In Russia there will be a unified framework for the auto loan

Authorities have developed a new bill. Ministry of Finance has decided to legislate the registration of all credits for machinery and other movable property, creating a unified database on such collateral, according to Kommersant. However, the greatest effect is expected precisely on the car loan market, because from now to 5% of cars purchased on credit, resold on the secondary market. Thus, according to current rules, if a person takes a car on credit, he shall, within 2 weeks of transfer to a bank (as collateral), original vehicle registration document (TCP). In this case, the machine is, however, owned by the borrower, and even registered in his name. These and enjoy the crooks. They sell the car or before the expiration of a two-week period, or write a statement about the loss of TCP and get a duplicate, by means of which carry out the sale. The need for a database of all the machines are lending more than once raised the bankers. Even planned to record appropriate scientific information in the traffic police, but nothing like it has been established. Perhaps the Ministry of Finance uses to create the framework for central catalog of credit histories, which is supported by Bank of Russia, however, so it will or not is still unknown.