MOSCOW, September 4 - RAPSI. State Duma Committee for Financial Markets Deputy Chairman Anatoly Aksakov has submitted to the Duma a bill on limiting interest rates on credit granted to individuals, the committee told journalists.

The deputy said the State Duma will begin considering a new version of the Civil Code in the second reading in the near future, which in part deals with loans granted from one individual to another.

Pursuant to the bill, the full amount of credit granted to the individual by a bank, a micro-financial organization, a credit cooperative, or other commercial creditors - excluding pawn shops, must not exceed the twofold average market cost of the corresponding credit.

At the same time, all other rewards, commissions and compensations levied by creditors and other individuals on transactions connected with the credit are included in its full cost.

It is supposed that, if pursuant to the contract concluded by the citizen the full amount of the credit exceeds the twofold average, the court will have the right to reduce the interest amount under usurious transactions in accordance with the Civil Code under the borrower's lawsuit.

If adopted, the law will come into effect six months after its official publication. Its provisions will be applied to contracts concluded within a year after the law comes into effect.