Credit Agreement: Balancing the Interests of Bank and Creditor (Review of Round Table Dicussion held at the HSE Law Faculty)
Abstract
Rumyantsev Stanislav - Postgraduate Student, Department of Entreprineur Law, National Research University Higher School of Economics. Address: 20 Myasnitskaya Str., Moscow, 101000, Russian Federation. E-mail: srumyantsev@hse.ru.
The review contains the opinions expressed at the panel on the problems of crediting which was held by the Department of Entrepreneurial Law of the HSE Law Faculty. The event was attended by teachers, postgraduate students, practicing lawyers and representatives of banks and supervising bodies. The major topic discussed was the analysis of the approaches applying in the RF legislation to regulate the relations between banks and borrowers. New definitions were suggested for the concepts of the price of a credit agreement, full price of credit. The panelists noted that the total volume of bank credits for individuals is approaching 10 % of Russia’s GDP and according to surveys in the 2010s every third Russian citizen used credit services. Credit cards are getting commoner. At the same time bank services in Russia suffer from violations in particular unfair crediting. In particular, these are the application sophisticated terms by banks, the burden of obtaining information by the customer, posting part of credit conditions only on the Internet but not on paper, hiding the information on bank tariffs and hidden commissions. As a result of protective measures taken for borrowers, executive bodies (consumer protection agency Rospotrebnadzor, Federal Antimonopoly service) and higher judicial bodies are acting consistent to limit the freedom of contract and the arbitrariness of credit organizations. Opinions were expressed that frequent changes in the legislation will promote to the stability of the legal regulation of financial market. These changes are required by the existing contradictions between the norms of certain legislative acts and the Russian Civil Code.
