Krasnodar, 16 May – Yug Times. Natalia Kostenko, deputy chair of the State Duma’s Committee on Control and Legislative Practice, and coordinator of legislative initiatives of the all-Russia Popular Front in the State Duma, has reportedly developed a draft bill “On amending the Federal Law ‘On Consumer Credit (Loan)’.” The new amendments will rule out a possibility of signing credit contracts on unclear, forced terms.
“First of all, the new bill will forbid the practice of directing the borrower to the bank’s website to examine their individual credit terms – these terms must be disclosed in the contract. Also, the creditor will be banned to print ‘ticks’ and other signs of the borrower’s ‘consent’ to the credit terms – instead of the borrower.
“Besides, the draft law will oblige the creditors to indicate in the credit terms the price, procedure and terms of refusal from the additional service offered by the creditor or third parties, and to inform the borrower orally of them when signing the credit contract. In particular, what is at issue is the price of the insurance service and of the refusal from insurance during the ‘cooling-off period’. These requirements will let the borrowers promptly take advantage of their right of refusal from a needless service that was pressed upon them.
“Presently, credit institutions are feeling themselves as main players on this ground, but I believe that no superiority should be tolerated here – all provisions should be equally demanding for the borrowers and for the banks. As genuine partners, the bank and the borrower should enter into a deal fully comprehending all their risks and obligations, and it is the bank as the more organised and responsible party to the deal that should do all it can to achieve it. I am confident that the increasing the banks’ liability with the help of the proposed amendments will eventually raise the borrowers’ discipline and positively affect the recovery of the credit.”
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