FEDERAL LAW OF THE RUSSIAN FEDERATION

of December 27, 2018 No. 554-FZ

About introduction of amendments to the Federal law "About Consumer Loan (Loan)" and the Federal Law "About Microfinancial Activities and the Microfinancial Organizations"

Accepted by the State Duma on December 19, 2018

Approved by the Federation Council on December 21, 2018

Article 1

Bring in the Federal Law of December 21, 2013 No. 353-FZ "About consumer loan (loan)" (The Russian Federation Code, 2013, No. 51, Art. 6673; 2014, No. 30, Art. 4230; 2016, No. 27, Art. 4164; 2017, No. 50, Art. 7549; 2018, No. 11, Art. 1588) following changes:

Item 5 of part 1 of Article 3 to state 1) in the following edition:

"5) professional activity on provision of consumer loans - activities of the legal entity or individual entrepreneur for provision of consumer loans in cash (except the loans granted by the employer to the worker, loans, granted the physical persons which are founders (participants) or affiliates of the commercial organization granting loan, the loans granted by the broker to the client for transactions of purchase and sale of securities, and other cases provided by the Federal Law).";

2) in Article 5:

a) add with part 23 following of content:

"23. The interest rate for the agreement of consumer loan (loan) cannot exceed 1 percent a day.";

b) add with part 24 following of content:

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