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LAW OF THE REPUBLIC OF UZBEKISTAN

of May 6, 2006 No. ZRU-33

About consumer loan

(as amended on 20-04-2022)

Accepted by Legislative house on December 22, 2005

Approved by the Senate on February 24, 2006

Article 1. Purpose of this Law

The purpose of this Law is regulation of the relations in the field of provision of consumer loan.

Article 2. Legislation on consumer loan

The legislation on consumer loan 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 consumer loan then are applied rules of the international treaty.

Article 3. Concept and forms of consumer loan

Consumer loan is the loan granted to physical person (consumer) on purchase of goods (works, services) for satisfaction of its consumer needs.

Forms of consumer loan are the financial consumer loan and commodity consumer loan.

Article 4. Financial consumer loan and the organizations providing it

Financial consumer loan is the loan granted to the consumer in the form of money for payment of goods purchased (services).

The organizations granting financial consumer loan are banks and non-bank credit institutions, and also the payment institutes performing activities microfinancial the organization.

Article 5. Commodity consumer loan and the organizations providing it

Commodity consumer loan is the loan granted to the consumer in the form of payment by installments of payment for goods purchased, the performed works or the rendered services.

The organizations granting commodity consumer loan are the manufacturing companies or the organizations realizing consumer goods (works, services).

Article 6. Object of consumer loan

The goods (works, services) intended for consumer needs of physical person can be object of consumer loan.

The real estate, and also other property withdrawn from circulation or restrictedly transferable according to the law cannot be object of consumer loan.

Article 7. Provision of consumer loan

The consumer loan is granted under the agreement of consumer loan (further - the agreement) on the terms of the paid nature, urgency and security according to rules of provision of consumer loan.

The consumer loan is granted to the physical persons having the income from results of the activities, pension and other income (further - the income).

Rules of provision of consumer loan are established by the organization granting consumer loan according to this Law.

Rules of provision of consumer loan shall be publicly available and contain conditions of provision of consumer loan, and also data on loan amount, term of its provision, interest rate, graphics of implementation of payments by the consumer.

The sales of goods (works, services) are on credit made at the prices operating on the date of sale. Subsequent change of the prices of the realized goods (work, service) does not influence obligations of agreement parties.

Article 8. The documents provided for receipt of consumer loan

For receipt of consumer loan the consumer represents to the organization granting the consumer loan, the credit request and other documents containing data on its income according to rules of provision of consumer loan.

In the credit request the following data are specified:

surname, name, middle name, series and passport number or identification ID card (identity document) and residence of the consumer;

object of consumer loan;

term of consumer loan;

type of activity and income of the consumer;

method of ensuring execution by the consumer of agreement obligations.

The credit request is signed by the consumer with indication of date of application.

Article 9. Procedure for consideration of the credit request

The organization granting consumer loan within five working days after receipt of the credit request makes the decision on provision or on motivated refusal in loan granting.

In case of motivated refusal in provision of consumer loan the organization granting consumer loan shall inform on it the consumer in writing.

By consideration of the credit request by the organization granting consumer loan the analysis is carried out regarding:

determinations of return adequacy and credit history of the consumer;

lack of the contradictory data stated in the credit request;

availability of favorable prospects of return of the amount of consumer loan.

Article 10. Terms of the contract

Shall be provided in the agreement:

surname, name, middle name, series and passport number or identification ID card (identity document) and residence of the consumer;

the name and other details of the organization granting consumer loan;

data on object of consumer loan;

total amount of consumer loan;

method of ensuring execution by the consumer of agreement obligations;

interest rate;

the size of advance payment for advance payment of cost of the acquired goods (work, service) if it is the requirement of the organization granting consumer loan;

procedure and terms of provision and return of the amount of consumer loan;

rights and obligations of the Parties;

responsibility of the parties in case of non-execution or improper execution of agreement obligations;

duration of the agreement;

procedure for change and agreement cancelation;

other conditions according to the legislation.

Article 11. Form and registration of the agreement

The agreement is signed in writing.

The agreement is subject to the notarial certificate:

upon the demand of one of the parties;

in case object of consumer loan is the property, transactions with which according to the law require the notarial certificate.

The agreement is subject to state registration in cases, stipulated by the legislation.

Article 12. Change and agreement cancelation

Change of terms of the contract perhaps by agreement of the parties if other is not stipulated by the legislation.

The agreement can be terminated by the consumer within a month from the date of the written notice of it of the organization which granted commodity consumer loan in case of purchase of goods (work, service) inadequate quality and in the absence of possibility of exchange for similar goods (work, service) of proper quality. In case of agreement cancelation the organization which granted commodity consumer loan returns to the consumer the sum of money paid for the acquired goods (work, service).

The consumer has the right to refuse unused financial consumer loan within two weeks from the date of the conclusion of the agreement by the written notice of it of the organization which granted financial consumer loan.

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