The Legislative Assembly supported mandatory escrow accounts for all mortgage holders.

      Let us remind you that the governor of the Kirov region, Alexander Sokolov, proposed sending a draft federal law to the State Duma, which amends the Federal Law "On the Construction of Residential Buildings under Construction Contracts Using Escrow Accounts." It was reviewed at a meeting of the Legislative Assembly on June 18.

      As we wrote earlier, currently, when constructing private houses, an escrow account is opened if the customer and the contractor have directly agreed to its use. It is also mandatory when taking a family or rural mortgage. The new draft law proposes that escrow accounts be opened both with the corresponding agreement with the contractor and without it, if the customer has taken a mortgage for the construction of a private house.

      Deputies, including Albert Bikaluk and Vladimir Ponaryev, criticized the initiative, expressing the opinion that mandatory escrow accounts would lead to increased construction costs, as many contractors are forced to take loans for construction, and the interest is then included in the cost of work.

      The Chairman of the Government, Mikhail Sandalov, countered that escrow accounts do not increase the cost of work. He added that people will be able to build houses with their own funds, without a mortgage, and therefore opening escrow accounts will not be necessary. In his opinion, the draft law will help protect citizens' rights.

      During the voting, 30 deputies voted in favor. Four were against, and two abstained. As a result, it was decided to send the initiative to the State Duma.