FEDERAL LAW OF THE RUSSIAN FEDERATION

of July 21, 2014 No. 229-FZ

About introduction of amendments to article 6 of the Federal law "About Consumer Loan (Loan)"

Accepted by the State Duma of the Russian Federation on July 4, 2014

Approved by Council of the Russian Federation on July 9, 2014

Article 1

Bring in article 6 of the Federal Law of December 21, 2013 No. 353-FZ "About consumer loan (loan)" (The Russian Federation Code, 2013, No. 51, the Art. 6673) the following changes:

Part 2 to state 1) in the following edition:

"2. All-in cost of consumer loan (loan) is determined as a percentage annual by formula:

PSK = i x ChBP x 100,

where PSK - true interest cost as a percentage annual to within the third sign after comma;

ChBP - number of base periods in calendar year. Duration of calendar year is recognized equal to three hundred sixty five days;

i - the interest rate of base period expressed in decimal form.";

To add 2) with part 2.1 following of content:

"2.1. The interest rate of base period is determined as the smallest positive solution of the equation:

where - DPK the amount of k-go of cash flow (payment) under the agreement of consumer loan (loan). Multidirectional cash flows (payments) (inflow and cash outflow) join in calculation with opposite mathematical characters - provision to the borrower of the credit for date of its issue joins in calculation with the sign "minus", return by the borrower of the credit, interest payment on the credit join in calculation with the sign "plus";

qk - amount of complete base periods from the moment of issuance of credit before date of k-go of cash flow (payment);

ek - the term expressed in shares of base period from the moment of completion of qk-go of base period before date of k-go of cash flow;

m - quantity of cash flows (payments);

i - the interest rate of base period expressed in decimal form.";

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