Warning: You Are Viewing Act, The Parliamentary General Assembly Has Already Adopted. If It Does Not Include The Changes Made Later. Leasing, Factoring And Finance Companies Law

Original Language Title: Uyarı: Görüntülemekte olduğunuz Kanun, TBMM Genel Kurulunda kabul edildiği halidir. Varsa daha sonra yapılan değişiklikleri içermemektedir. FİNANSAL KİRALAMA, FAKTORİNG VE FİNANSMAN ŞİRKETLERİ KANUNU

Read the untranslated law here: https://www.tbmm.gov.tr/kanunlar/k6361.html

Law No. 6361

Acceptance Date: 11/21/2012
PART ONE PART


General Provisions Purpose, Scope and Definitions Article 1

Objective (1) The purpose of this Act; financial institutions acting as financial leasing, factoring and consumer finance companies and leasing and operating principles of the organization is to regulate the procedures and principles related to factoring and financing agreements.

Scope Article 2 (1) installation in Turkey, leasing, factoring and consumer finance companies are subject to the provisions of this Act.
(2) Banks made factoring transactions with the participation banks and development and leasing transactions conducted by investment banks is subject to the provisions of this Act.
(3) Financial leasing companies made an operating lease provisions relating to financial lease transactions of this Law does not apply.
(4) for housing rented to consumers through financial leasing and mortgage financing companies regarding the activities reserved to the provisions of other laws.
(5) airline in passenger and freight transport companies operating in the air transport vehicles, engines and parts of them; installed the current companies that possess them to hire competent according to the national legislation, by institutions and leasing companies, at least two years to hire for the overseas operations based on the lease agreement, Article 3 of the first paragraph (d) of this Act without being subject to the restrictions contained in paragraph It is considered under the lease.
(6) In cases where there is no provision in the general provisions of this law are applied.

Definitions Article 3 (1) the implementation of this Act;
A) Association: Leasing, Factoring and Financing Companies Association, the
b) Operating leases: Lease remaining lease outside,
c) Invoice: 213 dated 4/1/1961 according to the Tax Procedure Law invoices and bills instead of passing documents
d) financial leases provided it is based on a leasing contract be transferred to the lessee at the end of term of the lease of a property owned as to ensure this Act or financing by the lessor authorized under the relevant legislation; At the end of the lease term tenant the right to purchase a cost lower than the fair value recognition of the goods; The rental period of the property's economic life of the lease that allows any of the case to create a greater value than the sum of the present value of the lease payments to be made by a larger portion of the coverage or financial lease agreements from eighty percent Ninety percent of the property's current market value, the
d) Lessor: Participation banks, development and investment banks and leasing companies,
e) Tenant: who accepts a financial lease,
f) Control: a legal person; Of the capital, at least fifty percent one to be without any requirement to have, to own directly to the majority or to appoint a The holding of preference shares or other shareholders to be made in saving the majority of voting rights pursuant to agreements or through any means a board majority vote decision of the members Although owning the majority or also be retained of the impeachment power
g) Board: Banking Regulation and Supervision Board,
i) Agency: Banking Regulation and Supervision Agency,
h) Equity: Share capital, capital reserves, profit reserves, period net profit, retained earnings and to be set by other items net loss for the period if the total accumulated losses and deducting other items to be set by the balance with qualifications obtained through will be determined by the board of subordinated debt,
i) Company: established in Turkey financial leasing companies, factoring companies and financing companies,
i) section: Company forming part of and dependent on the activities of all or any part of any work place that makes its own means
.


Subject to Authorization Procedures PART TWO PART


Organization Establishment and Operating Permits permission
Article 4 (1) to establish a company in Turkey, provided that the fulfillment of the conditions stipulated in this Law in the same direction to be taken by a vote of at least five members of the Council decision is allowed.
(2) The principles and procedures for granting permission for the application to be made and permission is determined by a regulation to be issued by the Board.

Organization Terms of Article 5 (1) of a company to be established in Turkey;
A) should be established as joint stock companies and co-founder of a number of partners is less than five,

B) recovering the cash equivalent of the share certificates and have written to all registered,
c) Trade tradename "Financial Leasing Company", "Factoring Company" or "Finance Company" someone is present from the phrase,
d) The founder of this Act must meet the specified requirements,
d) board members to be having professional experience to perform quality and planned activities mentioned in the corporate governance provisions of this Act,
e) in cash and at least twenty million have Turkish Lira all kinds of paid-in capital to be free from collusion ,
f) to comply with the provisions of this Law of association,
g) Authority to interfere with the effective control to have a transparent and open partnership structure
i) Proposed activities belonging to the business plans and projections about the financial structure of the organization , the budget plan for the first three years and to submit an activity program that shows the structural organization is
condition.
(2) The Board is authorized to increase the minimum paid-up capital of Turkey every year annual producer price statistics released by the Authority in order to exceed the amount required by the rate of increase in the index. Founder

