The State Duma approved the law on the right of microcredit organizations to issue mortgages

Deputies of the State Duma (State Duma) at a meeting on Tuesday, July 15, in the second and third readings adopted a law allowing the right of microcredit organizations, 100% of which belong to the subject of Russia, to provide mortgage loans to individuals.

Earlier, the State Duma adopted amendments to the legislation, according to which a number of organizations were deprived of the right to issue mortgage loans.

"The adoption of these legislative changes was due to the need to reduce risks in the housing lending market due to numerous unfair practices on the part of a number of authorized organizations. In addition, the activities of authorized organizations are not subject to control and supervision by the Bank of Russia," TASS quotes the authors of the document.

However, some subjects expressed concern that the exclusion of authorized organizations could lead to a deterioration in the situation of borrowers. In this regard, changes will be made to the law "On Microfinance activities and microfinance organizations."

The changes will make it possible to establish a mechanism for granting loans for purposes unrelated to entrepreneurship, while borrowers' obligations must be secured by a mortgage.

It is specified that a subject of the Russian Federation can be the founder of only one micro-credit company. The Bank of Russia, in turn, will establish additional requirements for organizations and their loan provision activities. In addition, the Central Bank will create a list of such micro-credit companies and will post information about them on its official website.

They're pushing for a penny: the MFO is exhausting the Muscovite with the courts in the case of someone else's loan

People are forced to hire lawyers to fight off someone else's debt of several thousand rubles.

Earlier, on July 3, the Association of Russian Banks, in a letter to the chairman of the State Duma Vyacheslav Volodin, asked to tighten the terms of lending to bankrupts, forbidding them to apply for loans upon completion of the procedure for 10 years. At the same time, it was proposed not to release bankrupt citizens who do not work and do not try to improve their financial situation from debts.