Moscow. June 5. INTERFAX.RU Prime Minister Dmitry Medvedev instructed to consider the introduction of criminal liability for unlawful activities of issuing consumer loans in case, if the offence was committed repeatedly.
The Ministry of Finance, Ministry of economic development, Ministry of interior, the Federal service together with the Prosecutor General and the Central Bank needs in the period until 10 October to ensure payment for legislative changes increasing the administrative fine for officials who carry out illegal activities to provide consumer loans. In addition, agencies must prepare amendments introducing criminal liability for public officials and the possibility of administrative suspension of activities of legal entities in the case that the offence was committed repeatedly.
Dmitry Medvedev also in the period until 10 October ordered the government together with the Central Bank to prepare the changes providing a reduction in the size limit the borrower’s debt to a microfinance organization at which the creditor is not entitled to accrue interest and penalties until the debt is repaid in full.
From 1 January 2017 short-term consumer loans, MFIs have limited interest – no more than three times the size of the loan amount regardless of the actual duration of its use. And in that case, if the person is not able to service the loan and any overdue accrued interest together with default interest and penalties may not exceed twice the amount of the outstanding loan balance.
In addition, the government and the Central Bank and AHML have to ensure that any legislative changes prohibiting to conclude with the citizen the loan agreement, the fulfillment of obligations under which is secured by a mortgage, a person who is not a single development institution in the field of housing or authorized entity included in the list.