FEDERAL LAW OF THE RUSSIAN FEDERATION

of July 18, 2009 No. 190-FZ

About credit cooperation

Accepted by the State Duma of the Russian Federation on July 3, 2009

Approved by Council of the Russian Federation on July 7, 2009

Chapter 1. General provisions

Article 1. Purpose and basic concepts of this Federal Law

1. This Federal Law determines legal, economic and organizational basis of creation and activities of credit consumer cooperatives of different types and levels, the unions (associations) and other associations of credit consumer cooperatives.

2. Operation of this Federal Law does not extend to agricultural credit consumer cooperatives and their associations, legal and economic basis of creation and which activities are determined by the Federal Law of December 8, 1995 No. 193-FZ "About agricultural cooperation".

3. In this Federal Law the following basic concepts are used:

1) credit cooperation - system of credit consumer cooperatives of different types and levels, their unions (associations) and other associations;

2) credit consumer cooperative (further - credit cooperative) - the voluntary consolidation of physical and (or) legal entities based on membership by the territorial, professional and (or) social principles, except for the case established by part 3 of article 33 of this Federal Law for the purpose of satisfaction of financial needs of members of credit cooperative (unitholders);

3) credit consumer cooperative of citizens - credit cooperative which members are exclusively physical persons;

4) credit cooperative of the second level - credit cooperative which members are exclusively credit cooperatives;

5) the member of credit cooperative (unitholder) - the physical person or legal entity accepted in credit cooperative according to the procedure, provided by this Federal Law and the charter of credit cooperative;

6) fees of the member of credit cooperative (unitholder) the money provided by this Federal Law and the charter of credit cooperative deposited by the member of credit cooperative (unitholder) in credit cooperative for implementation of activities and covering of expenses of credit cooperative and also for other purposes according to the procedure which is determined by the charter of credit cooperative;

7) the membership fee - the money deposited by the member of credit cooperative (unitholder) on covering of expenses of credit cooperative and on other purposes according to the procedure which is determined by the charter of credit cooperative;

8) the admission fee - the money deposited if it is provided by the charter of credit cooperative in case of the accession to credit cooperative on covering of the expenses connected with the accession to credit cooperative in the amount of and procedure which are determined by its charter;

9) additional contribution - the membership fee brought in case of need coverings of losses of credit cooperative according to Item 1 of Article 123.3 of the Civil code of the Russian Federation;

10) share - the money transferred by the member of credit cooperative (unitholder) to the possession of credit cooperative for implementation by credit cooperative of the activities provided by this Federal Law and the charter of credit cooperative and for forming of payenakopleniye (share) of the member of credit cooperative (unitholder);

11) obligatory share - the share provided by the charter of credit cooperative and brought by the member of credit cooperative (unitholder) in credit cooperative without fail;

12) voluntary share - the share which is voluntarily brought by the member of credit cooperative (unitholder) in credit cooperative in addition to obligatory share if opportunity and procedure for its introduction are provided by the charter of credit cooperative;

13) charges on shares - the money charged at the expense of part of the income of credit cooperative following the results of its activities for financial year, distributed in proportion to the amount of shares of each member of credit cooperative (unitholder) and paid to members of credit cooperative (unitholders) or attached to payenakopleniye (share) of the member of credit cooperative (unitholder) according to the procedure, determined by the charter of credit cooperative and internal regulating documents of credit cooperative;

14) payenakopleniye of the member of credit cooperative (unitholder) the amount of shares of the member of credit cooperative (unitholder) and the charges on shares attached to the brought shares according to the procedure, determined by the charter of credit cooperative and internal regulating documents of credit cooperative;

15) share fund - the fund created of payenakopleniye (shares) of members of credit cooperative (unitholders), used by credit cooperative for implementation of the activities provided by this Federal Law and the charter of credit cooperative;

16) reserve fund - the fund created of part of the income of credit cooperative, including of fees of members of credit cooperative (unitholders), used for covering of losses and contingencies of credit cooperative;

17) fund of financial mutual assistance - the fund created of part of property of credit cooperative, including from the raised funds of members of credit cooperative (unitholders), other money and used for provision of loans to members of credit cooperative (unitholders);

18) financial mutual assistance of members of credit cooperative (unitholders) - the process of consolidation of payenakopleniye (shares) organized by credit cooperative and attraction of money of members of credit cooperative (unitholders), and also other money and placement of the specified money by provision of loans to members of credit cooperative (unitholders) for the purpose of satisfaction of their financial requirements according to the charter of credit cooperative and internal regulating documents of credit cooperative;

19) internal regulating documents of credit cooperative - provisions and other documents containing the rules regulating activities of credit cooperative, accepted by general meeting of members of credit cooperative (unitholders) or other bodies of credit cooperative according to the procedure, provided by this Federal Law;

20) affiliates are the physical and (or) legal entities capable to exert impact on activities of physical and (or) legal entities and recognized by those according to the antitrust law of the Russian Federation;

21) the raised funds - the money received by credit cooperative from members of credit cooperative (unitholders) based on loan agreements, other agreements provided by this Federal Law and also the money received by credit cooperative from the legal entities who are not members of credit cooperative (unitholders) based on the loan agreement and (or) the agreement of the credit;

22) the accounting period - the first quarter, half-year, nine months of calendar year, calendar year.

Article 2. Legal basis of creation and activities of credit cooperatives

The legal basis of creation and activities of credit cooperatives are the Civil code of the Russian Federation, this Federal Law, other Federal Laws, other regulatory legal acts of the Russian Federation and regulations of the Central bank of the Russian Federation (further - the Bank of Russia) governing the relations with participation of credit cooperatives.

