Putin signed the law on return of the insurance premium on the early repayment of the loan

on September 1, 2020, Russia will begin to act the law on which the borrower will receive back part of the insurance premium for early repayment of consumer loan or mortgage. The law was signed by President Vladimir Putin, RIA Novosti reported.

the law will not apply to taken before the specified date consumer loans with insurance. The law provides for the possibility to cancel the policy within 14 days after the conclusion of a new lending contract. In this case, the Bank may increase the interest rate on the loan.

to Receive part of the premium for the unexpired period for repayment of the loan by submitting an application to the Bank within two weeks.

the Law has eaten its first reading in the state Duma in September 2018, but its approval took more than a year.