Russian MPs pass bills on homebuyers rights protection
MOSCOW, June 19 (RAPSI) – The lower house of Russian parliament, the State Duma, passed in the third and final reading on Wednesday two bills to establish a single mechanism and rights protection procedure for citizens wronged by unfair construction developers.
The proposed measures are expected to help complete the construction of troubled building projects in the event of developers’ bankruptcy and protect the rights of housing equity holders, according to a statement of the lower house of parliament.
One of the draft laws envisages creation of federally and regionally financed regional funds and a compensation fund for the further construction of troubled facilities. Appropriate expenditures will be controlled through a mechanism of mandatory banking support of all debit operations of regional funds.
Another bill allows for early termination of civil liability insurance contract for developers and agreements on bank guarantees to homebuyers and delegation of responsibility to the fund.