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LAW OF THE KYRGYZ REPUBLIC

of December 22, 2021 No. 155

About estimative activities

Accepted by Jogorku Kenesh of the Kyrgyz Republic on November 10, 2021

Chapter 1. General provisions

Article 1. Regulation subject

This Law governs the legal basis and the relations arising when implementing estimative activities in the Kyrgyz Republic.

Article 2. Legislation on estimative activities

Estimative activities are performed according to this Law and regulatory legal acts of the Kyrgyz Republic regulating estimative activities and also the international treaties which became effective according to the legislation of the Kyrgyz Republic.

Article 3. The basic concepts used in this Law

In this Law the following basic concepts are used:

1) assessment - the process of determination (calculation) of project cost of assessment as of specific date which is carried out by the appraiser (the estimative organization) according to this Law and other regulatory legal acts following from this Law;

2) the appraiser (the independent appraiser) - the physical person having the qualification certificate on implementation of estimative activities issued according to the procedure, determined by the Cabinet of Ministers of the Kyrgyz Republic;

3) the estimative organization - the legal entity registered in the procedure established by the legislation which core activity are estimative activities, and having at least two appraisers having the qualification certificate in the state;

4) the customer - the physical and (or) legal entity who signed the agreement on evaluating;

5) cadastral assessment - value assessment of the object of assessment which is subject to the state cadastral registration;

6) the valuation report - the written instrument constituted by the appraiser (the estimative organization) by results of the carried-out assessment for confirmation of professional opinion on assessment project cost;

7) estimative activities - the professional activity performed by the appraiser (the estimative organization), directed to establishment concerning objects of assessment market, cadastral or provided by standards of other value assessment;

8) repeated assessment - assessment which is carried out concerning earlier estimated object in case of need of recheck or updatings of the received result;

9) certification - compulsory procedure of confirmation of appropriate level of qualification and professional knowledge of the appraiser for implementation of estimative activities;

10) the qualification certificate - the document issued in accordance with the established procedure and confirming availability at the appraiser of qualification and professional knowledge necessary for implementation of estimative activities;

11) cost - assessment object value equivalent expressed in sum of money;

12) the standard of assessment - the regulating document establishing the complex of regulations, rules, requirements to property value assessment approved by the Cabinet of Ministers of the Kyrgyz Republic;

13) authorized body - the executive body determined by the Cabinet of Ministers of the Kyrgyz Republic authorized to perform state regulation of estimative activities.

Article 4. Assessment objects

Treat objects of assessment:

1) real estate and rights to it;

2) personal estate and rights to it;

3) business;

4) financial instruments;

5) intangible assets and intellectual property items;

6) securities, receivables and payables;

7) works and services, information;

8) other types of property and property rights.

Article 5. Subjects of estimative activities

1. Treat subjects of estimative activities:

1) appraiser and estimative organization;

2) customer and consumer of estimative services;

3) professional association of appraisers.

2. The appraiser can perform activities as:

- individual entrepreneur;

- the worker - the appraiser who signed the employment contract with the estimative organization or the legal entity at whom assessment is not core activity.

3. Results of assessment which is carried out by the appraiser of the legal entity providing bank, financial, auditor, consulting and other types of service at whom assessment is not core activity are used by it legal person only for the internal purposes. If other is not established by the legislation of the Kyrgyz Republic, methodology, the procedure for carrying out and form of provision of results of assessment in such cases are determined by this Law and standards of assessment.

Article 6. Appraiser's rights

The appraiser (the estimative organization) has the right:

1) independently to apply evaluation methods and approaches to assessment according to standards of assessment;

2) to demand from the customer when evaluating ensuring access to assessment object, and also in full to documentation necessary for implementation of assessment;

3) to receive the customer's explanations, and also the additional data necessary for implementation of assessment;

To recruit 4) as required on contractual basis in evaluating the specialist (specialists) in the respective areas;

5) to refuse evaluating in cases if the customer:

a) did not submit the documents necessary for accomplishment of assessment, or submitted the documents containing incomplete or doubtful data;

b) did not provide possibility of inspection of object of assessment;

c) interferes with actions of the appraiser for the purpose of rendering influence on results of assessment;

To request 6) in written or oral form from the third parties information necessary for evaluating, except for data, components the state, commercial and protected by the law other secret.

Article 7. Appraiser's obligations

The appraiser (the estimative organization) shall:

To observe 1) when implementing estimative activities of the requirement of this Law and standards of assessment;

2) to respect the rules of business and professional ethics of appraisers;

3) not to allow creation of the doubtful valuation report;

To tell 4) to the customer or the estimative organization with which the appraiser signed the employment contract, about impossibility of the participation in evaluating in case of the circumstances interfering carrying out objective and independent assessment;

5) to ensure safety and confidentiality of documents, information received from the customer and the third parties during evaluating;

6) to store the constituted valuation reports within three years;

7) to perform direct inspection of object of assessment, and also to study documentation on it without retrust of the right;

8) to provide copies of the stored valuation reports or other information to state bodies, other organizations, officials according to their requirement in cases and according to the procedure, stipulated by the legislation the Kyrgyz Republic.

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