The Russian Pension Fund has submitted to the Ministry of Labor and Social Protection a draft of the federal law to expedite the use of maternity capital funds for repaying government-subsidized mortgage loans and the interest, including the initial down payment.
The amendments to Federal Law No. 256-FZ dated December 29, 2006, “On Additional Measures of Government Support for Families with Children,” cut from one month to 15 days the period of processing applications for spending maternity capital funds. In addition, the bill reduces from 14 to 5 days the period for agency processing of PFR requests for verifying the authenticity of documents and information submitted by applicants. The amendments will allow certificate holders to submit applications for using maternity capital funds and other documents directly via a bank.
The spending of maternity capital funds will also be expedited through electronic interaction between the PFR and banks, the inclusion of information about parental rights in the USSIS, and synchronization of administrative procedures verifying solvency and capital entitlements of the certificate holder.
The bill authored by the Pension Fund was duly presented to federal executive authorities for coordination.