Who does not know the answer to the question of what is a loan? If you open Art. 807 of the Civil Code, the answer will be different than expected. The law interprets the concept much more broadly. In this regard, it is necessary to find out the features of the contract, the rights and obligations arising from the parties to the agreement.
Normative regulation
Art. 807 of the Civil Code of the Russian Federation is closely connected with other provisions of the code, with regulatory acts of a lower level affecting loan operations.
It should be noted that a loan is a type of loan obligations, as well as credit relations. Just the second are more common and more familiar to the average man, but between them there is a significant difference.
Subject of Agreement
Art. 807 of the Civil Code of the Russian Federation describes a loan as a transfer of cash and property characterized by generic characteristics. The recipient party must return the same amount and things of the same kind. Generic attributes are properties that are not able to individualize a thing. For example, under the contract, objects of the same type may be transferred (nuts and screws of the same size). The subject of the transaction may be items that cease to exist in the process of their use (food, clothing, etc.).
The law emphasizes that items of the same quantity and quality are subject to return. In this situation, clauses on the conditions of sale are quite applicable.
Currency Transactions
The law allows borrowing currency. The procedure for conducting currency transactions is regulated by special legislative acts, which is directly stipulated in paragraph 2 of Art. 807 of the Civil Code of the Russian Federation.
If a transaction is executed between legal entities using bank accounts, then a number of rules come into force:
- currency transactions are conducted through Vnesheconombank;
- information about the participants in the transaction for the purchase of foreign currency is not included in the documents, with the exception of cases described in the law "On Combating Money Laundering";
- The Central Bank has the right to establish additional requirements for documents drawn up in such transactions.
How to get a foreign currency loan in rubles
In Art. 807 of the Civil Code of the Russian Federation, a reference is actually made to the position of the ruble as a means of payment on the territory of the Russian Federation. To avoid currency control, the parties are entitled to determine the amount in rubles at the exchange rate of the corresponding foreign currency. The rate is calculated on the day of payment, unless otherwise provided by law or by agreement between the parties.
Such actions are legal and are resorted to mainly by legal entities working within the Russian Federation.
Currency control restrictions are removed if the organization is not a resident.
It should be noted that paragraph 2 of Art. 807 of the Civil Code of the Russian Federation contains a link to specific articles of the Civil Code, which facilitates its understanding by non-specialist citizens.
Lending to citizens
The rules on lending to ordinary citizens who are not involved in business are contained in the Law on Consumer Credit. It aims to regulate relations between financial institutions and customer citizens. Topics that do not have entrepreneur status.
The law imposes restrictions softening credit conditions, additional obligations on financial organizations to inform citizens. Strict rules for registration and contract signing procedures have been established.
We must not forget about the law “On Microfinance Activities”, which represents a slightly different lending procedure. In particular, the law defines the maximum loan limit. In recent years, this law has been amended by the comments on Art. 807 of the Civil Code of the Russian Federation with varying degrees of optimism. They equated the procedure for obtaining microloans with the terms of consumer lending. True, the changes affect only customers who have concluded contracts from 01/01/2017.
Moment of conclusion of the agreement
It is associated with the actual transfer of values to the acquirer. It is drawn up either with a receipt or confirmed with other documents, for example, bank statements, accounting documents.
If money is not transferred, but things, then an act of acceptance is drawn up. Transport legislation offers other options, in particular the transfer of documents (for example, a bill of lading) giving the right to dispose of property. A special procedure for fixing transmission is provided for by the Charter of Railways.
Thus, paragraph 1 of Art. 807 of the Civil Code of the Russian Federation is directly related to the provisions of the Civil Code or other legislative acts. It all depends on what and how is transmitted.
Planned changes to the law
In h. 1 Article. 807 of the Civil Code of the Russian Federation, from 01.06.2018, changes are planned. The subject of the transaction has been expanded: now, as part of the loan, securities will also be allowed to transfer.
An article on the issue of bonds is canceled, and its provisions are fully transferred to the article under discussion. As before, citizens have the right to purchase bonds by lending money to MFIs, receiving the right to return the amount specified in the document and the interest calculated on it.
A rule is introduced on the transfer of property and money to a third party indicated by the borrower. In fact, the custom of payment for goods or services provided by a third party to a borrower is formalized.
A rule is introduced on the right to withdraw from a contract, in full or in part. A refusal to make a statement is allowed either before the time agreed by the parties, or at any time before the money or property has been transferred.
For the lender, it is enough to indicate the appearance of doubts about the future repayment of the debt. A reservation is made for the recipient only affecting his status - it must be an entrepreneur.
If the borrower is an ordinary citizen, he is given 14 days to officially refuse the loan from the moment of signing the contract and receiving funds, or paying for goods or services by the bank.
Finally
In Art. 807 of the Civil Code with commentary, the loan is described as a transfer of property or money. The introduction of changes is assessed as an adjustment of the existing provisions of the law and an extension of the rights of the parties. This applies to the expansion of the subject of the loan and the right to early cancellation of the contract.
Financial organizations are entitled not only to issue loans, but also to act as borrowers. If previously the rules were scattered across several articles of the code and the provisions of Art. 807 were of a reference nature, now they are assembled in one place, which is much more convenient.