In April 2023, a law came into force in which loans in credit consumer cooperatives and agricultural consumer cooperatives can be repaid with the help of maternity capital. These market participants should be included in a special list of the Central Bank of the Russian Federation. In this respect reported RBC.
“This measure should protect the funds of the main owners. Violations can often be found in this area: for example, the certificate holder is given a loan for uninhabitable housing at an inflated cost. Lawyer Vadim Tkachenko, founder and CEO of the vvCube consulting group, said that the passed law will become a new protection mechanism against fraud in this area.
As a result, maternity capital can be used to repay loans in cooperatives. Tkachenko stated that consumer cooperatives must meet certain conditions in order to be included in the Central Bank list.
In particular, cooperatives must report to the regulator, be a member of a self-regulatory body and have not received an order to restrict their activities. At the same time, the volume of loans for the purchase and construction of housing using capital during the quarter cannot exceed 50% of the total loan volume of the cooperative.