There are plans to change the procedure for granting consumer loans in Russia

Deputy Chairman of the Council for the Development of the Digital Economy under the Federation Council, Artem Sheykin, has developed a draft law that prescribes banks to more carefully scrutinize the purposes of obtaining consumer loans. Sheykin also demands that financial organizations verify that the borrower makes the decision to take a loan independently, without external pressure. The main goal of the draft law is to combat telephone fraud when applying for loans.

According to the law «On Consumer Credit (Loan),» when receiving a request for a consumer loan, the bank will be required to clarify the purpose of the loan, sources of debt repayment, and possible risks for the borrower. Banks must also ensure that the borrower acts of their own free will, is ready to fulfill the terms of the contract, and is capable of repaying the loan. The law stipulates that banks must explain to borrowers the consequences of entering into a contract under the influence of violence, threats, deception, or unfavorable conditions, according to TASS.

Artem Sheykin emphasized that credit organizations are obliged to record conversations with borrowers when discussing a loan. This will allow the investigation to determine whether the borrower was under psychological influence and assess the bank employee's compliance with the established requirements. In case of non-compliance with the rules provided by the law, the loan agreement will be considered invalid, and the borrower will be released from the obligation to return the funds.

The Deputy Chairman of the Council stated that telephone fraud when applying for loans is becoming increasingly common. He noted the need for stricter control over the actions of banks and highlighted cases of one borrower taking out multiple loans within one day.

The draft law will be submitted for consideration in early 2024 after consultations with all interested structures and obtaining the feedback of the Russian government.

It is worth noting that additional information provided by the Bank of Russia indicates damage of 14.1 billion rubles in 2022 and 4.5 billion rubles for the first half of 2023 caused by fraudsters to bank customers. According to lawmakers, scammers use various methods of influence, such as psychological pressure, mind manipulation, and hypnosis, to convince citizens to apply for a loan. This draft law aims to address these issues.