The bill on consumer credit and microloans was adopted in the first reading
The lower house of the Belarusian parliament has adopted the draft law “On consumer credit (microloan)” in the first reading.
We tell you what innovations are provided for by the bill.
What's in the bill on consumer credit and microloans
According to BELTA , it is proposed to oblige banks to inform the applicant about the excess of debt burden indicators before concluding a loan agreement, so that the applicant can make an informed decision.
The second innovation is the provision of a payment deferment for a period of at least 3 months for debtors who are in a difficult life situation.
Thirdly, it is proposed to oblige banks to determine the possibility of other legal entities and individual entrepreneurs carrying out established actions on their behalf (preparing documents, informing about lending conditions, signing an agreement).
At the same time, it is proposed to prohibit these individuals from charging remuneration from citizens for their services.
Fourthly, the bill provides for the unification of approaches to the procedure for providing microloans with approaches to providing loans.
The bill is aimed at developing and expanding the availability of consumer lending (microfinance), improving the quality of services provided by banks and microfinance organizations, and reducing the number of complaints about poor quality services provided by partner organizations.
The document is also intended to bring together approaches to regulatory control of credit and non-credit financial institutions in Belarus and the Russian Federation.
