MOSCOW, Dec 21 – PRIME. Russian banks are asking the Federal Antimonopoly Service (FAS) to amend the law on advertising in order to convey to citizens the negative consequences of the extrajudicial bankruptcy procedure and to avoid propaganda of debt cancellation among the population, follows from the appeal of the Association of Russian Banks (ADB) addressed to the head of the service, Maxim Shaskolsky, which is at the disposal of RIA Novosti. In Russia, from September 1, 2020, the law allows citizens to go through bankruptcy proceedings without the participation of a court and a financial manager, upon application through multifunctional centers. ADB is concerned about the increased activity of so-called “borrowers” or “bankrupt intermediaries”, “freeing” citizens from debts and actively advertising their services both offline and on the Internet, including major news portals, video hosting sites, and social networks. The Association drew attention to the fact that the negative aspects of this procedure are concealed from citizens. Banks expect an increase in delinquencies on loans from Russians in the near future “In order to protect the rights of citizens, including consumers of financial services, we believe it is extremely important to create legal conditions for full information in an accessible form of citizens on the conditions of debt relief procedures, their possible risks and negative consequences. For this, we ask you to consider the possibility of amending the federal law “On Advertising” regulating advertising of such services to provide legal assistance to a citizen, “the appeal says. Thus, ADB points out the inadmissibility of promises to end the financial obligations of a citizen and the use of “theses and postulates” that are misleading about the services offered. In addition, the advertisement must necessarily indicate the price of the services. What can rise in price and disappear from the shelves due to the freezing of prices “Mandatory inclusion in the advertisement of bankruptcy support services of a warning that the citizen is liable for his obligations with all property belonging to him, in including those acquired jointly in marriage, as well as full information about other negative consequences arising as a result of declaring a citizen bankrupt, “also notes ADB.