RESOLUTION OF BOARD OF NATIONAL BANK OF THE KYRGYZ REPUBLIC

of November 1, 2019 No. 2019-P-33/55-2-(NFKU)

About approval of Regulations of activities of the housing and savings credit companies

According to articles 20 and 68 of the Law of the Kyrgyz Republic "About National Bank of the Kyrgyz Republic, banks and banking activity" and articles 2 and 15 of the Law of the Kyrgyz Republic "About licensed authorization system in the Kyrgyz Republic" the Board of National Bank of the Kyrgyz Republic decides:

1. Approve Regulations of activities of the housing and savings credit companies it (is applied).

2. To legal management:

- publish this resolution on the official website of National Bank of the Kyrgyz Republic;

- after official publication to send this resolution to the Ministry of Justice of the Kyrgyz Republic for inclusion in the State register of regulatory legal acts of the Kyrgyz Republic.

3. This resolution becomes effective after fifteen days from the date of official publication.

4. To management of supervision of non-bank financial credit institutions to bring this resolution to the attention of commercial banks, JSC State-owned Mortgage Company, Agencies on protection of deposits of the Kyrgyz Republic.

5. To impose control of execution of this resolution on the board member of the National Bank of the Kyrgyz Republic supervising Management of supervision of non-bank financial credit institutions.

Appendix

to the Resolution of Board of National Bank of the Kyrgyz Republic of November 1, 2019 No. 2019-P-33/55-2-(NFKU)

Regulations of activities of the housing and savings credit companies

Chapter 1. General requirements

1. These rules of regulation of activities of the housing and savings credit companies (further - Rules) are developed according to the legislation of the Kyrgyz Republic for the purpose of introduction and regulation of system of the long-term contractual housing savings realized through the non-bank financial credit institutions licensed and regulated by National Bank of the Kyrgyz Republic (further - National Bank).

2. Housing and savings credit system (further - ZhSKS) - the system of housing financing based on attraction of money of citizens of the Kyrgyz Republic in housing savings deposits (deposits) and provision of long-term purpose-oriented loans by it in accordance with the terms of the credit agreement.

3. The housing and savings credit company (further - ZhSKK) - the non-bank financial credit institution having the license for the right of carrying out separate banking activities which activities are directed to accumulation of money of investors in housing savings deposits (deposits) and provision to her investors of the credits for individual construction, purchase of apartment houses or apartments, or for improvement of housing conditions within the state housing programmes.

4. The National Bank exercises supervision and regulation of activities of ZhSKK according to the constitutional Law of the Kyrgyz Republic "About National Bank of the Kyrgyz Republic", the Law of the Kyrgyz Republic "About banks and banking activity", the legislation of the Kyrgyz Republic in the sphere of counteraction to financing of terrorist activities and to legalization (washing) of the criminal income, the legislation of the Kyrgyz Republic in the sphere of regulation of activities of the housing and savings credit companies, and also according to regulatory legal acts of National Bank.

5. The basic concepts used in these rules:

The agent of ZhSKK - the legal entity or physical person (consultant) rendering to ZhSKK agency services based on the relevant agreement (agreement).

Housing savings deposit (deposit) - cash amount in national currency, the housing conditions of the investor of the housing and savings credit company deposited by investors of the housing and savings credit company to account of the housing and savings credit company and directed to improvement.

The credit is long-term financing which is provided to ZhSKK to the participant in accordance with the terms of the credit agreement on the terms of urgency, of the paid nature, recoverability, target use and security and is used for individual construction, purchase of apartment houses or apartments, and also for improvement of housing conditions.

The general agreement - the agreement between ZhSKK and the participant containing the main terms of the contract of housing savings deposit (deposit) and provision in subsequent the credit.

The agreement of housing savings deposit (deposit) - the contract between ZhSKK and the participant on whom the participant accumulates fixed amount of own money on the account in ZhSKK for receipt of the credit according to the General agreement.

The contractual amount is the amount of housing savings deposit (deposit) added on it remunerations of ZhSKK, and the credit amount is determined according to the General agreement.

The credit agreement - the contract between ZhSKK and the participant for receipt of the credit according to the General agreement, these rules and internal documents ZhSKK.

Accumulating term - period of time during which the participant makes accumulating of housing savings deposit (deposit).

The participant - the participating person ZhSKS who deposits money to account in ZhSKK for the purpose of receipt of the credit for individual construction, purchase of apartment houses (apartments) or for improvement of housing conditions.

Bridge loan - the loan granted to ZhSKK to the participant for the purposes of individual construction, purchase of apartment houses or apartments and also for improvement of housing conditions, on condition of early (before the term of complete accumulating of means according to the agreement of housing savings deposit (deposit)) accumulatings of minimum necessary size of cumulative money, and also on condition of observance of requirements of Item 82 of these rules. At the same time the size of interest rate for bridge loan before the termination of term of accumulating of minimum necessary size of cumulative money according to the agreement of housing savings deposit (deposit) can be other and is determined in the General agreement.

The estimative indicator is the settlement size determined by ZhSKK by each General agreement for forming of priority of payment of the contractual amounts for ZhSKS within which compliance of the amount of cumulative money under the agreement of housing savings deposit (deposit), provision by the participant of necessary loan security, confirmation of solvency of the participant for loan repayment is considered.

Agent bank of ZhSKK - the bank which is selected by ZhSKK for implementation of settlement and cash transactions to investors according to requirements of these rules.

Minimum necessary size of cumulative money is the amount of housing savings deposit (deposit) added on it remunerations of ZhSKK in accordance with the terms of the General agreement, necessary for receipt of the credit according to the General agreement.

Chapter 2. Requirements to activities of ZhSKK

6. ZhSKK shall provide the internal control system allowing ZhSKK on permanent basis to control, reveal and estimate risks which can adversely influence goal achievement of activities of ZhSKK.

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