The Federation Council forbade banks to unilaterd16ally change the interest rates on loans and deposits of population

February 3 The Federation Council approved the law “On Amending Article 29 of the Federal Law” On Banks and Banking “. This legal act prohibits banks to unilaterally reduce the term of the loan agreement entered into with the borrower-physical persons, increase the interest rate or change the order their determination to increase or establish commission on transactions except as required by law.

For clients of individual entrepreneurs and legal persons such changes may be provided by federal law or contract with the client, said the press service of the SB.

At the same time, according to some parliamentarians, the entry into force of the law could negatively affect the long-term lending market, especially interest rate mortgage loans lead to higher prices and reduce the length of the loan.

subsequently may require substantial revision of the rules of Article 29 of the Federal Law “On banks and banking activity”, especially in terms of specifying the provisions on the establishment of the credit agreement about changes in interest rates on credits issued to an individual, as well as some changes in the size of commission rewards for committed transactions.

complete ban on the unilateral change in rate under the loan agreement with the individuals, pointed to the meeting, can significantly slow down the pace of development lending in the country. The ban, in terms of legislators, contrary to the universal practice whereby a basic requirement for changing the conditions of the loan agreement with an individual, including interest rates, term loans, etc., is that banks agreed in advance about such a change, and the conditions of preliminary informing the borrower about the changes.

However, it was emphasized in the discussion, taking into account that the law is aimed at creating a balance of rights and obligations of parties to the loan agreement, as well as strengthening the protection of the rights of the borrower as the economically weaker party, it was considered rational to endorse the law.
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