The code of good practice

Leasing company’s code of good practice – “Code of good practice” – is a declaration, which motivates leasing company to offer high level competent services and operate within this code’s certain ethic standards.

This document proves leasing company’s desire to operate according to good practice standards, Latvian legislation as well as interests of its clients and associates. Signing the code, leasing company agrees to operate in the way that benefits both the society and general business environment.

The aim of the code is to achieve that a leasing company acts responsibly towards its clients. The leasing service recipient is right to ask and receive best service, honest attitude, equal terms as well as company’s respect and honesty.

Leasing company agrees to put effort in order to determine and avoid any misunderstandings regarding consumer’s right protection legislation in the leasing market.

This code applies to the leasing companies that signed it.


Leasing company’s operations are based on ethnicity, honesty and responsibility as core values.

In order to maintain client’s trust, leasing company must work according to its basic values.

The code of good practice determines the terms that are ground rules for leasing company’s operations and its employees’ behaviour, using which, leasing company establish relationships with the clients.

The code of good practice’s mission is to provide leasing companies and its employees the guidelines for operating in Latvian leasing market, fulfilling the tasks and achieving business goals.

The code’s implementation and monitoring is every leasing company’s duty. Leasing companies are able to determine and use detailed terms of good practice.

LKBA Leasing and factoring committee provides leasing companies with support and advice regarding application of the code terms.


Leasing companies that confirmed the code of good practice have rights to use the code of good practice’s brand, therefore inform clients about determination to follow the terms of the code of good practice.

The brand is registered at the Latvian Patent governance in the name of Latvian commercial bank association.

If any of leasing company defies or disregards the code of good practice, the commercial bank association has the right to decide to restrict the use of the Brand for this leasing company.


Leasing companies operate according to Latvian Republic normative act.

I Clients

  1. Leasing companies always treat clients with honesty and fair, in light of best motive its employees operate politely and responsively.
  2. Leasing company is not allowed to reverse the facts in order to convince to choose certain leasing company.
  3. Leasing companies operate in a way that respects clients’ and other companies’ associates’ interest and needs.
  4. Leasing companies respect confidential terms regarding present and former clients as well as sellers.

II Information availability

  1. Leasing companies ensure openness in providing services.
  2. Leasing companies ensure that the code of good practice is available for any client at the service centres and if asked for, is given to client right away.
  3. Leasing companies promise to give information about services both in oral and written form at the request of the client.

III Business environment

  1. Leasing companies promise to follow the development in its business environment in order to provide every client most up-to-date and qualitative services.
  2. Leasing company operates in a way that as a result of its operations the good image of leasing business environment was not tarnished.
  3. Leasing companies are not allowed to harm intentionally the business environment or any other leasing company’s reputation. In case any leasing company has proof that another leasing company is guilty in unethical, illegal or dishonest behaviour, including violation of the code of good practice, it should transfer the information about certain case to the Latvian commercial bank leasing association.

IV Leasing agreement

  1. All agreements that are signed between a client and a leasing company as well as all amendments must be signed in a written form.
  2. Leasing agreements must be prepared in clear Latvian language. If there is a requirement from client, the translation to other languages can be used. The agreement must be clear for the client. In case of questions, leasing company’s representative must clarify all agreement terms, not deluding the client.
  3. The leasing company representative, who reaches agreement with the client in the name of leasing company, must check that the client has understood agreement terms and conditions.
  4. The agreement must include all expenses that signatory will need to cover.
  5. The agreement should provide all information that is required in the Latvian Republic Normative Act.
  6. The agreement must be signed.

V Leasing company’s employees

  1. Leasing company’s employees must be accordingly trained, so they could provide services at the highest level.
  2. Leasing company ensures that all employees have learned about the code and understood it in order to avoid mistakes in the future as well as not break the agreement unknowingly.
  3. Leasing company’s employees must always follow customer service core principles – be friendly, positive in relation to client, and be able to avoid any possible conflicts.

VI Public information

  1. In advertisement, public notices, comments and other kinds of publication, company must use only true information and not affect other leasing companies. Advertisement must not contain delusional and wrong notices.

VII Supervision

  1. Leasing and factoring committee of Latvian commercial bank association represents Latvian leasing companies that nominated their representatives for this committee.
  2. Latvian commercial bank association’s leasing and factoring committee has rights to monitor whether companies, which signed the code of ethics, follow the terms and conditions.
  3. In case, during the examination of the document or after receiving the information, it is revealed that one of the leasing companies does not follow the code of good practice, Latvian commercial bank association’s leasing and factoring committee considers the inquiry for respective company’s actions and expresses its own opinion.

VIII Complaint consideration

  1. Leasing companies ensure every client’s, associate’s as well as competitor’s complaint consideration.
  2. Leasing companies provide a reply to any complaint, statement or request in a month time, or in a period of time defined by Latvian Republic normative acts.
  3. Leasing company’s employees must always follow customer service core principles – be friendly, positive in relation to client, and be able to avoid any possible conflicts.
  4. Leasing company must take complaints into consideration and try to improve proposed services.

© Latvian Leasing association, phone: 67284528