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The document ceased to be valid since April 21, 2022 according to article 42 of the Law of the Republic of Uzbekistan of April 20, 2022 No. ZRU-765

LAW OF THE REPUBLIC OF UZBEKISTAN

of September 15, 2006 No. ZRU-50

About microfinancing

(as amended on 14-03-2022)

Accepted by Legislative house on June 21, 2006

Approved by the Senate on August 25, 2006

Article 1. Purpose of this Law

The purpose of this Law is relations management in the field of market development of microfinancial services, ensuring needs of citizens and subjects of entrepreneurship for financial resources and services for increase in their business activity.

Article 2. Legislation on microfinancing

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

Article 3. Microfinancing

Microfinancing is organization activity, rendering microfinancial services in provision of the microcredit, microloan, microleasing, in the amount which is not exceeding the size established by the legislation and also rendering other services according to the agreement on rendering microfinancial services (further - the agreement).

Article 4. Microcredit

The microcredit is the money provided to the borrower on implementation of business activity on the terms of the paid nature, urgency and recoverability in the amount which is not exceeding thousandfold 300 million sum.

The microcredit can be provided to the borrower on the terms of use of money on particular purposes according to the agreement (the target microcredit).

Article 5. Microloan

Microloan is the money provided by banks and microcredit institutions to the borrower - to physical person on the terms of the paid nature, urgency and recoverability in the amount which is not exceeding 50 million sum.

Article 6. Microleasing

Microleasing is the service providing acquisition by the organization rendering microfinancial services at the request of the leasing recipient at the third party of property and provision to his leasing recipient in ownership and use for a fee on the conditions determined by the agreement.

Microleasing is provided on implementation of business activity according to the legislation on leasing in the amount which is not exceeding 600 million sum.

The rules established by this Law concerning borrowers are applied to leasing recipients who are users of services of the organizations rendering microfinancial services.

Article 7. The organizations rendering microfinancial services

The organizations rendering microfinancial services are banks, microcredit institutions, pawnshops and other credit institutions.

Article 8. Rules of rendering microfinancial services

Microfinancial services are provided according to rules of rendering microfinancial services.

Rules of rendering microfinancial services are established by the organizations rendering microfinancial services according to this Law.

Rules of rendering microfinancial services shall be publicly available and contain:

conditions of rendering microfinancial services;

data on the size, terms, payment and all-in cost of microfinancial services.

Charge of percent, collection of commission payments and penalty (penalty, penalty fee), application of other measures of the agreement responsibility of rendering microfinancial services in the amount, component more than a half of the amount of borrowing in year is forbidden.

Article 9. Sources of means for rendering microfinancial services

The organizations rendering microfinancial services provide microfinancial services at the expense of own means, including the gained income and other sources which are not forbidden by the legislation.

Article 10. The documents provided for use of microfinancial services

For use of microfinancial services legal entities and physical persons provide in the organization rendering such services, the request for use of microfinancial services (further - the request) and other documents containing data on the activities and the income according to rules of rendering microfinancial services.

Article 11. Request

In the request the following data are specified:

full name, the location (postal address), identification taxpayer number and bank details - for the legal entity;

surname, name, middle name, series and passport number or the identification ID card (identity document), registration address in the place of permanent residence - for physical person, and also in addition personal identification number of physical person and bank details - for the individual entrepreneur;

amount, type, purpose, terms of rendering and object of microfinancial services;

type of activity and income of the applicant.

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

Article 12. Consideration of the request

The organization rendering microfinancial services within three working days after receipt of the request shall consider and make it the decision on rendering or on motivated refusal in rendering microfinancial service.

By consideration of the request by the organization rendering microfinancial services the analysis is carried out regarding:

determinations of return adequacy of the applicant;

lack of the contradictory data stated in the request;

availability of possibility of timely accomplishment by the applicant of obligations to the organization rendering microfinancial services.

In case of motivated refusal in rendering microfinancial service the organization rendering microfinancial services shall inform on it the applicant in writing.

Article 13. Agreement

By results of consideration of the request in case of decision making about rendering microfinancial service between the organization rendering microfinancial services, and the borrower signs the agreement.

The agreement is signed in writing.

Article 14. Contents of the agreement

Shall be provided in the agreement:

the full name containing specifying on form of business of the organization rendering microfinancial services, its location (postal address), identification taxpayer number and bank details;

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