MOSCOW, November 5 (RAPSI) – A bill envisaging that creditors are to be obliged to explain their reasons for denying credit or mortgage breaks to borrowers has been submitted to the lower house of Russia’s Parliament, the State Duma.

The document was developed to exclude unjustified denials on the part of credit (noncredit) organizations; for this purpose it is proposed to amend respectively a law on consumer loans, according to an explanatory note to the bill.

The author of the initiative, a United Russia lawmaker Natalia Kostenko notes that the amendments are necessary as currently borrowers frequently complain about refusals to grant credit or mortgage holiddays without explanations.