According to the decision, a bank must provide a client with the opportunity, upon their written request, to set a restriction on remote conclusion of a consumer loan agreement or remote amendments to the agreement concerning an increase in the credit limit through all sales channels.
The corresponding restriction may be lifted based on a written request from the client submitted in person at the bank, using an enhanced electronic signature or enhanced client authentication.
Furthermore, when issuing a consumer loan, if the bank determines through its information system that there is no restriction imposed by the borrower on remote conclusion of the loan agreement or remote amendments concerning an increase in the credit limit, it must also check for the presence or absence of a restriction through the credit bureau's information system and take it into account.
Remote conclusion of a consumer loan agreement or remote amendments concerning an increase in the credit limit are not permitted for a person who has an active corresponding restriction on consumer loans.
At the same time, upon receiving a request from a person who has set the above restriction for remote conclusion of a consumer loan agreement or remote amendments concerning an increase in the credit limit, the bank will immediately notify the client via mobile app or SMS.
When remotely concluding a consumer loan agreement or remotely making amendments concerning an increase in the credit limit, after preliminary notification of the applicant, funds will be provided within the following timeframes:
- if the amount of funds issued or increased during the day is up to 2 times the minimum wage or its equivalent inclusive – 2 hours from the moment of concluding the agreement or making amendments;
- if the amount of funds issued or increased during the day exceeds 2 times the minimum wage or its equivalent – 24 hours from the moment of concluding the agreement or making amendments.
Additionally, the consumer loan agreement, in the case of loan issuance or credit limit increase, must include a provision regarding the release of the borrower from obligations on the issued (increased) loan.
Also, the general list of credit file documents will include information on the presence or absence of a restriction imposed by the borrower on remote conclusion of a consumer loan agreement or remote amendments concerning an increase in the credit limit, if they are executed remotely.
It should be noted that all the above rules will also apply to non-bank credit organizations.
For information, the decision signed on April 28 will come into force on October 1.