Putin instructed to make amendments to the law on illegal consumer credits

© RIA Novosti / Alexei Nikolskiye in Photobacterium of the Russian Federation Vladimir Putin. Archival photoPutin instructed to make amendments to the law on illegal consumer credits© RIA Novosti / Alexei Nikolskiye the image Bank

Russian President Vladimir Putin instructed the government together with the Bank of Russia until November 1, 2017 to provide for the amendment of the legislation of the Russian Federation to toughen penalties for illegal activities to provide consumer loans, according to the list of orders on the website of the Kremlin.

«The government of the Russian Federation jointly with the Bank of Russia to ensure the inclusion in the legislation of the Russian Federation of changes, providing… increase the size of the administrative fine imposed on officials illegally carrying out activity on granting of consumer loans and the introduction of criminal liability of officials and administrative suspension of activities of legal entities in case of repeated Commission of such offences», — stated in the order.

Responsible for the execution of appointed Prime Minister of the Russian Federation Dmitry Medvedev and the Chairman of the Bank of Russia Elvira Nabiullina.

In April, Putin declared need of toughening of requirements for the provision of consumer loans. Then the President stressed that it is important to make timely decisions to protect the interests of consumers.

Instruction is given on results of session of Presidium of the State Council held on 18 April 2017.

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