RESOLUTION OF BOARD OF CENTRAL BANK OF THE REPUBLIC OF UZBEKISTAN

of October 7, 2006 No. 24/3

About approval of Rules of carrying out financial transactions by microcredit institutions

According to Articles 7, "About the Central bank of the Republic of Uzbekistan" and article 15 of the Law of the Republic of Uzbekistan "About microcredit institutions" the Board of the Central bank of the Republic of Uzbekistan decides 17 and 51 Laws of the Republic of Uzbekistan:

1. Approve Rules of carrying out financial transactions by microcredit institutions according to appendix.

2. This resolution becomes effective after ten days from the moment of its state registration in the Ministry of Justice of the Republic of Uzbekistan.

Approved by Board of the Central bank of the Republic of Uzbekistan of October 7, 2006 No. 641

Rules of carrying out financial transactions by microcredit institutions

These rules, according to the laws of the Republic of Uzbekistan "About the Central bank of the Republic of Uzbekistan", "About microfinancing" and "About microcredit institutions", determine obligatory rules of carrying out financial transactions for microcredit institutions.

I. General provisions

1. Microcredit institutions render services in the sphere of provision of the microcredit, microloan, microleasing, and also other microfinancial services, including provision of consumer loans according to the legislation.

2. Microcredit institutions perform transactions according to these rules and rules of rendering microfinancial services of the organization.

Rules of rendering microfinancial services affirm microcredit institution and shall contain the following data:

types of the microfinancial services rendered by microcredit institution;

conditions of rendering microfinancial services;

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

Microcredit institutions have the right to act as agents of banks, insurance companies, other financial organizations with condition of rendering agency services only in non-cash form and disclosures of information on availability of the agency agreement, and also accomplishment of regulations of the legislation on counteraction of legalization of income gained from criminal activities, to financing of terrorism and financing of distribution of weapons of mass destruction.

2-1. The prices and rates for the services rendered by microcredit institutions are determined only in national currency.

3. Rules of rendering microfinancial services are open information and are subject to placement in the place, publicly available.

II. Forming of the capital and other sources of means of microcredit institution

4. The capital of microcredit institution includes the following components:

a) authorized capital;

b) reserve capital;

c) retained earnings;

d) other own means.

5. For the purpose of covering of the losses resulting from activities of microcredit institution creation of reserve fund which amount is determined by constituent documents of microcredit institution can be provided.

6. Microcredit institutions have no right:

issue debt obligations and accept deposits (deposits) from legal entities and physical persons;

raise borrowed funds from physical persons, except for founders (participants, owners);

act as the guarantor or the guarantor according to obligations of the founders (participants, owners), and also to provide them different ways of ensuring execution of their obligations.

charge percent, charge the fees and penalty (penalty, penalty fee), to apply other measures of the agreement responsibility of rendering microfinancial services, in the amount more than a half of the amount of borrowing in year;

enforce payments for consideration of credit requests, issue of the microcredits (microloans), servicing of loan accounts, and also penalties for early repayment of the microcredits (microloans) by physical persons and small business entities;

issue the microcredits (microloans) to physical persons and consider their obligations on the microcredits (microloans) in foreign currency;

render new microfinancial service to the physical person in the presence of outstanding overdue debt on earlier received microcredits (microloans).

7. For the purpose of ensuring steady functioning of microcredit institution the general size of the created capital shall be supported at the level of at least 10% of the total amount of assets of microcredit institution.

7-1. Ceased to be valid according to the Resolution registered by the Ministry of Justice of the Republic of Uzbekistan of 29.08.2019 No. 1642-5

III. Procedure for issue of the microcredits and microloans

8. The microcredits are provided on the terms of urgency, recoverability and the paid nature. Provision of microloans is performed on the principles of urgency, recoverability, and in the cases provided by the agreement and the paid nature.

9. The size of the microloan provided to one borrower cannot exceed 50 million sum.

The size of the microcredit provided to one borrower cannot exceed 300 million sum.

9-1. Microcredit institutions independently determine percentage ratio of all confidential (blank) credits to their created capital.

10. For the purpose of execution of the agreement obligations the borrower has the right to provide the following forms of providing:

guarantee of bank or insurance company;

guarantee of the third parties;

pledge of property or securities, including mortgage deposit and savings certificates of banks, and also other forms of providing, stipulated by the legislation and agreement.

At the same time microcredit institutions are forbidden to accept as a deposit residental real estate in ensuring short-term microfinancial services.

10-1. Microcredit institutions have the right to provide to physical persons the online credits (microloans) on condition of ensuring remote identification of the potential borrower with them, carrying out safe data exchange and assessment of creditworthness of the borrower on the basis of scoring model.

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