conditions required in Article 6 (1) of the joint founders of the company;
A) 09.06.1932 dated 2004 on the Bankruptcy Act or the lack bankrupt according to other legislation, should not have been declared composition, it should not have been approved restructuring apply by consensus by or about to be decided the postponement of bankruptcy, || | b) dated 19/10/2005 and 5411 of the bank applied Article 71 or does not have savings deposits in banks that have been transferred to the SDIF direct or indirect share in more than ten or so before the entry into force of this Act or not hold control in the hands | || c), except voluntary liquidation and kept banker subjected to liquidation operating permit revoked factoring, leasing, financing and insurance companies, with the money and capital markets institutions operating in the absence of a direct or indirect share in more than ten or so or not hold control in the hands | || d) even if pardoned, except for negligent offenses abolished 01.03.1926 dated and 765 of the Turkish Penal Code and in accordance with other laws, imprisonment or five years imprisonment, 26/9/2004 dated 5237 Turkish Penal Code and other laws in accordance with more than three years in prison to be punished with fines or abolished 04.25.1985 dated and 3182 numbered Banking Law, abolished 6/18/1999 dated 4389 Banking Law, this Law 5411, the Law and 07/28/1981 dated 2499 Capital Market Law and money lending works on legislation to jail opposition to provisions requiring criminal or abolished 765 Law No. 5237 Law or other laws by simple or qualified embezzlement, embezzlement, extortion, bribery, theft, fraud, forgery, faith abuse, deceit bankruptcy as infamous crimes by using and consumed trafficking outside the smuggling crimes, official tenders and purchase rigging, of the assets resulting from offenses for money laundering offense or the State of the committed crimes sovereignty signs against the personality and crimes against the dignity of the organs, state security of crimes against the constitutional order and the functioning of this system and the crimes against national security, state secrets offenses from and espionage against the state secrets crime to divulge, crimes against relations with foreign states, 12/4/1991 and the 3713 Prevention of Terrorism Act within the scope of the crimes, tax evasion from or to this crime associates convicted absence of
d) can accommodate the amount of capital they promised level of financial strength and reputation have found,
e) transparent and be open partnership structure in case of a legal person,
f) Job the honesty and competence required to have is
condition. established by international agreements to which Turkey is a party to this article regarding multilateral credit organizations and financial institutions, (b) and (c) shall not apply.
(2) the Company's founding entity must share with a capital of ten percent or more partners or having control in the conditions of the real and legal persons of public transport in the first paragraph.

(3) The Company ten percent of the capital or more shares are owned, or the company that controls the company with a capital of a natural or legal person who holds the capital of legal entities that have ten or more percent share of ten percent or more shares with or control the actual holding or legal persons (d) except clause, in case of losing the qualifications mentioned in the first paragraph, the shares they hold these people status to bring the case in accordance with the provisions of this article need to transfer within six months. By whom the falling share of voting rights to be transferred during the period in question and how determined by the Board to be used.

Annual leave Article 7 (1) Article 4 of the framework of the establishment permit for the company, it is necessary to take further operating permit from the Board. operating permit issued by the Board shall be published in the Official Gazette.
(2) organizations have been taken with the misrepresentation of consent, lack of organization is referenced to obtain permission to operate within six months following the permit organizations to declare that the withdrawal from the consent of the loss until the adoption of the activities of the conditions required for the grant of, any of the case have not received permission to operate Upon execution is canceled by the Board allowed the company.
(3) organizations that have received permission to pass the company's activities;
A) to perform paid and planned activities in cash of the capital to be at the level
b) the presentation of the document that invested in the accounting unit of the Ministry of the founder by Article 5 on the minimum capital cent entrance fee systems in five of the amount to be recorded as revenue in the general budget ,
c) the appropriate service units with internal control, accounting, data processing, and established reporting system, the establishment of adequate personnel for these units and personnel that it determined the powers and responsibilities with appropriate job descriptions,
d) Leaders of this have the qualifications specified in the law,
need.
(4) all partners, provided that the leasing company established in Turkey, the organization and its activities without obtaining permission only leasing company to lease a ship can be established. Companies will be set up outside material of this nature is not subject to the provisions of this Act relating to contracts.
(5) The principles and procedures for the implementation of this Article shall be determined by the Board. Branches

Article 8 (1) The Company is subject to permission to open branches in the country or abroad. The Company can not go to any outside organization under whatever name can not branch and agency.
(2) The principles and procedures for authorization with the qualifications of the branch is determined by the Board.
Company's business and operations can not be
Article 9 (1) Company;
A) it does not operate outside the main business activities.
B) customers under contracts to be made with cash and credit does not make use of it except for the cash loans granted to exceed one percent of the total paid-in capital in order to provide customers with additional funding as part of the transactions. This rate of increase up to five percent of the paid-up capital or reduce to zero or the Board shall be authorized to differentiate on the basis of the company.
C) The activity of operations with limited to recording with the guarantee and security with the capital the capital of ten and more share with or control so with having people in hand to have ten or more percent or control of the company that holds per cent of the total paid-up capital except for the guarantees and sureties guaranteed not to exceed twenty, can not guarantee and letters. This rate of reduction or increase up to five percent to twenty five percent or company is authorized to differentiate on the basis of Assembly.
D) 2499 According to the law the issuance of securities, the borrowing of money from international markets, the general principles, including the public and partnership from, banks, apart from the provision of funds from the money market and the organized market deposit or under any name whatsoever G- For money money can not collect.
(2) even if the factoring company, the Board determined that the principles and procedures based on bills of exchange in the frame, can not afford the goods or services determined by the Board was born with the bill proving uncontrollable receivables from the sale procedures and principles in proving undeliverable goods or services to be born will be attached to the sales cycle or can not take over the collection. The total amount of partial assignment made multiple factoring companies can not exceed the invoice amount based on the same bill.

