Mikrofinansvye organization will operate under the law

The Government has made to the State Duma a bill on microfinance institutions. This is stated on the official website of the House . The name of the bill - "The microfinance and microfinance institutions." The Russian authorities are hoping that with this law in our country will establish a register of organizations involved in microfinance. The document explains what activities fall under the definition of microfinance, establishes how this sector should be regulated . It establishes the conditions for granting micro-loans, purchase order status and implementation of microfinance institutions. Under the bill, "a legal entity registered in the form of stock, an autonomous non-profit organizations, institutions (except public institutions), non-commercial partnership, business association or partnership, acquires the status of MFI from the date of entering the data on it in the State Register of microfinance institutions and loses the status of the MFI since the exclusion of data from the state registry of Microfinance Institutions. "The bill does not apply to credit institutions, savings cooperatives, housing, professional securities market participants, investment funds, administering companies and pension funds. It is planned that mikrofinansvaya organization will give microloans in rubles only. And the loan amount shall not exceed one million rubles. This company is permitted to engage in other activities and, in particular, grant loans and provide other services in the manner prescribed by the federal laws and founding documents. It should be noted that the company is not entitled to the funds of individuals. Except in cases where a natural person - the founder of the organization. microfinance institution will be denied the right to work in the securities market.