From Bloomberg By Jessica Brice, Ney Hayashi and David Biller September 22, 2014 In 2004,
Federal Law No. 151-FZ of 2010 on Microfinance and Microfinance Organisations (English)
(enacted in 2010)
Federal Law No. 151-FZ on Microfinance and Microfinance Organisations introduces a legal framework for microfinance institutions providing micro-loans in Russia. While this text is an official translation, the format differs from the official text. The law became effective on January 4, 2011.
The law includes the following sections:
- Chapter 1 Terms;
- Chapter 2 Terms of business of microfinance organisations: includes provisions on maintaining a public register of microfinance organisations, application for status of microfinance organisation, and denial of application;
- Chapter 3 Operations of microfinance organisations: includes provisions on conditions for granting micro-loans, rights and duties of microfinance organisations, rights and obligations of borrowers and limitations of microfinance organisations;
- Chapter 4 Regulation and supervision of microfinance organisations: includes provisions on regulation, supervision and reporting; and
- Chapter 5 Final provisions.
A Russian language version of this law from 2010 can be found under “Other Language Versions.”