(3) the transfer of the factoring companies appeared through the endorsement of a bill of exchange, he referred to people because of bills of exchange, regulating or own in the set-off defense are based on the existing direct relationship with one of the previous holder does not argue against the factoring company; unless the factoring company even acquired the bill of exchange, even when you have acted to the detriment of the debtor.
(4) Without prejudice to the provisions relating to insurance legislation, financial leasing companies, financial lease or operating lease transactions to subject the goods to these transactions under the guarantees and the product in question to the Hirer; Finance companies are recruiting credited goods or services, credit guarantees and crediting of goods or services to any natural or legal person, bought, repayment of loans and similar credit elements of protection under the will except through the making of insurance contracts for work within the subject engaged to cover the insurance of all kinds They can not engage in the insurance operations.
PART TWO Provisions Regarding


Home amendments of the Articles of Incorporation
Article 10 (1) Registration Authority shall be notified in advance of changes to the main contract. Authority regarding amendments in the report if the negative opinion within five business days, these changes will be on the agenda of the general meeting of the company and the Agency is informed of the result.
(2) The Company's Articles of Association are published on the company website up to date. updating the association, since the time of the change must be made within ten business days.
(3) changes in the Company from the date of the change of address is required to notify the Agency within fifteen working days.
(4) The principles and procedures for the implementation of this Article shall be determined by the Board.
I Share and transfer
Article 11 (1) A person, company ten percent of the capital or more of the acquisition of shares representing or corporate control of share transfers that result changing hands is subject to the approval of the Board.
(2) privilege to appoint members to the board of shares that facility, the issuance of new preference shares or transfer is subject to the approval of the Board, regardless of the proportional limit in the first paragraph.
(3) Company's share capital and over ten percent of the share transfer that results in a change of control of entities having a share is subject to the approval of the Board.
(4) qualifications required for the founders who will take over the share of the transfer of shares subject to authorization transport is essential.
(5) is subject to authorization, the number of common shares with permission made five acquisitions led to fall below the share transfer may not enroll in the share register. This provision to the contrary in the share register recording made null and void.
(6) The principles and procedures for the implementation of this Article shall be determined by the Board.


SECTION THREE Merger, Acquisition, Disposal
division and merger, acquisition, division and liquidation
Article 12 (1) Company mergers, acquisitions and divisions are subject to the general rules provided that permission from the Board. The principles and procedures for granting permission is determined by the Board.
(2) the general provisions of the ending of the Board's approval of the company's operations and liquidation of the condition to be still applied. The company's liquidation process can be controlled If deemed necessary by the Authority.
PART THREE PART



Corporate Governance Executive
board members, general managers and deputy general managers
Article 13 (1) is made in relation to corporate governance, processes and Associates principles of the Union shall be determined by the Board based on the opinion.
(2) The Company's Board of Directors shall not be less than three persons, including the general manager. General manager, deputy in cases where there is a natural member of the board of directors. The board members, general managers and deputy general managers, the first paragraph of Article 6 (a), (b), (c) and (d) the conditions of transport in paragraphs are mandatory. This law sought to general manager for a professional experience of more than half of the board members must also sought.
(3) at least seven years of company general manager, to have professional experience in business or finance, including at least five years while the deputy general manager and also they must have studied at the undergraduate level.
(4) even if they are employed with different titles, powers and duties as a deputy general manager of equivalent or higher positions in other task managers who are also subject to the provisions of this Act pertaining to deputy general manager.

(5) Board members, and the appointment of the general manager and deputy general manager for the principles and procedures determined by the Board were elected.
SECTION


internal financial reporting systems, accounting, reporting and auditing
Article 14 (1) Company; The monitoring of risk exposures, providing control, compatible with the structure and scope of activity and sufficient appropriately to changing conditions and to establish an effective system and is obliged to operate.
(2) to determine the procedures and principles for the functioning of the system, the system is sufficient and authorized the Board to take all kinds of measures for the companies were found to be effective.
(3) The Company; Public Oversight, Accounting and Auditing Standards to account for all transactions in accordance with their true nature within the framework of the principles and procedures determined by the Council, to meet the requirements of attaining financial reports information form and content, clear, reliable and comparable auditing, analysis and interpretation convenient, timely and accurate manner edit It is difficult.
(4) The Company, the shape and scope of the Agency determined that the financial statements and statistical information to the Agency shall send the requested time and method.
(5) The Company's independent audit dated 09.26.2011 and numbered 660 Public Oversight, Accounting and Auditing Standards Board of the Organization and Duties are performed in the framework of the Decree Law on. Drying is sent under issued audit reports principles and procedures set by the Board.
Protective regulations
Article 15 (1) The Board, subject detection of thick risk analysis, monitoring, measuring and limitations in equity with the activities of the company in order to evaluate and to make the necessary arrangements, by defining standard rates and to take every precaution about them it is authorized. Company to comply with the regulations, set limits and standards to calculate ratios, secure and maintain, and the measures requested by the Authority in relation to them are required to take within the prescribed period of time and practice.
(2) the restrictions and threshold related to the standard rate or the formation of outs still to be determined in accordance with this law, is obliged to inform the Authority about the company situation immediately.
(3) due to declines that may occur in equity shareholders' equity of the formation of outs in the associated limitations and ratios with a certain rate and require the terms of the case is resolved in this out by the Authority specified time. The provisions of this Law pertaining to administrative fines within the time set for the elimination of excesses are not applied.

