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THE LITERACY TEST WAS PROPOSED TO BE MADE MANDATORY WHEN RECEIVING THE FIRST LOAN

The State Duma proposed to make a mandatory financial literacy test for citizens applying for a loan for the first time. The author of the initiative is Alexander Demin, deputy head of the New People party. According to TASS, the corresponding proposal was sent by the State Duma deputy to the head of the Central Bank, Elvira Nabiullina. According ...

THE ISSUANCE OF CAR LOANS INCREASED BY 97.6%

In January-August of this year, the issuance of car loans in Russia increased by 97.6% compared to the same period last year and reached 1.6 trillion rubles. This was announced by the National Bureau of Credit Histories. In total, 1.1 million car loans were issued to Russians in January-August 2024. This ...

THE SUPREME COURT RECOGNIZED INTEREST-FREE LOANS AS COMPENSATORY FINANCING

... the applicants, in fact, the transactions represented compensatory financing, which harmed the interests of independent creditors. The courts drew attention to the fact that liquid rights were transferred free of charge, despite the company's debt on loans. The act of the appellate instance indicated that the transactions were the return of compensatory financing, therefore it is wrong to consider them gratuitous. However, both judicial acts (the ruling of the Arbitration Court of Khakassia dated ...

THE FEDERATION COUNCIL APPROVED FINES OF UP TO 1.6 MILLION FOR "INCORRECT" ADVERTISING OF LOANS

The Federation Council has approved a law providing for tougher liability for banks and microfinance organizations for advertising loans in violation of the law. The initiative also establishes responsibility for spam calls. Employees of banks and microfinance organizations who do not indicate the full cost of consumer credit in advertising face a fine of 40 to 100 thousand rubles....

THE BEAC HAS BEEN WRITING OFF LOANS TO VICTIMS OF TERRORIST ATTACKS AND MILITARY OPERATIONS FOR SEVERAL YEARS

Sberbank has decided to write off all loans to those who died from military and terrorist actions in the border territories of Russia. Since the first days of the Special Military Operation, the credit institution has focused on the continuity of its activities in the border territories of ...

THE DEBTOR MAY PROVIDE FALSE INFORMATION ABOUT INCOME WHEN CONCLUDING A LOAN AGREEMENT

... about his income. The cassation abolished judicial acts of lower instances, applying the rules on release from obligations to the debtor and proceeded from the following: • A credit institution, assessing its risks, has the right to refuse to provide a loan to a potential borrower, since it is not obliged to provide funds to each person who applied for a loan. • The conclusion of a loan agreement is carried out only after the lender verifies the information and documents provided and establishes the ...

THE SUPREME COURT RECALLED THE STATUTE OF LIMITATIONS WHEN CLAIMING A LOAN

The Bank filed a lawsuit to recover debt and penalties from a citizen (borrower) under a loan agreement, justifying its claims by improper fulfillment of obligations on the part of the defendant. In addition, the plaintiff asked to foreclose on the collateral (real estate object). The courts of three instances satisfied the claim, rejecting ...

Costs of loans and mortgages may rise for unvaccinated citizens

It became known that credit organizations may change their policy of issuing loans in the nearest future - clients without vaccination certificates may expect an unpleasant surprise in the form of increased rates. A possible legal development was reported by Izvestia. This may affect mortgage and consumer loans. According to ...

Sberbank will start issuing mortgage loans to citizens from the age of 18

... noted that the mortgage will be available to citizens over 18 years old throughout the country, applications can be submitted at the bank's offices or online. Borrowers are required to have a working experience of at least 3 months and might be given a loan for up to 30 years. Sberbank notes that more and more young people are planning to buy their own housing, and therefore they need to be given such an opportunity. The bank added that now young people start working early enough, and therefore by the ...

LOAN APPLICATIONS OF 60% RUSSIANS WERE REJECTED IN 2020

According to statistics of the National Bureau of Credit Histories, in 2020, only 33.9% of Russians received retail loans approval from banks. As a result, the three-year anti-record was cut. As noted by RBC, this is due to the tightening of the banks' policies, while the most tangible increase in refusals was observed in the field of car loans. If in 2019 almost ...

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