THE BANKS WILL NOT BE ALLOWED TO USE THE FINE PRINT IN THE AGREEMENTS

A draft law to amend the law on banking has been submitted to the State Duma.

The document aims to change the situation by indicating a number of provisions of the agreements printed in the fine print. Thus, after the adoption of the amendments, banks will be required to print all the terms of the agreement signed with the client "in plain sight."

The authors of the legislative initiative were the deputies of the United Russia party, who, outlining the problem, noted that when concluding a deposit agreement, the credit organizations often simultaneously include additional services in the agreement, after which the interest rate is reduced compared to the originally declared one.

Previously, such amendments have already affected the loan agreements, which made it possible to stop the inclusion of all kinds of additional conditions about them without sufficient awareness of the loan users.

Consideration of the proposed amendments to the law on the banking activities is expected to take place in autumn.

Another legislative initiative to increase the fines for using threats against the debtors, as well as to bring the credit institutions to administrative responsibility in this case was announced by the State Duma.