Importance In recent years, microlending to the population by organizations other than credit institutions has been actively growing. The specific feature of microlending is a relatively short loan period and fairly high interest rate. The development of the microfinance relations results in a significant increase in the debt load of individuals. The enacted Federal Law On Microfinance Activities and Microfinance Organizations of July 02, 2010 № 151-FZ was intended to regulate the microfinance relations. However, to date, the law does not completely resolve the existing variety of problems. The absence of legal base in this sphere and low financial awareness of the majority of borrowers give rise to economic and social risks. The current problems in the financial sector and negative growth outlook for the Russian economy for the near future aggravate the situation. Objectives The aim of the study is to develop proposals to amend the effective legislation governing the activities of microfinance institutions. Methods I have analyzed draft laws that are most likely to be adopted in the near future, and will affect the sphere under consideration. Results The study proves that changes in the regulation of microfinance organizations are long overdue. The development of microfinance institution entails a soaring debt load of the population, which is now at its critical level. The increasingly growing number of borrowers' defaults on loans and microloans speak for the escalation of tensions in the financial sector. Conclusions and Relevance The State should pursue a reasonable policy to regulate microfinance institutions. The results of the study may be helpful in preparation and adoption of statutory acts regulating the microfinance activities.
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