The "cooling-off" period, limits on installment plans, and self-imposed bans on loans: the Federation Council discusses new laws to combat fraud.

It’s time to tighten the screws. According to the Central Bank, last year about 50% of the loans taken by citizens were immediately handed over to fraudsters after issuance. Compared to 2023, the amount of theft has increased by 2.6 times!

Chairperson of the Federation Council of the Russian Federation Valentina Matviyenko shared what measures the authorities are taking to protect Russians from scams. Three important bills are currently under consideration.

COOLING-OFF PERIOD

Borrowers will be given a few hours to cool off and avoid making hasty decisions, with the duration depending on the loan amount:

- 4 hours for amounts from 50,000 to 200,000 rubles;

- 48 hours for amounts over 200,000 rubles.

This applies to both banks and microfinance organizations (MFOs).

“During this time, people can assess the necessity of taking a loan and their ability to repay it,” the State Duma believes.

According to Valentina Matviyenko, these amendments will “give people extra time to consult with relatives and realize that they might be under the influence of a fraudster.”

However, there is one nuance. Some banks are already using such cooling-off periods. But without an adopted law, a borrower can insist on having the loan issued urgently. This is indeed happening in some cases. Recently, a 71-year-old pensioner in the Volga region firmly rejected the idea of reconsideration and lost over one million rubles.

Let’s hope that once the law is passed and comes into effect, there will be fewer such persistent borrowers.

Chairperson of the Federation Council of the Russian Federation Valentina Matviyenko. Photo: Federation Council

MFOs PUT UNDER STRICT REGULATIONS

Legislators want to require MFOs to conduct additional checks on operations and transactions (money transfers) to ensure they do not go to suspicious accounts.

Moreover, the State Duma clarified that credit organizations will also be required to limit the deposit of funds into a bank account via a digital payment card to a total amount exceeding 50,000 rubles within 48 hours from the card's issuance. This is because this method is the primary channel for transferring money to scammers who convince victims to send money to a “safe bank account.”

Additionally, MFOs and banks will be required to exchange information about loans in real-time. A regulation will be developed to prevent the issuance of loans without the borrower's consent. These organizations will also be able to use the Bank of Russia to learn about attempts to carry out money transfers without the client’s consent.

REGULATING INSTALLMENT PAYMENTS

A bill regulating installment payments is also being considered. This would allow customers to pay for goods or services in parts without interest charges. Currently, this service is quite popular, being implemented on both online platforms and in offline stores.

Legislators aim to limit the installment amount to 15,000 rubles per contract. If the amount exceeds this, the installment operator will have to transmit information about the transaction to the credit history bureau, similar to how it is done with loans. According to the Bank of Russia, “arranging installments without a loan or credit agreement worsens the position of consumers, depriving them of a number of significant rights and guarantees.” First, installments do not affect the borrower's credit history. Secondly, they are not considered in the debt load if the borrower applies for a loan.

Legislators want to limit the installment amount to 15,000 rubles per contract.

Photo: REUTERS.

If the law is passed, installment service operators will emerge. They will need to be registered in a special registry of the Central Bank and have a capital of over 5 million rubles. The requirements for the installment agreement will include the “size of the operator's expenses,” which includes additional fees. Furthermore, the document will contain information about the quantity, size, and frequency of payments for the goods purchased in installments, as well as the client's liability for non-payment.

For agreements made starting December 1, 2025, the maximum term for settlements will be six months, and from December 2027—four months.

WHAT ELSE

About 30 anti-fraud measures have been developed by the Ministry of Digital Development, the Central Bank, and law enforcement agencies for another bill:

- citizens will be able to remotely prohibit the issuance of loans and credits online in their name through “Gosuslugi” or banking apps, with the cancellation of the prohibition possible only in person at the MFC or bank branch;

- credit organizations will be required to conduct more thorough checks on borrowers, including an analysis of credit history and bank accounts;

- the possibility of online data exchange between government agencies, banks, and digital platforms to instantly identify suspicious actions, block them, and notify law enforcement;

- introduction of new mandatory rules for user identification and verification, as well as mandatory call labeling. This means that the name of the organization and the individual will be displayed on the user’s phone screen, allowing them to discern whether the call is from a bank representative or a fraudster;

- a ban on government agencies, banks, and telecom operators communicating with clients through messengers, which will help people immediately recognize fraud.