12.06.08

Beginning next week, bankers will be legally obligated to disclose the full cost of any credit offered to clients before a contract is signed. The Central Bank of Russia established the formula for calculating the full cost of credit and detailed the system and documentation for getting this information to the borrower.

The various costs for the borrower that must now be spelled out include charges for filling out the credit agreement, for the granting of credit, for opening and maintaining the borrower's accounts, for settlement of the debt (principal redemption), accrued interest, "third-party payments" in credit agreements, etc.

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Source: Российский налоговый портал