UBRD: Consumer Lending Act may improve quality of Russian borrowers
"Under the new law, the borrowing party can now spend at least five days thinking of whether to sign the lending contract," Davydova said, according to Ural Business Consulting. "This is an essential measure for protecting consumers against supposedly super-profitable offers that have to be agreed to at once."
The Consumer Lending Act addresses predatory practices used by banks against private individuals, historically resulting in customers signing non-transparent lending agreements.
Banks must now use standard agreement forms when offering loans to customers that clearly set out all terms and conditions for the lender. Moreover, these new standardized lending contracts must clearly state the total cost of the loan in the upper-right corner of the first page of the document, according to Ural Business Consulting.
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