The State Duma adopted in the first reading a draft law on tightening the rules for issuing loans.

In the first reading, the State Duma adopted a bill to tighten the conditions for issuing loans, which includes a ban on microfinance organizations (MFOs) issuing more than one loan to a citizen at a rate of over 100% per annum and limits the maximum overpayment on consumer loans. The relevant information was published on October 7 on the website of the legislative support system.

The initiative was introduced by a group of senators and deputies from different parties. The bill provides for restrictions on MFIs to agree on individual terms for a new loan with a full cost of more than 100% per annum if the borrower has an outstanding loan with similar parameters in any credit institution.

It also provides for a transition period (from July 1, 2026 to January 1, 2027), during which the client will not be able to have more than two simultaneously valid loans with a full value of up to 200% per annum. It is noted that this bill is intended to stop the practice of concluding an MFO contract with a client, in which penalties are included in the amount of the main debt.

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Anatoly Aksakov, Chairman of the Financial Market Committee, told Izvestia on September 23 that the new draft law introduces a three-day pause between the repayment of one microloan and the issuance of a new one. It was clarified that the Bank of Russia will be able to adjust these indicators depending on market conditions.

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