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26 Oct 2016

2016 Collection Law Changes

After many years of discussions, disputes and amendments, Federal Law No. 230-FZ
on debt collectors entitled “On Protection of Rights and Legal Interests of Individuals in Conducting Activities on Returning Overdue Debt and on Amending the Federal Law On Microfinance Activities and Microfinance Organizations” was finally adopted on July 3, 2016. The mass media would then refer to it as the “anti-collector” law.

The main purpose of that legal document is to protect the rights of borrowers and to have the relationship between debt collectors and debtors governed by legal standards.

Apart from the limitations introduced with respect to the time and number of contacts with the debtor, it is now officially prohibited to provide personal data or any other information about the borrower to third parties.

As previously communicated by Roskomnadzor, credit organizations and debt collecting agencies have become leaders in the number of registered complaints from citizens in association with breaches in the processing of their personal data. In 2015, Roskomnadzor received many complaints with respect to the actions of the credit organizations related to the transfer of personal data without the debtors’ consent.

Mikhail Emelyannikov, an expert in the field of Information and Business Security, comments in his blog on what changes the new law will bring about, what awaits the borrowers, lenders and collection agencies, as well as on the bans and limitations established for the lenders and borrowers.”

Source of the article: http://emeliyannikov.blogspot.ru/2016/10/1.html