Putin signed a law tightening requirements for advertising of loans

Russian President Vladimir Putin signed a law tightening the requirements for advertising of loans. The document was posted on December 26 on the Internet portal of legal information.

The law is aimed at reducing the volume of impulsively taken loans. It obliges banks and credit organizations in advertising to urge consumers to study all the terms of the loan.

According to the explanatory memorandum of the bill, when advertising a loan in TV and radio programs, as well as in movies, the warning "Study all the terms of the loan" or mentioning its terms should take at least three seconds. It was also proposed to add the warning phrase "Assess your financial possibilities and risks".

The amendments will come into force on March 1, 2025. At the same time, contracts for the distribution of relevant advertising must be brought into compliance with the new requirements by September 1 next year.

On full program: Putin instructed to fine-tune preferential lending

The President asked to monitor the effectiveness of issuing such loans in the context of high key rates

Earlier, on November 12, the Federal Antimonopoly Service (FAS) FAS recognized Sberbank's car loan advertisement as violating the law. The credit organization did not specify part of the essential information about the terms of the loan. According to the agency, such actions distort the content of advertising and mislead consumers about financial services.

November 2, FAS recognized the advertising of VTB Bank credit card as inappropriate.

Prior to that, on September 30, Deputy Head of the FAS Karina Taukenova told Izvestia that the agency and the Central Bank are working on requirements for advertising of bank deposits. According to her, the option of creating an analog of the obligation to display the full value of the loan is being discussed.