The Grand National Assembly of Turkey (GNAT) has passed a new law (Law No. 213) to enhance consumer protections and boost competitiveness in domestic markets.
The bill includes provisions for inflation adjustments which were initially included in a draft Omnibus Law submitted to the GNAT but later withdrawn on 11 October 2024.
The legislation allows contracts between creditors and consumers to be formalised using identity verification methods through electronic communication.
It also aims to strengthen local marketplaces against foreign competition, promote job growth, and increase exports.
Violators of regulations concerning unfair commercial practices may face penalties, including business suspensions of up to three months and fines ranging from TRY 60,000 to TRY 600,000. For national-scale violations, fines can rise to between TRY 600,000 and TRY 6 million.
The law received approval on 23 October 2024 and is anticipated to be signed by the President soon, followed by its publication in the Official Gazette.
