MOSCOW, June 9 (RAPSI) – Lawmakers representing A Just Russia party on Tuesday submitted to the State Duma a bill which prohibits bank loan advertising, head of the party group Sergei Mironov told journalists.

Under the bill, bank loan advertising, including outdoor ads and text messages, would be punishable by up to 1 million rubles ($17,900). Banks should only be allowed to advertise their services in their offices.

An explanatory note to the bill says loan advertising amid an ongoing crisis has grown into a large-scale social provocation. People’s “inability to repay loans has become a major factor behind economic problems and growing social tension,” the explanatory note reads.

Fines for loan ads would reach up to 5,000 rubles ($90) for individuals, up to 50,000 rubles ($900) for sole proprietors, and up to 1 million rubles ($17,900) for companies. Penalties include the confiscation of ads and production equipment.