The State Duma adopted in the second and third readings amendments regarding the introduction of a mechanism for informing the borrower when concluding a consumer loan or loan agreement. This is stated in the message of the State Duma.
As the Chairman of the State Duma emphasized Vyacheslav Volodin, whose words are quoted in the message, the adoption of the law "will reduce the risks of obtaining loans for citizens by criminal means."
According to it, banks and microfinance organizations will be required to inform customers about signing loan agreements on their behalf, as well as about their terms. It is envisaged that the notification will be made through the contact details of the borrower or Public Services immediately — within 15 minutes.
