On Feb. 12, 2025, RUS PRL confirmed details of the cooling-off period on consumer loans, introduced to combat fraudsters in accordance with the law 9-FZ.
In the event that a bank or microfinance firm does not fulfill relevant obligations, they will not have the right to demand repayment of the loan and accrue interest.
On Dec. 25, RUS PRL proposed bill to protect citizens from fraudsters.
RUS PRL chairman discussed the need to adopt a bill on protecting citizens from fraudsters who operate on social networks under the guise of charitable organizations.
Key Points
In most cases, gullible citizens are forced to take out a significant large loans under various pretexts and according to banks, criminals stole 250bn RUB in 2024 alone.
In order o protect citizens from fraudsters, a bill has been developed and submitted to the State Duma, proposing to establish a “cooling-off period” when issuing a loan.
Such cooling off period will prevent transaction from being carried out for 4 hours for amounts from 50k to 200k RUB and 48 hours for amounts exceeding 200,000 RUB.
Jan. 2025 Bill First Reading
On Jan. 15, 2025, RUS PRL said State Duma adopted at first reading a bill aimed at protecting Russian citizens from fraudsters who trick them into take out loans.
Bill is a priority; in 50% of fraud cases loans immediately transferred to criminals.
Bill will establish following loan cooling-off periods, during which financial transactions will not be carried out: 4 hours for 50k to 200k rubles; 48 hours for over 200k rubles.
Bill also introduces a number of obligations for credit and microfinance organizations to carry out additional verification measures for fraud during operations and transactions.
Feb. 2025 Law Approved
On Feb. 11, 2025, RUS PRL/RUS CB announced the approval of law 9-FZ amending certain regulatory acts on protecting citizens from social network financial fraudsters.
The purchase of goods (services) on credit without a cooling-off period will be possible only with the personal presence of the consumer in the store or organization.
RUS CB will be able to change parameters of cooling-off period taking into account analysis of effectiveness of measures taken by the credit institution to combat fraud.
banks will not be able to issue electronic means of payment, including bank cards, to individuals from regulator's database of cases and attempts at fraudulent transactions.
Limit on transfer to other people is introduced for their current cards: 100K per month.
Banks cannot credit virtual cards with over 50k RUB within 48 hours of their issue.
Banks and microfinance organizations (MFOs) will have to request the TIN from the borrower and check it in state information systems, in particular in RUS Tax database.
The exchange of information between creditors and credit bureaus will be accelerated.
The law enters into force on May 13, 2025 (90 days after its official publication) except for certain provisions of the law which enter into force throughout 2025 and 2026.
Cooling-off period in effect on Sep. 1, 2025; CRB provisions in effect Dec. 31, 2026.
Feb. 12, 2025 Update
On Feb. 12, 2025, RUS PRL confirmed details of the cooling-off period on consumer loans, introduced to combat fraudsters in accordance with the law 9-FZ.
In the event that a bank or microfinance firm does not fulfill relevant obligations, they will not have the right to demand repayment of the loan and accrue interest.
Regulators
RUS CB; RUS PRL
Entity Types
Bank; CNSM; CRB; CU; MSB
Reference
PR 2/12/2025; law 9-FZ, 2/13/2025; PR 2/11/2024; PR, Bill 804702-8, 1/15/2025; PR, 12/25/2024
