Borrower’s consent to advertisements not automatic or indefinite, Bank of Russia and FAS explain
Lenders should formalise the borrower’s consent to advertisements as a separate paper or web form, indicating its expiration time. It is not subject to automatic renewal.
This is explained in a joint Information Letter of the Bank of Russia and the Federal Antimonopoly Service (FAS) addressed to banks, microfinance organisations, credit cooperatives and pawnshops.
Making the borrower’s consent to advertisements part of the loan agreement / application is not fair business practice.
Should such consent be included in the loan agreement / application, the lender must seek a separate signature of the borrower or a check mark under the list of specific advertisers. It is also recommended that lenders make clear that the borrower’s refusal of consent to advertisements has no implications for loan approval, the letter says.