The Central Bank has issued a statement regarding the law concerning self-restrictions on obtaining loans for individuals.
The draft document was approved by the Legislative Chamber in the first reading on December 11. It will introduce amendments to the law "On Credit Information Exchange," aimed at improving the lending sector and protecting citizens from illegal actions.
Fraudsters are increasingly using schemes to steal money by obtaining loans in the names of others without their involvement or consent, the Central Bank noted. To prevent this, citizens will be able to contact credit bureaus to request a ban on entering into loan agreements.
Financial organizations will be prohibited from concluding loan transactions without direct notification to the borrower or their active participation. A special registry of individuals who are prohibited from obtaining loans remotely is planned to be created.
Additionally, the bill establishes a minimum charter capital requirement for credit bureaus at 2 billion sums. Furthermore, it outlines measures and sanctions by the Central Bank for violations committed by credit bureaus.
In Russia, the law on self-restriction for obtaining consumer loans and microloans was adopted in February and will come into effect on March 1, 2025. Restrictions are imposed at the banking level and may also affect other online banking operations, such as money transfers.
Besides the prohibition, at the client's request, the maximum amount for a single transfer or for several transfers over a specified period may be limited. Previously, in 2022, the Bank of Russia instructed commercial banks to allow clients to independently limit their online operations.
The Russian government approved the self-restriction procedure for issuing loans in October. Applications for imposing or lifting restrictions can be submitted through the "Gosuslugi" portal or at a Multifunctional Center.
Earlier, Spot reported that the Central Bank introduced a "cooling-off period" for online loan issuance.