LAW OF THE REPUBLIC OF UZBEKISTAN

of December 16, 2005 No. ZRU-13

About electronic payments

Accepted by Legislative house on November 2, 2005

Approved by the Senate on December 3, 2005

Article 1. Purpose of this Law

The purpose of this Law is relations management in the field of electronic payments.

Article 2. Legislation on electronic payments

The legislation on electronic payments consists of this Law and other acts of the legislation.

If the international treaty of the Republic of Uzbekistan establishes other rules, than those which are stipulated by the legislation the Republic of Uzbekistan about electronic payments then are applied rules of the international treaty.

Article 3. Electronic payment

Electronic payment is implementation of clearing settlements by means of electronic payment documents with use of technical means, information technologies and services of information systems.

The electronic payment is made according to statutory rules of payment system on the basis of the agreements signed between subjects of payment system.

Article 4. Payment system and its types

Payment system is set of the relations arising between subjects of payment system when implementing electronic payments.

Types of payment system:

interbank payment system;

intra bank payment system;

system of retail payments.

Article 5. Rules of payment system

Rules of payment system shall contain:

procedure for the introduction and exit from payment system of members of payment service provider;

procedure and conditions of implementation of electronic payments, including requirements for structure and format of details of the electronic payment document;

procedure for safety and information security;

procedure for the dispute resolution between subjects of payment system.

Rules of payment system may contain also other provisions according to the legislation.

Regulatory legal acts of the Central bank of the Republic of Uzbekistan concerning the organization and implementation of electronic payments are obligatory for all subjects of payment system.

Article 6. Subjects of payment system

Subjects of payment system are members of payment service provider and users of payment system.

Members of payment service provider are the legal entities rendering to users of payment system of service in implementation of electronic payments.

Users of payment system are legal entities or physical persons to which services in implementation of electronic payments are rendered.

Article 7. Interbank payment system

The interbank payment system is intended for implementation of electronic payments between banks through their correspondent accounts opened in the Central bank of the Republic of Uzbekistan.

Rules of interbank payment system are determined by the Central bank of the Republic of Uzbekistan.

Article 8. Intra bank payment system

The intra bank payment system is intended for implementation of electronic payments between branches and clients of bank, and also for interaction with interbank payment system.

Rules of intra bank payment system are determined by member bank of payment system.

Article 9. System of retail payments

The system of retail payments is intended for implementation of electronic payments using bank cards and other means of electronic payment (further - means of electronic payment). Means of electronic payment shall have distinctive signs (the trademark, service marks) allowing to identify its belonging to this system of retail payments.

Rules of system of retail payments are determined by the organization which created this system of retail payments.

Article 10. Relations between subjects of payment system

The relations between subjects of payment system are governed by the legislation and the agreements signed between them.

The agreement shall be signed in writing and contain following provisions:

procedure for sending and receipt of electronic payment documents when implementing electronic payments;

procedure for confirmation of authenticity of the digital signature in electronic payment documents in the course of implementation of electronic payments;

amount of payment for implementation of electronic payments;

the rights and obligations of the Parties, including obligations on safety and information security;

responsibility of the parties, including distribution of responsibility on the risks arising when implementing electronic payments;

procedure for the dispute resolution.

The agreement signed between subjects of payment system can contain also other provisions according to the legislation.

Article 11. Rights and obligations of members of payment service provider

Members of payment service provider have the right to levy payment for implementation of electronic payments and to stop account transactions of users of payment system in the cases established by the law.

Members of payment service provider shall provide processing and protection of the electronic payment document according to statutory rules of the relevant payment service provider. At the same time the member bank of payment system shall:

accept and enlist the money arriving into the account of the user of payment system, carry out its orders about transfer of the corresponding amounts;

recover or correct the transactions which are mistakenly performed through his fault;

provide to the user of payment system information on its account in paper or electronic form in the terms established by the agreement;

confirm at the request of the payer user of payment system in paper or electronic form cash receipt into the account of the receiver user of payment system.

Members of payment service provider can have other rights and perform other duties according to the legislation.

Article 12. Rights and obligations of users of payment system

Users of payment system have the right to dispose independently of the money which is on their accounts and to obtain information on cash flow on the accounts.

Users of payment system shall:

observe the procedure for information security established by rules of payment system;

ensure safety of means of electronic payment and identification data;

report to the member of payment service provider about loss of means of electronic payment or identification data in the terms established by the agreement.

Users of payment system can have other rights and perform other duties according to the legislation.

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