Restricts the longest duration for which payments can be made
A new law on installment plans, passed by the State Duma, is set to come into effect from April 1, 2026. The law, which has undergone two and three readings, outlines regulations for installment plans, including maximum periods and penalties for late payments.
Under the new law, the maximum installment period will not exceed six months as of April 1, 2026. However, it is worth noting that this period will be further reduced to four months, effective from April 1, 2028.
Failure to make payments on time will attract fines. As of April 1, 2026, the fine for late payments will be 20% per annum. This penalty aims to ensure that consumers abide by their repayment schedules, promoting financial responsibility.
The law also specifies the sizes for advertisements, providing guidelines for advertising placement. This move is intended to maintain fairness and transparency in marketing practices.
While extensive news coverage on this specific law is not yet widely available, the law's implementation marks a significant step towards financial regulation in Russia. The exact implications of this law are yet to be fully understood, and further reporting may provide more insights into its impact on consumers and businesses.
It's important to note that this article is based on the provided bullet points and does not contain verified details or implications beyond what is stated. For a comprehensive understanding of the law, it is advisable to consult the official documentation or wait for further news reports.
The new law on installment plans, effective from April 1, 2026, outlines regulations for businesses in the finance sector, including a maximum installment period of six months, which will be reduced to four months by April 1, 2028. Late payments under this policy-and-legislation will attract fines as high as 20% per annum to promote financial responsibility among consumers. The law also includes guidelines for advertising placement in business and general-news to ensure fairness and transparency in marketing practices. Despite limited news coverage, the implementation of this law is anticipated to significantly impact financial regulation in Russia, with further reports likely to provide more insights in due course.
