of November 1, 2019 No. ZRU-578
About payments and payment systems
Accepted by Legislative house on September 19, 2019
Approved by the Senate on October 11, 2019
The purpose of this Law is relations management in the field of payments and payment systems.
Operation of this Law extends to the relations arising when implementing payments and rendering payment services between the physical persons and legal entities which are suppliers and users of payment services.
Operation of this Law does not extend to transactions with crypto - assets.
The legislation on payments and payment systems 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 payments and payment systems then are applied rules of the international treaty.
In this Law the following basic concepts are applied:
the beneficiary - person who is the receiver of money;
value date - the date specified by the initiator in the payment document when money be enlisted on the bank account of the beneficiary;
identification means - the digital signature of the sender of the order or the unique identifier representing combination of letters, figures or symbols or other identifier (the personal password, disposable identification code, means of biometric identification) established by the supplier of payment service for identification of the user of payment services and approved with it;
clearing - process of collection, reconciliation and offsetting of mutual monetary claims and obligations of members of payment service provider;
system of remote servicing - set of means of the telecommunications, digital and information technologies, the software and the equipment providing communication between the user and the payment service provider for use of electronic services;
operational day - period of time during which acceptance and processing of orders are performed;
the initiator - person who showed the order for payment execution;
payment - execution of monetary commitment cash or money transfer with use of payment instruments;
the payment agent - the legal entity, not being bank, concluded with bank or payment institute the agency agreement on rendering payment services;
the payment instrument - the payment document or means of electronic payment, on the basis or with use of which the payment is made;
the payment subagent - the legal entity, not being bank, or the individual entrepreneur who signed the subagency contract for rendering payment services with the payment agent;
payment institute - the legal entity, not being bank which is competent to perform activities for rendering payment services;
the payer - person at the expense of whom the payment is made;
payment service - the service rendered by the supplier of payment service to the user of payment services;
the market of payment services - set of the relations connected with rendering and use of payment services, and also release and use of payment instruments;
the user of payment services - the physical person and legal entity using payment services of the supplier of payment service;
the order - specifying of the initiator of supplier payment of payment services about payment implementation which is expressed in the form of payment documents or as the consent of the user of payment services when using means of electronic payment or system of remote servicing;
electronic money - the unconditional and irrevocable monetary commitments of the issuer of electronic money which are stored electronically and accepted as instrument of payment in electronic payment system.
Payment system is set of the relations providing implementation of payments by interaction of the operator of payment system, members of payment service provider and (or) payment institutes by means of application of procedures, infrastructure and rules of payment system established by the operator of payment system.
Members of payment service provider are the banks which are perfroming calculations and signed with the operator of payment system the contribution agreement in payment system.
Payment systems are subdivided into significant payment systems and other payment systems.
Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info
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