Under Article 37, Paragraph 2 of the Law on Leasing ("Official Gazette of the Federation B&H ", No. 85/08), Article 4, 9 and 25 of the Law on Banking Agency of the Federation B&H ("Official Gazette of the Federation B&H", No. 9/96, 27/98, 20/00, 45/00,58/02, 13/03, 19/03, 47/06, 59/06 and 48/08) and Article 18 of the Statute of the Banking Agency of the Federation B&H ("Official Gazette of the Federation B&H ", No. 42/04), Managing Board of the Banking Agency of the Federation B&H, brings
DECISION
ON UNIFIED METHOD OF CALCULATION AND PRESENTING EFFECTIVE INTEREST RATE FOR THE CONTRACT ON FINANCIAL LEASING
Article 1
This decision governs the way and method of calculation and presenting effective interest rate (hereinafter: EKS), including ALSO all elements for the contract on financial leasing that must be applied by leasing companies when making contract on financial leasing.
Article 2
EKS is a discount rate which at the annual level equalizes the present value of all future and existing obligations agreed upon by the leasing company and leasing beneficiary.
Article 3
(1) Leasing company is obliged to calculate the EKS and present it in writing to leasing beneficiary, while accepting his/her request for making leasing contract, as well as when actually making leasing contract.
(2) The data, which are presented and displayed by the leasing company in its premises, public places, through media and in any other way, that present either directly or indirectly the interest rate or some other amount that is considered to be part of the financing price, should mandatorily contain information about the EKS, which must not be less visible than other items of information.
Article 4
(1) Leasing company is obliged to present the repayment plan to leasing beneficiary when making contract on financial leasing, with clearly indicated EKS.
(2)In case of stipulation of the possibility of change of nominal interest rate (variable interest rate) which is an element for calculation of the EKS affecting the amount of the interest rate from the repayment plan, the leasing company must clearly define the conditions of such changes in the leasing contract.
(3) Leasing company is obliged to inform the leasing beneficiary in writing on changes under Paragraph 3 of this Article, no later than 30 days.
(4) Leasing company is obliged to, at the request of leasing beneficiary, produce and deliver the repayment plan under Paragraph (1) of this Article, for all contracts on financial leasing until the date of this decision application.
Article 5
The EKS for contract on financial leasing is charged by equalization of discount expenses of the leasing company and discount expenses of the leasing beneficiary in accordance with mathematical formulae:
where m – number of expenditures of the leasing company
n – number of expenditures of leasing beneficiary
tl – number of years from the present making of contract to the moment of issuance of money resources
Dk – expenditures of the leasing company in the moment tl years after contract making
Pl – expenditures of leasing beneficiary in the moment tl years after contract making (including rates, initial costs, participation, initial VAT, the remaining value of the leasing object)
i – decoursive interest factor that can be calculated (algebraic, successive approximations or computer program if other conditions in the equation are known from the contract or in some other way.
EKS is equal to
100 x (i - 1)
Article 6
(1) At calculation of EKS under Article 5 of this decison, the real (calender) number of days in a month is applied and 365/366 days in a year.
(2) Rounding EKS under Article 5 of this Decision shall be made by mathematical method to 2 decimal places.
Article 7
This decison shall be applied in leasing companies and in all their branch offices.
Article 8
This decision shall come into force on the eigth date from its publication in the "Official Gazette of the Federation of BiH“
Under Article 38, Paragraph 2 of the Law on Leasing ("Official Gazette of the Federation B&H ", No. 85/08), Article 4, 9 and 25 of the Law on Banking Agency of the Federation B&H ("Official Gazette of the Federation B&H", No. 9/96, 27/98, 20/00, 45/00,58/02, 13/03, 19/03, 47/06, 59/06 and 48/08) and Article 18 of the Statute of the Banking Agency for the Federation of B&H ("Official Gazette of the Federation B&H", No. 42/04), Managing Board of the Banking Agency of the Federation B&H hereby adopts a
DECISION
ON STANDARDIZED MANNER AND METHOD OF CALCULATION AND PRESENTING LEASING COMPENSATION PER CONTRACT ON OPERATIVE LEASING
Article 1
This decision regulates the standardized manner and method of the calculation and presenting total leasing compensation in accordance with contract on operative leasing . (hereinafter: contract ).
Article 2
Total compensation for the contract represents the sum of the individual compensations charged to the leasing beneficiary by the leasing company, and it represents the sum of all instalments in the agreed period together with all existing and future obligations agreed upon by the company leasing and leasing beneficiary.
Article 3
(1) Leasing company is obliged to calculate the amount of the total compensation, the amount of individual rates, the amount of advance payment, amount of the remaining value, purchase or market value of the leasing object, as well as the amount of individual other compensations to be paid by the leasing beneficiary and present them to leasing beneficiary in writing on the occassion of reciving request for contract , as well as during making contract.
(2) The installment of the operative leasing represents compensation which is paid by the leasing beneficiary for the rendering of services related to using the object of leasing within the agreed period. The total compensations, paid by the leasing beneficiary in accordance with the agreement, cover processing fees for request/contract, as well as all other costs which are known and certain.
(3) Advance compensation represents the amount of the leasing compensation paid in advance which reduces the total amount of the leasing compensation.
(4)The information, presented and displayed by the leasing company, in its premises, public places, through media and in any other way which directly or indirectly indicate the amount which are considered to be part of the financing cost must entail data on elements of calculation of the total compensation, which must not be less visible than other data.
Article 4
(1) Leasing company is obliged to , when making contracts, issue to leasing beneficiary the information about the amount, number, deadlines for payment of specific installment, amount of advance and overall compensation, in writing, and to file the above-mentioned data.
(2) If possibility of change of any element of the charging of the amount of the total compensation is being negotiated under Article 5 of this Decision, which impact the amount of the individual rate and the total compensation, leasing company must cleary define the conditions of these changes in the leasing contract.
(3) At the request of the leasing beneficiary, the leasing company is obliged to compile and deliver the information under Paragraph 1 of this Article, for the contracts made prior to beginning of implementation of this decision.
Article 5
The amount of the total compensation is calculated in accordance with the mathematical formulae:
where:
F - amount of the total compensation
n - number of installments
m - number of intitial costs
Ri - amount of inidividual rate
Cj – amount of advance compensation
Article 6
This decision is implemented in leasing companies and all their branch offices.
Article 7
This decision shall come into force on the eigth day after its publication in the "Official Gazette of the Federatiion B&H“