Russian Finance Ministry drafts bill restricting interest rate for microcredits
MOSCOW, August 15 (RAPSI) – The Finance Ministry of Russia has prepared a bill restricting ability of microfinance organizations to charge interest and establish fines for credits with a return period of one year, according to the document published on the official website of legal information for public discussion.
The bill reads that the sum of charged interest and fines should not exceed the main debt by more than 1.5 times the size. This requirement is to be listed on the first page of a loan contract before stating individual terms for a customer.
Earlier it was reported that the Finance Ministry has drafted a bill fixing criminal penalty for issuing unlawful consumer credits.