Currently, the Draft Federal Law No. 887449-8 “On Amendments to Certain Legislative Acts of the Russian Federation” is under consideration by the State Duma.

Mosgo & Partners lawyers have learned that this draft law has been adopted in the second reading.

If this draft law is adopted, the maximum amount of the principal debt of a legal entity or individual entrepreneur on microloans to one microfinance organizations will be increased to 15 million rubles. Currently, this maximum amount is 5 million rubles.

According to consumer loan agreements and the rights (claims) received under them, microfinance organizations will not be entitled to conclude:

· agreements on the novation of obligations into the same new contract between the same persons;

· additional agreements under which the principal debt includes the amounts of outstanding interest, penalties and a number of other payments.

If the repayment period of the consumer loan or loan at the time of the conclusion of the agreement does not exceed one year, then the maximum amount of accruals on it will be 100% of such loan or loan. Currently, this limit is 130%.

Mosgo & Partners lawyers follow attentively all changes in order to offer solutions that meet the interests and needs of our clients.