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State Duma to consider bill on fines for banks breaching debt repayment rules

17:42 12/11/2019

MOSCOW, November 12 (RAPSI) – Russia’s State Duma is to discuss a bill envisaging amendments to legislation as to fines on credit organizations violating the law governing recovery of outstanding loan debts, the document in the database of the parliament’s lower house reads on Tuesday.

The bill, aimed to change the Code of Administrative Offences is authored by a lawmaker from the United Russia political party.

According to the document, at present the Code penalizes the violations committed by creditors or those representing the interests thereof when undertaking actions aimed to recover outstanding creditor indebtedness by fines on individuals from 5,000 to 50,000 rubles ($78 to $780), on officials from 10,000 to 100,000 rubles ($156 to $1,560) and disciplinary suspension from duty for a term from 6 months to 1 year, whereas corporations are to be fined from 20,000 to 200,000 rubles ($312 to $3,120).

The author of the bill believes that the law unfairly excludes from the list credit organizations, whereas statistics demonstrate numerous facts of violations falling within the purview of this provision of the Code.

Taking into account these considerations, the bill envisages the creation of a more efficient mechanism serving to protect interests of Russia’s citizens by putting credit organizations on the list of entities subject to administrative punishment when such entities violate the rules on recovery of outstanding creditor indebtedness.

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State Duma to consider bill on fines for banks breaching debt repayment rules

17:42 12/11/2019 Russia’s State Duma is to discuss a bill envisaging amendments to legislation as to fines on credit organizations violating the law governing recovery of outstanding loan debts.
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