Provisions Article 16- (1) The Company emerged from the birth of receivables from operations or expected, but the exact amount of damages is difficult not to meet certain provisions within the framework of the principles and procedures set by the Board.
Control, surveillance and provide information
Article 17 (1) under the supervision and control of the Company made by the Authority of this Act.
(2) the Authority; company, corporate partners, the company controlled by partnerships with their branches and other related natural and legal persons of any information they deem relevant to this Act are to ask, even if hidden, all the books, including records related to their tax records and documents to examine the competence, knowledge desirable are also obliged to provide the information requested, notebooks, for maintaining records and documents to examine the ready, all the computing system in accordance with the audit objective to open the organization's on-site audit the professional staff, all kinds of books they have to maintain and ensure the security of the data, they have to give to document and report cards information on microfiche, microfilm, magnetic tapes, floppy disks and records in other media, and all the necessary to make these records or access to records and to submit readable system passwords and is obliged to examine.
(3) Public institutions and organizations, state security and basic external utility will have severe consequences against the case with professional secrecy, family life, privacy and regardless of prohibitive and restrictive provisions of special laws without prejudice to the provisions concerning the right of defense secret, even by though Institutions any information or document requested under this Act to be limited by the tasks given at the appropriate time and environment, is obliged to permanently or individual.

(4) on-site audit of the Company's operations are carried out by qualified professional staff of the organization's on-site audit. The Company, its shareholders, companies controlled by associates and other related natural and legal persons institutions in place to be requested by the authorized professional staff to conduct audits to all kinds of information and documents, ledgers and to submit the documents and must keep ready for inspection.
PART FOUR Provisions Regarding Contracts



SECTION finance leases Leasing

Article 18 (1) financial leasing; The lessor, the lessee's request and upon selection of a third party or purchased from personally tenant or otherwise supplied by or before the goods possession of which has been spent on the property in exchange for rental to provide any benefit is any contract to leave the tenant. The subject of the contract

Article 19 (1) can be moved to the Convention and immovable goods. intellectual and industrial property rights such as patents, except replicated copies of computer software programs can not be subject to this agreement.
(2) to protect the fundamental nature of the complementary parts or plug-ins, regardless of their nature alone could be the subject of any property lease.

Leasing fee Article 20 (1) leasing costs and payment periods are determined by the parties. Even if the contract clearly stated in the contract subject to the condition that the goods have not yet been made or have been delivered to the tenant may be charged rents starting from the contract date. Unless otherwise specified in the contract, since the contract of the goods of the contract must be delivered to the tenant within two years. lease will be made outside the dorm

Article 21 (1) lease agreements to be made abroad will be registered by the Union.
(2) the principles and procedures related to financial leasing will be determined by the Union abroad by taking the opinion of the Board. The form and registration

Convention Article 22 (1) The contract is made in writing. Immovable property to the related contracts property within the land registry of commentaries on the household contract that the goods are moved with their off special record registered in the register they are registered these goods and commentaries kindly and reported also by the lessor Union.
(2) is moved not registered in a special register held by the Union contracts for goods shall be registered in a special register.
(3) A special register held by the Union is open to anyone. Nobody can argue he did not know a record in the register.
(4) The principles and procedures for the registration of private records held by the Union of the contract is determined by the Union by taking the opinion of the Board.
(5) After registration or annotation, real rights acquired by third parties on leased property may not be invoked against the lessor.
(6) and 6102 dated 01.13.2011 of the Turkish Commercial Code article 940 tenant applications, which are considered as financial ship.
(7) No. 2920 dated 14/10/1983 and tenants in Article 49 of the Turkish Civil Aviation Law practice is considered as aircraft Maliki.
Leased property purchase
Article 23 (1) belongs to the property of the lessor leased property. However, the parties in the contract, the tenant at the end of the contract period may be entitled to decide on the acquisition of property ownership.
(2) Failure to leased registered subject is moved from the birth of the right to purchase goods on behalf of the tenant for the thirty-day period of use by tenants of this right and return to the lessor of the property in accordance with Article 32 of this Law, the agreement between the parties to decide on this matter It concluded that the notification had to be made on the issue and address of the tenant or lessee, provided that it does not make any transaction made the notification about the transfer to the new tenant lease unilaterally. unilateral demands made by the lessor regarding this context, the ownership transfer process is carried out by the relevant record. rights and obligations of the parties

Article 24 (1) Tenant, during the leasing contract is subject has taken possession of the goods, according to the purpose of the contract is entitled to obtain any benefit.
(2) Tenant condition stipulated in the contract and must use the leased property in accordance with the provisions carefully.

