July 2, 2014. The Federal Act FZ 353 on Consumer Lending that aims to bring more structure to the Russian lending market comes into effect on Tuesday, July 1. With the new legislation’s regulations in mind, Bank Koltso Urala is launching a free information service for its customers. The service provides an annually updated loan repayment schedule, the bank’s press service reports.

‘Starting today, customers who take out a loan from Bank Koltso Urala will get access to My Account section on the company website. After they enter their log-in and passport at cabinet.kubank.ru, borrowers can track changes in the repayment schedule online and always be aware of how much money is still owed to the bank,’ says Koltso Urala’s Consumer Lending Director Natalya Golubeva.

Additionally, the bank’s normative documents were also brought in full compliance with the law as of July 1, 2014. For one, the lending agreement form has been changed: it now contains general terms and unique-to-the-case terms, while the loan’s total cost is indicated in the space provided in the upper right corner of the contract page.