lessee;

2) The right of ownership of the subject matter of leasing is transferred from the lessor to the lessee upon expiry of the period for which the contract is concluded and upon the payment of the total amount of the agreed leasing fee;

3) The lessee has the right to option of redemption of the subject matter of leasing upon the payment of the total amount of the agreed leasing fee;

4) The lessee has the right to extend the duration of the lease contract;

5) The period for which the leasing contract is concluded shall correspond to the period in which the whole or the most important part of the subject matter of leasing is depreciated.

Deleted.