(3) no provisions to the contrary in the contract if the tenant is responsible for all property maintenance and preservation, maintenance and repair costs are the responsibility of the tenant.
(4) leases are required to be filed on property insurance. The goods indicated in the agreement will be insured by whom. Insurance premiums are paid by the tenant.
(5) damage of the goods and the contract period is rather the responsibility of the tenant. This liability is limited to the unmet portion of the amount paid in excess of insurance and must be paid by the tenant section.
(6) of the goods supplied by third parties on the election and demand that the tenant be held responsible for the defective lessor. The same provision also applies in the case of goods supplied from the tenants themselves.
Goods to be delivered to the tenant
Article 25 (1) leased property, the lessor of the property of the manufacturer or seller with timely agreement not to do or perform the necessary payments on time or renter's flaws and still be delivered to the tenant and other reasons caused by the negligence 11 / 1/2011 dated 6098 of the Turkish Code of Obligations numbered 123, 125 and Article 126 shall apply. Possession and transfer of tenancy title

Article 26 (1) The tenant, tenancy title or contractual rights or obligations may delegate upon obtaining written permission from the lessor. This amendment to the lease because the tenant turnover, shall be registered in the framework of Article 21 or Article 22 shall be based on interest or commentary.
(2) tenants in housing finance made under financial lease, the lessor to provide information, other leasing transactions are recorded with the provisions of the contract in the possession of the leased property can be transferred to someone else.

The transfer of ownership Article 27 (1) Unless otherwise indicated in the contract the lessor may not transfer the ownership of the property to a third person. In recognition of this authority in the case of the Convention, transfer, but done another renter. The new owner is obliged to comply with contract provisions. The transfer to be valid against the lessee is bound to inform him.
Tenant bankruptcies or Judicial Prosecution of
Article 28- (1) The bankruptcy of the tenant case, in bankruptcy, Act No. 2004 of Article 221 of the prior pose office according to the provisions of the first paragraph, leased goods decides to segregate. This decision may be appealed against within seven days of the bankruptcy clerk.
(2) In case made against the Lessee, executive officer, decides to exclude the monitoring of leased property. It may be appealed within seven days against the decision of the bailiff.
(3) These objections enforcement court later be decided within a month. Lessor

bankruptcy or Judicial Prosecution of Article 29 (1) Lessor's bankruptcy case in the contract, until the end of the agreed period will remain in effect against the bankruptcy estate.
(2) against the lessor leased goods seized in case of a follow-up through the execution of the contract period. The end of the

Convention Article 30 (1) Unless otherwise agreed in the contract, the expiration of the contract period, the lessee's bankruptcy, in case of the death or loss of legal capacity is automatically terminated.
(2) Tenant's liquidation process to enter into liquidation or leased property or the provisions in the event of liquidation of the company is allocated to the contrary in the contract at the request of the tenant contract terminated before the time.
(3) Each party to the Agreement upon notice of at least three months before the expiry, may request the extension of contracts with existing or new conditions. It depends on the agreement of the parties to the contract extension.

Violation of the Convention Article 31 (1) Charter, the payment of the leasing fee falling within the thirty-day period given to the defaulting tenant in the event of non-payment of this fee may terminate the contract. However, the contract period is agreed to be transferred to the lessee at the end of the property, this period of not less than sixty days. Two of the top three or agreements made with tenants who pay on time due to the strike of the addressee is located within one year rental contract may be terminated by the lessor.
(2) In cases where the act in breach of one of the parties contract may be terminated in case the contract can not be expected to continue to contract due to the other side of this contradiction.

(3) Tenant and in disputes relating to the leasing contract between the lessor in case the court leased property injunction based lessor or released to a third party lessor are able to save on cost by deposit guarantees up to the fair value of the property in court. In so far; the lessor in case the court decides that it is unfair of the termination of the contract, the tenant is liable to compensate the losses. The result of the termination of the contract

Article 32 (1) When the contract expires, nature, exercise the right to purchase or lease the tenant without the right to subject the contract is obliged to return the goods immediately.

Result of the termination of the Agreement Article 33 (1) Contract termination by the lessor to the lessee by the second paragraph of Article 30 in the case of termination pursuant to the tenant is obliged to return the goods. Returned goods of otherwise value agreed sales price in the contract in case of sale to a third party, if the leasing costs which are not due to the lessor is lower than the total losses in excess of that paid to the lessor by the difference between the tenant. Otherwise agreed by the value of returned goods sales price in the contract, if the leasing costs higher than in case of undue damage exceeding this sum will be paid by the lessee to the lessor the difference between the lessor. the same principles will apply in the case of leased under finance leases property to a third person be returned.
(2) If the Agreement is terminated by the tenant with the damage suffered by the tenant to give back the property compensation, may request the lessor.
(3) the redemption of mortgages taken as collateral for the debt arising from the 2004 Convention on the Law No. 150 / I Article shall apply.
(4) Due to the lessor by the tenant does not pay the debt within the period specified in the Law on the termination of protest sent to the tenant through a notary Act No. 2004 of 68 / b article shall apply.