Article 3. Activities of credit cooperative

1. The credit cooperative is non-profit organization. Activities of credit cooperative consist in the organization of financial mutual assistance of members of credit cooperative (unitholders) by means of:

1) associations of payenakopleniye (shares) and attraction of money of members of credit cooperative (unitholders) and other money according to the procedure, determined by this Federal Law, other Federal Laws and the charter of credit cooperative;

2) placements of the money specified in Item 1 of this part by provision of loans to members of credit cooperative (unitholders) for satisfaction of their financial requirements.

2. The credit cooperative in addition to the organization of financial mutual assistance of the members has the right to be engaged in other types of activity taking into account restrictions, stipulated in Clause the 6th this Federal Law, under condition if such activities serve goal achievement for the sake of which the credit cooperative is created, answers these purpose and is provided by the charter of credit cooperative.

3. The credit cooperative performs the activities on the basis of the following principles:

1) financial mutual assistance of members of credit cooperative (unitholders);

2) restrictions of participation in activities of credit cooperative of persons which are not his members;

3) voluntariness of the accession to credit cooperative and freedom of exit from it irrespective of the consent of other members of credit cooperative (unitholders);

4) self-government of the credit cooperative provided with participation of his members (unitholders) in management of credit cooperative;

5) equal rights of members of credit cooperative (unitholders) in case of decision making by bodies of credit cooperative irrespective of the size contributed by the member credit cooperative (unitholder) (one member of credit cooperative (unitholder) - one voice);

6) equalities of access for members of credit cooperative (unitholders) to participation in process of financial mutual assistance and to other services of credit cooperative;

7) equalities of access for members of credit cooperative (unitholders) to information on activities of credit cooperative;

8) solidary execution by members of credit cooperative (unitholders) of subsidiary responsibility for its obligations within not brought part of additional contribution of each of members of credit cooperative (unitholders).

3.1. Activities of credit cooperative shall be directed to satisfaction of financial needs of members of credit cooperative (unitholders).

3.2. By the charter of credit cooperative the right and procedure for admission to membership of credit cooperative (unitholders) of physical persons, not corresponding to the territorial, professional and (or) social principles of consolidation of members of credit cooperative (unitholders), and also the right of membership in credit cooperative of persons which lost compliance to the territorial, professional and (or) social principles of consolidation of members of credit cooperative (unitholders) can be established. The number of such members of credit cooperative (unitholders) shall not exceed the smallest of values: 10 percent from total number of members of credit cooperative (unitholders) or one thousand members of credit cooperative (unitholders).

4. Public authorities, local government bodies and the Bank of Russia have no right to interfere with activities of the credit cooperatives, except as specified, provided by the Federal Laws.

Article 4. Procedure of activities of credit cooperative

1. The credit cooperative raises money of the members on the basis:

1) the loan agreements signed with legal entities;

2) the agreements of transfer of personal savings signed with physical persons according to the procedure, provided by this Federal Law.

2. The credit cooperative grants loans to the members based on the loan agreements signed between credit cooperative and the borrower - the member of credit cooperative (unitholder). The credit cooperative has the right to perform professional activity on provision of consumer loans to the members according to the procedure, established by the Federal Law "About Consumer Loan (Loan)". Interest rate for the loans granted by credit cooperative to the members - to physical persons for the purpose of, not connected with implementation of business activity by them, and obligations of borrowers on which are provided with mortgage, cannot exceed the maximum size established by the Board of directors of the Bank of Russia.

3. Loan repayment by the member of credit cooperative (unitholder) can be provided with the guarantee, pledge, and also other methods provided by the Federal Laws or the loan agreement.

Article 4.1. Relations between credit cooperatives and bureau of credit histories

Credit cooperatives shall according to the procedure and on conditions which are established by the Federal Law of December 30, 2004 No. 218-FZ "About credit stories", to represent at least to one bureau of credit histories included in the state register of bureau of credit histories, the information necessary for forming of credit stories of members of credit cooperative (unitholders) which is available for them which are granted loans.

Article 4.2. Features of determination of variable interest rates for loan agreements which are concluded with the borrower - the member of credit cooperative (unitholder) who is the subject of small or medium business

1. The maximum admissible value of the interest rate changing depending on change of the numerical value of variable included in it which is determined proceeding from the circumstances which are not depending on the creditor and persons affiliated with it, and also from the borrower and which is regularly placed in public sources of information (variable interest rate), by the loan agreement signed with the borrower - the member of credit cooperative (unitholder), being the microcompany cannot exceed the rate established by the loan agreement for date of its conclusion as a percentage annual, increased by one third, but no more than by 4 percent points. The credit cooperative shall notify the specified borrower by the method provided by the loan agreement on change of value of variable interest rate and bring to the specified borrower by the method provided by the loan agreement, the updated payment schedule under such agreement no later than fifteen days prior to application of the changed variable of interest rate.

2. In case of use of variable interest rate in case of determination of interest rate for the loan agreement the credit cooperative shall the conclusion of the loan agreement with the borrower - to notify by the member of credit cooperative (unitholder) who is the subject of small or medium business in writing the specified borrower that numerical value of variable on which the interest rate is calculated can change not only towards reduction, but also towards increase, and also that change of numerical values of variable in the last periods does not demonstrate change of numerical values of this variable in the future.

3. The borrower - the member of credit cooperative (unitholder), the loan agreement which is the microcompany, signed having the right within three months from the moment of increase in numerical value of variable to address to credit cooperative with the requirement about change of terms of the contract of loan providing increase in term of loan repayment, the method provided by the loan agreement or by the direction of the requirement by mail the registered mail with the assurance of receipt or way of delivery of the requirement on receipt. The specified right can be exercised by the borrower under condition if earlier according to its requirement provided according to this part, conditions of the corresponding loan agreement did not change.

Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info