On December, 9th, 2009, at its plenary session the State Duma of the Russian Federation has approved in the first reading the bill, introducing additional restrictions for banks to change some conditions of credit contracts with private customers unilaterally. The document suggests to put changes in the Article 29 of the Federal Act “On banks and banking activity”. The bill’s purpose is to balance rights and duties of the parties of the credit contract, and also to strengthen protection of private borrower’s rights as the more economically weak party of the credit contract.
RBC