Inapplicable provisions of Article 34 (1) dated 22/11/2001 and the 4721 Convention on the Turkish Civil Code 764, 765, 766 and Article No. 6098 of the Turkish Code of Obligations Part Two Part One in the fourth Separations " partial Pay Sales "located in Part Two Part Four with a second Discrimination provisions" Residential and Commercial Rents Roof "provisions do not apply to the.
Incentive
Article 35 (1) all of the investment or part of the lessor In the event that carried out through leasing of the them regarding the lease subject to economic assets benefit from the incentives applied in case of purchase. Liability with regard to the incentive certificate of leasing companies is limited to the portion of the transfer itself takes place.
Customs regarding provisions
Article 36 (1) For foreign companies with tenants in customs duties to bring the goods according to agreements entered into and additional financial obligations following provisions shall apply:
a) Based on a contract has no right to purchase or the Although it deserve not even expected to benefit from customs exemption incentive certificate goods entering Turkey, except for the time limitation of the customs legislation, contracts, depending on the period dated 27/10/1999 and 4458 provisions for the temporary importation procedure of the customs Act apply. Before the end of the contract period is solved according to the provisions of Law No. 4458 on the guarantees requested to be taken abroad to be returned to the lessor case of failure to import and leasing of certain goods.
B) at the end of the contract period in case of construction of leased goods definitive import rates of exchange prevailing on the date that the customs duty and excise taxes will be calculated on the securities will be determined by the provisions of the 4458 Law of the goods customs value and additional financial obligations will be incurred and charged. Determination of
Exceptions and tax ratio
Article 37 (1) Finance lease contracts and the transfer of these contracts and their guarantees from paper stamp duty held in order to amend the papers for this to be done about the paper transactions are exempt from fees.
(2) sell it back to the land leases of real estate on behalf of the tenant at the end of the registration period of the contract made under rented land lease agreements are exempt from fees.
SECTION


Factoring contract Factoring and Financing

Article 38 (1) factoring agreement; goods or services with born bills of sale with proving the receivables are set by the Board procedures and in the framework of the principles by taking transfer of receivables to be incurred depending on the goods or services sold, which can be substantiated, the collection provides the customer the factoring company, the borrower and the keeping of customer accounts as well as funding or any of the factoring guarantee function or is a contract that contains all.
(2) must be issued in writing of the factoring agreement.
Financing agreement
Article 39 (1) financing agreement of all kinds of goods or services received, to be credited by the goods or services bought or legal persons on behalf and account of goods or delivery of services or payment to the supplier with supply The contract envisages. Loan repayments are made on behalf of credit opened by the finance company.
(2) Financing companies are obliged to make a general way with the dealer prior written agreement providing goods or services to be lending.
(3) must be issued in writing of the financing agreement.
PART FIVE PART



Union
Union Leasing, Factoring and Financing Companies Association
Article 40 (1) legal entity within six months from the date of entry into force of this Act having the quality of public institutions and professional organizations in the Financial Leasing, Factoring and Financing Companies Association is established.
(2) The company must be a member of the Association within one month from the date they received permission to operate. The duties and powers of the Union

Article 41 (1) the Union;
A) to ensure the development of the profession, members to promote unity and solidarity, education, although present in the promotion and research activities,
b) Occupation policies to the needs of the economy in the discipline required by members of the association and the profession by identifying ensuring their work in accordance with
c) members of identifying professional principles and standards to be followed,
d) to announce the relevant legislation in accordance with the decisions taken by the Authority of the measures members,
d) among its members to take all necessary measures in order to prevent unfair competition and exerting,
e) in advertisements and commercials Member obey their rules and terms of type, shape, only identified as quality and quantity,
f) Members of the issues that concern the common interests of the board of directors to sue based on the decision,
g) Members include collaboration on joint projects to provide,
i) to perform other duties as specified in this Act, and authorized officials
.

Organs and status Article 42 (1) the bodies elections by secret ballot in accordance with the principles stipulated in this law and is carried out under judicial supervision. Selection determines at least ten participate in elections five days ago members and representatives of the general meeting to-do list, the meeting agenda, place, date, time, and in triplicate with a letter stating point for the second meeting to be held in the absence of a majority election board will be determined by the Supreme Election Board is deposited president judge. The judge will approve the list of required examinations and other matters; with a ballot box chairman and two members of the election board shall appoint an alternate member for them. Voting by secret ballot, open counting is done according to policy. At the end of the election period, the election results are detected and recorded in the minutes signed by the chairman and members of polling stations. Minutes from the organization of the elections will be held in two days by all kinds of appeal judges examined the same day and is connected to a final decision.
(2) amendments to the statute of the Union, taking the opinion of the Union Council of Ministers on a proposal by the Authority put into effect by the Council. Members are decisions to be taken by the Union and the status of the Union must comply with the measure. Union expenses, distributed to members by the number of votes determined in accordance with statute. Members are obliged to deposit their share of expenditures within the time specified in the statute. Charges collected shall be exercised by the Union through participation fees if not paid within the specified time. decisions on the payment of costs of the shareholding Act No. 2004 is an official document in writing the nature of Article 68.
(3) A decision on the general or specific nature and timely measures taken by the Union and members of the Union does not exactly match up to the board of directors from ten thousand Turkish Liras Turkish Lira administrative penalty is given.
Central registration bill

Article 43 (1) Factoring companies and banks, billing information as well information about the transfer, including the Risk Center will be taken before or consolidation of the Union in a way that they see fit. The principles and procedures for sharing information is determined by the Union.
PART SIX PART



