The Russian borrowers will be provided with a 10-day cooling-off period, during which the citizens will be able to pay the loan without any fines or suctions. That was reported on June 28 by the Russian newspaper Vedomosti citing the Consumer Credit Bill that contains corresponding amendments. The loan debtors will have an opportunity of reimbursing without giving a notification to their creditors. The government is planning to introduce a 30-day cooling-off period for larger borrowings such as a mortgage or car loan. Furthermore, the Russians, who obtained a credit but decided to refuse it, will have to pay interests for the period of time they owned the allocated money. State Duma Deputy Anatoly Aksakov, who has proposed the bill, said to Vedomosti that the document will occur its second reading in autumn. Mr Aksakov also added that the mortgage loans can be excluded from the bill, because the loan granting is too expensive for the banks. The deputy did not tell the precised data when the document will become effective.
Such cooling-off periods are quite widespread in Europe. In Russia they are not legislated, nevertheless, many banks allow their clients to reimburse within 10-12 days without any arrears or penalties. A few Russians grasp this opportunity, though.
