Bank of Russia Board of Directors decides to set maximum interest rate on mortgage-backed loans extended by CCCs and ACCCs to individuals for purposes not related to entrepreneurial activities

Bank of Russia Board of Directors decides to set maximum interest rate on mortgage-backed loans extended by consumer credit cooperatives (CCCs) and agricultural consumer credit cooperatives (ACCCs) to individuals for purposes not related to entrepreneurial activities

In accordance with Clause 17.12, Part 1, Article 18 of Federal Law No. 86-FZ, dated 10 July 2002, ‘On the Central Bank of the Russian Federation (Bank of Russia)’, Part 2, Article 4 of Federal Law No. 190-FZ, dated 18 July 2009, ‘On Credit Cooperation’, Clause 15, Article 40.1 of Federal Law No. 193-FZ, dated 8 December 1995, ‘On Agricultural Cooperation’, the maximum interest rate is set as follows:

on mortgage-backed loans provided by consumer credit cooperatives to individuals for purposes not related to entrepreneurial activities — 17% p.a.;

on mortgage-backed loans provided by agricultural consumer credit cooperatives to individuals for purposes not related to entrepreneurial activities — 17% p.a.

This decision shall be applied from 1 October 2019.

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