Penal Provisions Administrative Monetary Penalties Administrative penalties

Article 44 (1) of this Act to the Board's decision and reasons to be specified by the company;
A) up to three thousand Turkish Liras from ten thousand Turkish Liras in case of breach of Article 8,
b) Article 9 of the first paragraph (b) or (c) in the case of breach of the clause constitutes violation of not less than ten thousand Turkish Lira up to the amount of ten times,
c) as in the case of inactivity contrary to the second paragraph of Article 9 of the transaction amount constitutes violation of not less than ten thousand Turkish Liras to five times,
d) thousand in case of breach of the second or fifth paragraph of Article 11 of the Turkish up to three thousand Turkish Liras from Lira
d) in the case of making appointment in violation of Article 13 since two thousand Turkish Liras eight thousand Turkish Liras and notification of penalty in case not remedied within ten business days, for every day that passes after the end of the period in it holds so that penalties imposed
e) 14 in case of breach of the first paragraph of Article two thousand Turkish Liras from up to five thousand Turkish Liras
f) affecting Article 14 of the Company's significant financial variables in violation of the third paragraph or major significantly affect Although in the case of making enduring applications up to five thousand Turkish Liras two thousand Turkish Liras
g) in case of breach of the fourth or fifth paragraph of Article 14, up from two thousand Turkish Liras to five thousand Turkish Liras
i) 15 Article pursuant to the case of breach of the restrictions contained in the regulations, to not less than ten thousand Turkish Liras up to one percent of the amount constituting the violation,
h) in the event that made the notification referred to in the second paragraph of Article 15, up to three thousand Turkish Lira from Turkish Liras,
i) in the event that the provision of facilities to be separated according to Article 16, for not less than a thousand Turkish Liras up to two thousandth of the amount of money to be set aside; The three months in if they are not remedied within the time limit given by the Agency, not less, three percent of the amount of money that the establishment,
i) In case of breach of the second or fourth paragraph of Article 17, up from two thousand Turkish Liras to five thousand Turkish Liras
j) Article 19 of the first paragraph of Article 22 of the first or second paragraph of, Article 38, second paragraph, and in the case of breach of the second or third paragraph of Article 39, thousands of Turkish Lira from up to five thousand Turkish Liras
administrative penalty is applied.
(2) the Board's decision and rationale to natural and legal persons concerned by stating that this Act;
A) In case of breach of the third paragraph of Article 6 up to five thousand Turkish Liras from fifteen thousand Turkish Liras
b) the first of Article 11, in case of breach of the second or third paragraph of thousands of Turkish lira up to three thousand Turkish Liras || | c) in case of breach of the second or fourth paragraph of Article 17 of two thousand to five thousand Turkish Lira Turkish Lira
administrative penalty is applied.
(3) Assembly resolutions and with justification to natural and legal persons concerned by stating, on the decisions taken in pursuance of this Act by the Board and the Authority according to the relevant article, issued in regulations and communiqués and done if they are not complied with the instructions given by the Authority with the other regulations, five thousand Turks ten thousand Turkish Lira to the pound from the administrative penalty is applied.

Defense right and the decision to close the Article 45 (1) of the relevant decision is made after the defense of administrative fines be applied retroactively. It shall be deemed waived if they are not given the defense the defense within one month from the date of notification of the type desired for that defense.
(2) on opening branches in the country contrary to Article 8 of the provisions of this Law, Article 44 first paragraph (a) Although the provisions of subparagraph apply them temporarily by the governor at the request of the Authority or permanently closed.
SECTION


offenses are unauthorized activity

Article 46 (1) without a lease for obtaining the necessary permits according to this law, people who are in factoring and financing activities, is punishable by five years imprisonment and up to five thousand days of judicial fine of two years. This legal entities about the crime was committed for the benefit of a legal person shall be subject to the specific security measures. Also, in case of a crime committed in a place of business within a month to a year of these businesses, it may decide to close the case in continuous repetition.
(2) This permit should be taken according to the law without levying trade titles, all kinds of documents, announcements and advertisements in or to create the impression they operate as companies in their statement to the public words and phrases people use, imprisonment up to one year, three months and forensic up to one thousand days It shall be punished by a fine. Also, this place of business a month up to one year, may decide to close the case in continuous repetition.
(3), first and second paragraphs to the violation case of the Republic at the request of prosecutors, magistrates Hakimi, the facing trial in the case of prosecution by the court places of work activities and advertisements will be stopped temporarily, ads are collected. These measures will continue until you remove the judge. the road is open to appeal against this decision.
Competent authorities with control officers requested information and to provide documents and to prevent them from doing their jobs
Article 47- (1) information they want and control officer delegated authority by the Law and documents to give persons a year for up to three years in prison and five hundred a day's ride up to five hundred days is punishable by criminal fines.
(2) people who interfere with this law, the authorized control officers do their duty shall be punished with imprisonment up to five years from two years. There are a misrepresentation
Real
Article 48 (1) Company gave authorities with control officials and the courts shown in this Act or for any misrepresentation in publishing the documents, they and their regulation essential documents of any type signatories, one year for up to three years imprisonment and not less than one thousand five hundred days is punishable by criminal fines.

