Senator Sheikin proposed adjusting the rules for issuing consumer loans
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Artem Sheikin, a member of the Federation Council Committee on Constitutional Legislation and State Construction, proposed changing the rules for issuing consumer loans in the Russian Federation. The senator proposes to establish an obligation for creditors to find out from recipients of consumer loans the purpose of receiving these loans and the sources of fulfillment of obligations under them.
As Mr. Sheikin said “RIA News”, his initiative has already been sent “for evaluation” to the Central Bank and the Ministry of Justice of the Russian Federation. If positive feedback is received, the senator intends to submit the document to the State Duma.
The bill proposes to oblige lenders to verify the borrower’s freedom of expression to receive a consumer loan, the intention to fulfill obligations on a consumer loan, and also that the borrower takes out a loan without being under the influence of deception, violence or threat. If the lender refuses to comply with these conditions, the borrower is released from the obligation to return the funds received under the agreement.
Last December, Russian President Vladimir Putin signed a law on changing the order of repayment of loan payments if the borrower has insufficient funds. The document will come into force on July 1, 2024 and will apply to legal relations that arose from contracts concluded after this date.
According to data as of September 2023, the total amount of overdue debt on retail loans exceeds RUB 1 trillion. The Federal Bailiff Service reported that the amount of debt owed by Russians to banks, which is subject to collection, reaches almost 3 trillion rubles. At the same time, the number of enforcement proceedings since the beginning of the year compared to 2022 has increased by 22%.
Read more in the Kommersant FM article. “Fines are postponed until later”.
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