Legal Regulation of the Microfinance Activity in Russia

Microfinance activity is a rather new phenomenon rapidly developing in the Russian credit system. Factually, microfinance is the type of activity on provision of financial services to people with low income as well as subjects of small and medium enterprises for development of the own business. Nowadays in the conditions of difficult economic situation the popularity of microfinance services is growing. On the one hand, microfinance contributes to solution of social problems of citizens, poverty reduction, unemployment and has the potential to provide socio-economic development of the country. On the other hand, microfinance is the support mechanism for subjects of small and medium enterprises. Thus, the increased demand on microfinance services formed the need in the legal regulation of this matter. This article considers legal regulation of microfinance activity. By researching law principles, federal laws and doctrinal sources, the author determines the basic definitions and results of microfinance activity. The author considers features of the activities of microfinance organizations in Russia, as also the problems that arise in the implementation of microfinance activities and ways and solutions The research conducted has revealed that the microfinancial credits are the most popular a type of loans in Russia. For research were used methods such as systematic and comparative analysis, analysis of court practice. Introduction