01 of July. 1 of July shall enter into force the law "On consumer credit (loan)". This law is aimed at protecting the rights of the borrower. It applies not only to credit but also to microfinance institutions.
The law restricts banks and MFIs in the application of opaque loan scheme, borrowers are obscure, and significantly changes the conditions of lending.
The law introduces a new concept of "total cost of credit (PSK)". This indicator is calculated by special formula for a year. The average value of this indicator will calculate the CBR quarterly. KTC cannot be more than one third above the level that will calculate the CBR. This measure should help to standardize the process of formation of interest rates in the market. Not later than 14 November 2014 to begin to publish the average market values.
The law strictly requires banks and MFIs to remove from the contracts small print or not stated in the individual contract conditions. For all banks there will be standard forms of contracts in which the conditions of financing will be specified in the same way.
The rate of the total loan value will be placed in the upper right corner of the first page of the contract in a special square frame, the size of which shall be not less than 5% of the area of the entire first page.
The law provides for the right of the borrower to consider the adoption of loan at least five days. This measure is intended to protect consumers from alleged "exceptional" sentences that require instant decision.
The law also enshrines the right of the borrower to preschedule return of the funds without notice to the creditor within 14 calendar days of receipt of credit (loan), paying only the interest for actual use of credit. On loans for certain purposes (so-called "trust loans") given 30 days.
The law also forbids banks to impose their insurance programs. The lender must provide the borrower a consumer loan on the same terms, if the borrower self-insure their health, life, and not accredited by a creditor of the insurer. From today, the borrower has the right to insure their own risk and not to use insurance services of creditors that are imposed on discriminatory terms.
The law prohibits banks and MFIs to call, send TEXT messages to the debtor during the period from 22:00 to 8:00 a.m. on weekdays and from 20:00 to 9:00 on weekends. Collection agencies are required to introduce themselves and provide data for communication. For breaking the rules faces a fine of 5 to 10 thousand rubles.
