MPs exclude MFIs from loans secured by housing

In the state Duma introduced a bill prohibiting microfinance institutions (MFIs) to provide loans secured on dwellings, RIA Novosti reported. The document was developed on behalf of the speaker of the Federation Council Valentina Matvienko.

As explained the first Deputy Chairman of the Federation Council Committee on budget and financial markets Nikolay Zhuravlev, the draft law establishes a number of limitations that must protect the property of citizens, as well as to prevent fraud, to obtain loans in foreign documents, and so on.

In particular, the bill establishes requirements for size of own funds of MOF – minimum of 5 million rubles.

"Establish more stringent requirements to business reputation, qualifications of the managers and owners of micro-credit companies by analogy with the requirements of the management of microfinance companies, credit and insurance organizations. The result should be improved quality control and transparency of the structure as a whole", - said Zhuravlev.

According to him, also provides for raising the threshold for investment from individuals. the Minimum loan amount that MFIs can obtain from a private investor, doubled, to 3 million rubles.

In addition, some limitations, but the MFI will have the right to identify clients through the state information system.

Source restate.ru