Ministry of Justice
Republic of Uzbekistan
On November 28, 1995 No. 195
Approved by Board of the Central Bank of the Republic of Uzbekistan of April 15, 1995 No. 66
(The protocol No. 9 of April 15, 1995)
According to the Presidential decree of the Republic of Uzbekistan of January 21, 1994 "About measures for further deepening of economic reforms" organizations of bank grant to ensuring protection of private property and development of entrepreneurship the loans for construction of facilities of trade and services industry, performed on the basis of private property.
1. The loans are granted to the physical persons and legal entities performing construction (hereinafter referred to as by "borrower"), in the place of their residence (registration), on contractual basis, on the security of the real estate.
The credit agreement is drawn up on all credit amount, consists for the term of use of the loan and is signed by the head of bank and the borrower.
2. In the agreement are specified: agreement parties, their status, the purpose and credit amount, conditions of its issue and repayment, the obligation of the borrower on ensuring credit recovery (pledge), the size of interest rate for the credit, payment procedure of principal debt and percent on the credit, function of the borrower and bank during the crediting, sanctions for non-execution or partial obligation fulfillment of agreement parties.
3. When the construction is performed by group of persons, participating own means in construction and for which work in this area is the place of their labor activity, the loan is drawn up on the authorized representative on who the power of attorney guarantee is notarially drawn up by other participants of construction where is reflected that all participants of this transaction bear equal and complete responsibility for target use, security and recoverability of the loan with all the personal property.
For issuance of credit the following documents are provided:
- statement for issuance of credit. The application is submitted by person entrusted by group which member it is;
- the document certifying allocation of the parcel of land under construction;
- permission of bodies of Goskomarkhitektstroy:
- estimate of construction.
4. The loan for construction is granted within the estimated cost of object under construction, but it is not higher than 80 percent of cost of pledged property for up to 3 years, with repayment from second year after receipt of the credit.
5. Issuance of credit is made by transfer (payment) from the judgment account of payment documents for the performed works and the rendered services, and also cash.
6. The pledge agreement of property and the rights to it is subject to obligatory state registration by judicial authorities according to "Provisional regulations for state registration of pledge agreements" the approved resolution of the Cabinet of Ministers of the Republic of Uzbekistan of February 1, 1994 of N50.
The pawnbroker has the right to check according to documents and the actual availability, the size, condition and storage conditions of pledged property. Repeated pledge with receipt of additional loan is allowed if the value of property is not exhausted by the previous mortgages and if the debtor has economic opportunity to pay percent and to pay off debt.
In case of failure to pay debt in time the requirement of bank is met due to pledged property.
Based on the Law of the Republic of Uzbekistan "About pledge" the pledged property is subject to insurance without fail. Insurance of pledged property is performed by the pledger.
7. In case of death, damage of property or involvement of the borrower to criminal liability the insurance indemnity is paid to bank.
8. The bank ahead of schedule collects debt on the loan used by the borrower not for purpose, with charge of the raised interest rate stipulated in the agreement. At the same time the remaining balance of outstanding debt is transfered to account overdue loans and settled in process of receipt of funds on the account of the borrower.
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