Russian senators propose $78,000 fines for illegal lending

Members of the Federation Council, Russia’s upper house of parliament, Sergei Ryabukhin and Nikolai Zhuravlev, have submitted a bill to the State Duma introducing fines of up to 5 million rubles ($78,000) for carrying out illegal consumer loan application, RIA Novosti reported on Friday (July 8).

Under the bill, granting of consumer loans (excluding banking) by those who have no right to implementation of such activities would result in fines of up to 50,000 rubles ($781) for officials and individual businessmen and up to 500,000 rubles ($7,800) for companies.

Repeated violation would be punishable by fines ranging from 50,000 to 200,000 rubles ($3,100) for officials and entrepreneurs; companies would face fines of up to 2 million rubles ($31,200).

Fines for three administrative offences would amount up to 500,000 rubles for officials and businessmen and up to 5 million rubles for companies.

Source: RAPSI

Author: Augaritte

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