PICULIARITIES OF A BORROWER'S LEGAL STATUS IN A CONSUMER LOAN AGREEMENT

Abstract

The article examines the legal status of the borrower in a consumer loan agreement. It discusses the incorrect classification of legal entities as consumers in the Law of the Republic of Tajikistan on Consumer Rights Protection. It is argued that the interests of a legal entity are always predetermined by its statutory objectives, which are economic, social, organizational, and other in nature, rather than personal, family, or household. Therefore, the legal status of a consumer does not apply to the concept of a legal entity. The study of the legal status of the borrower in a consumer loan agreement reveals that banking practice has developed an approach to the issue of the borrower's citizenship in a consumer loan agreement and has identified two conditions related to the borrower's legal status as mandatory requirements for granting a consumer loan: citizenship of the Republic of Tajikistan and tax residency status. It is substantiated that in order to ensure a balance of interests between the lending institution and the borrower, it is advisable to abandon the link between the borrower's legal status and the citizenship of the Republic of Tajikistan, limiting it to the status of a tax resident.