Draft law on building-and-loan associations to be adopted in autumn of 2016
The draft law on building-and-loan associations will be discussed in the Russian State Duma on the autumn session, said the State Duma deputy, Ivan Grachev, at the International Business Forum of Property.
“When we began to work on the law on mortgage, many bankers did not take it seriously, being convinced that there will be no mortgage service in the country. I think the same attitude is now towards building-and-loan associations . There have to be a reasonable scheme of connection the next big wave of people to the construction market, and building-and-loan associations can represent such a scheme. I hope I will be able to press the issue of this bill in the Duma in autumn,” said the deputy.
Pursuant to the document, it is expected to found specialized banks – building-and-loan associations (B&LA), which will perform a certain amount of operations.
B&LA will focus on raising funds from individuals and legal entities to building savings contributions, opening and maintaining bank accounts of depositors, implementing payments on behalf of depositors, issuing bank guarantees to depositors, lending for housing improvement, capital repairs of common property of apartment buildings and bridging loans.
The draft law on B&LA was introduced to the State Duma on May 13.