10 June 2004 08:53
DUMA PASSES CREDIT HISTORY BILL IN 1ST READING
The accompanying explanatory message says the aim of the bill "is
the creation of a system for information disclosure about the
conscientious fulfillment by borrowers of their obligations to
MOSCOW. June 10 (Interfax) - At a Thursday plenary session, the Russian State Duma passed in the first reading a bill
concerning credit histories, part of a package of bills for the creation of an affordable housing market.
creditors." The bill has to be passed for conditions to be created for an affordable housing market via the
development of mortgage lending.
"The creation of a system of credit bureaus will ensure a reduction of bank spending on judging the
creditworthiness of borrowers and make it possible to reduce the risks of mortgage loans for housing and increase their
availability to the population," the message says.
Lenders would get credit history information at credit history bureaus. The bill presupposed that the receipt of such
data would only be allowable with the permission of a borrower whose credit history has been compiled. A central bureau
under the Central Bank would compile the credit histories of legal entities and credit organization borrowers.
The Duma also passed in the first reading a bill that would make changes to a few laws in connection with the passage
of federal credit history law.
This bill would amend part of the Civil Code, by which information constituting banking secrets could only be
submitted by a client himself or his representatives, or credit history bureau by procedure established by law. State
agencies and their officials could only get this information only in circumstances and by means established by credit
history law.
[Interfax] |
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