FEDERAL LAW OF THE RUSSIAN FEDERATION

of June 23, 2016 No. 217-FZ

About modification of article 9.1 of the Federal law "About Mortgage (Pledge of the Real Estate)"

Accepted by the State Duma on June 7, 2016

Approved by the Federation Council on June 15, 2016

Article 1

Bring in article 9.1 of the Federal Law of July 16, 1998 No. 102-FZ "About mortgage (pledge of the real estate)" (The Russian Federation Code, 1998, No. 29, Art. 3400; 2013, No. 51, the Art. 6683) change, having added with its Item 3 following of content:

"3. The penalty size (penalty, penalty fee) for non-execution or improper execution of obligations on repayment of the loan (loan) and (or) on interest payment for use of the credit (loan) according to the credit agreement, the loan agreement which are signed with physical person for the purpose of not connected with implementation of business activity by it, and obligations of the borrower on which are provided with mortgage, cannot exceed key interest rate of the Central bank of the Russian Federation on the date of the conclusion of the relevant agreement if under the terms of the credit agreement, the loan agreement percent for the corresponding period of violation of obligation fulfillment are charged, or percent 0,06 from the overdue debt amount for each day of obligation fulfillment violation if under the terms of the credit agreement, the loan agreement interests on credit for the corresponding period of violation of obligations are not charged (loan).".

Article 2

This Federal Law becomes effective after thirty days after day of its official publication.

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