Authority's notification obligation Article 49 (1) Where the determination of any criminal offense in this Act referred to by the Authority for the Republic's chief prosecutor is notified.
PART THREE


Annual Activity Permit Cancellation of cancellation of permission
ARTICLE 50 (1) of the operating permit of a company;
A) Operating Failure to pass the receipt of permission to operate in a subsequent year,
b) Operating from the date of receipt of the permit not be a member of the Association within a month and are not fulfilled within one week after the warning made by the Authority this obligation,
c) Drying reportedly not in the time of a change of address, and made not to engage in at spite of the legal process,
d) activities to be interrupted by an unbroken years,
d) Article 9 of the first paragraph (a) or (d) be made in prohibited activities in subparagraphs
e) activities to be terminated if any of the
still happen, at least five members of the Board revoked the decision taken by a vote in the same direction.
(2) Operating permit issued to the company about the decision regarding the cancellation and published in the Official Gazette. to be published in the Official Gazette of the decision to cancel the force, shall be relevant.
(3) Operating permit revoked the company, since its activities immediately stop and canceled by its general assembly within three months, it is imperative to take the decision to launch the company subject and title change or liquidation proceedings.
PART SEVEN Final Provisions



Amended Provisions Article 51- (1) and No. 492 dated 07.02.1964 of the Law on Land Registry Fees and charges to be taken from the cadastral operation head (4) of the tariff "I- Land transactions "section has been added to the twentieth paragraph of the following paragraph.
"G) sell it back leases with by the lessee under performed the lease contract period of real estate at the end of the lease on the condition to be taken back from the disabled during the sale to the lessor (in the case of detecting the immovable taken back by any tenant of about (a) the rate at me with the rate in paragraph corresponding to the difference between the amount of fees taken together with default interest in accordance with the provisions of Law No. 213.) Bin 3.96 "

(2) The Council of Ministers established financial leasing in Turkey, factoring and financing companies, and the maximum interest rates and other benefits will be implemented in money lending operations of the branch qualifications and to determine the maximum amount or the rate of them is authorized to partially or completely free . The Council of Ministers may delegate these powers to the Central Bank of Turkey.

Removed provisions of the current Article 52- (1) dated 10.06.1985 and 09.30.1983 dated to 3226 and the Financial Leasing Law No. 90 on Money Lending Works together with supplements and amendments of Law Decree it is repealed.
(2) in other laws, Law No. 90 of 3226 references to Decree Law No. deemed to be made to the relevant articles of this law. The implementation of
existing regulations
PROVISIONAL ARTICLE 1- (1) regulations to be issued pursuant to this Act until enter into force, on the basis of the removed provisions issued regulations, shall continue the implementation of the provisions are not contrary to this Law.
(2) the regulations stipulated in this Law shall be put into effect within a year.
Adaptation time
PROVISIONAL ARTICLE 2 (1) of the publication from the date of the company's status of this Law, Article 5 of the first paragraph (e) shall within three years, the orientation of the article 8 of the first and Article 13 second paragraph six months It is hard to move. Force the presence of lead and deemed appropriate by the Board at this time can be extended to a maximum of one year.
(2) The first paragraph shall also apply to the Authority about the organization or the operating permit before the date 30/04/2012 is applied. liabilities related
Union
Provisional Article 3 (1) Union bodies, the representation of the Union organs of the company, the Union's work, where the scope of the principles and activities, Leasing Association, taking the opinion of the Board of the Association of Factoring Association and Consumer Finance Companies status to be prepared, the Cabinet on a proposal by the Authority put into effect by the Council.
(2) the date on which this law enters into force before that date, the companies now operating in the Union following the union's activities must be members in a month.
(3) provisions of this Act shall continue to apply the provisions relating to the registration of the removed 3226 Act were registered in the special register of registered will contract held by the Union in accordance with Article 22 until the registration of the procedures and principles determined in accordance with force by this Law.
(4) The registration of the lease agreement to be signed in accordance with Article 21 shall continue until an authority on the implementation of the 3226 Act removed that provision repealed by this Act.
(5) of this Law Article 43 of the transactions contemplated in the first paragraph are fulfilled within one year of the date of the Union's institutions.
Leasing contracts with regulated
Provisional Article 4 (1) for leasing contracts issued before the date of entry into force of this Act shall continue to apply the provisions concerning the time of the removed 3226 law repealed by this Act. Provisions concerning
lenders
Provisional Article 5 (1) No. 90 with the Law on ikrazatçılık pursuant to the mandate from the decree activities may apply to the Authority in order to execute one of the few activities in this Act within six months from the date of entry into force of this Act. During this time a new activity outside ikrazatçılık processes for the collection of receivables from existing contracts with problems. Money lenders are in reference to the activities of the Authority by taking all necessary approvals from the Board factoring, they can continue as a finance lease or finance companies. Establishment of these companies to the first paragraph of Article 5 of the Law paragraph (e) located in the capital requirement must meet within three years. Shall apply in the present or obtained the necessary permits from the state Assembly that those who can not apply for operating permits ikrazatçılık need another operation without the self ends.

Enforcement ARTICLE 53- (1) This Law shall enter into force on the date of publication.

Execution Article 54 (1) This Law shall be enforced by the Council of Ministers.