Banks have no right to demand from clients of data from USRR and SIPC any more

On October 12, 2015 the Federal law of July 13, 2015 No. 259-FZ according to which credit and insurance companies and notaries will be obliged to request and receive independently information containing in the Unified State Register of Rights on real estate and transactions with it (USRR) and the State Immovable Property Cadastre (SIPC) comes into force. 

Now citizens at the address to notaries, in insurance companies and banks for commission of the operations demanding information from USRR and SIPC are compelled to request all necessary data previously.

The new law to notaries, banks and insurers it is forbidden to demand from clients – both citizens, and representatives of legal entities – providing such data. 

Now technological aspects of implementation of these amendments are studied. It is planned that banks, insurance companies and notaries will receive the corresponding data with use of the system of interdepartmental electronic interaction.