RESOLUTION OF BOARD OF CENTRAL BANK OF THE REPUBLIC OF UZBEKISTAN

of July 18, 2022 No. 14/6

About approval of the Regulations on the minimum requirements to activities of the microfinancial organizations and pawnshops when implementing relations with consumers of financial services

According to the laws of the Republic of Uzbekistan "About the Central bank of the Republic of Uzbekistan" and "About non-bank credit institutions and microfinancial activities" the Board of the Central bank of the Republic of Uzbekistan DECIDES:

1. Approve Regulations on the minimum requirements to activities of the microfinancial organizations and pawnshops when implementing relations with consumers of financial services according to appendix.

2. Declare invalid the resolution of the Central bank of the Republic of Uzbekistan of June 27, 2020 No. 15/3 "About approval of the Regulations on the minimum requirements to activities of microcredit institutions and pawnshops when implementing relations with consumers of financial services" (reg. No. 3262 of June 30, 2020) (The national database of the legislation, 30.06.2020, No. 10/20/3262/1091).

3. This resolution is approved with Chamber of Commerce and Industry of the Republic of Uzbekistan.

4. This resolution becomes effective after three months from the date of its official publication.

Appendix

to the Resolution of Board of the Central bank of the Republic of Uzbekistan of July 18, 2022 No. 14/6

Regulations on the minimum requirements to activities of the microfinancial organizations and pawnshops when implementing relations with consumers of financial services

This Provision determines the minimum requirements to activities of the microfinancial organizations and pawnshops (further - credit institutions) when implementing relations with consumers of financial services.

Chapter 1. General provisions

1. In this Provision the following basic concepts are used:

financial services - the services rendered to consumers by credit institution by means of implementation of the financial transactions permitted by the legislation;

consumers - the physical persons and legal entities which addressed to credit institution with intention to use financial services of credit institution, using or earlier used these services;

the credit - the credit, microloan or the microcredits and leasing provided by credit institution;

the claim - the address in which the requirement about recovery of the rights and protection of the legitimate interests of the consumer (or his representative) broken when using of financial services of credit institutions is stated;

system of remote servicing - the complex of means of telecommunication, digital and information technologies, the software and the equipment providing communication between the consumer and credit institution for use of financial services electronically.

2. The consumer has the right on:

receipt of the reliable and complete information about financial service, and also about the organization rendering this service;

the free choice of the financial service rendered by credit institution and also on the address for receipt of the credit to the credit institution chosen by it, irrespective of the residence;

safety of financial service;

compensation in full material damage, compensation of moral harm, caused by the service rendered with shortcomings, and also wrongful act (failure to act) of the credit institution rendering this service;

appeal to the court, other authorized state bodies behind protection of the violated rights or interests protected by the law.

Consumers of financial services can have and other rights according to this Provision and acts of the legislation.

The consumer has the right, without imposing of penalty on it from credit institution:

refuse unused credit amount within two weeks from the date of the conclusion of the agreement on loan granting by the written notice of it of the organization which granted (granting) this loan;

ahead of schedule to return the amount of the obtained credit or ahead of schedule to pay leasing project cost, and also to pay the added percent (interest income of the lessor) for the term of their actual use.

3. Conditions of loan granting, data on its size, terms, payments and procedure of payments of true interest cost shall be publicly available and are posted on the official website of credit institution (in the presence).

Open information shall not differ from conditions of the rendered services and the information about them.

By credit institutions in places of rendering services (places of reception of applications about loan granting, information stands), including on the official website (in the presence), the following information on conditions of provision, use and repayment of the loan shall be placed:

the name of the organization granting the loan, the place of its stay, contact telephone numbers, the official website (in the presence), information on entering of information about her into the register of the organizations performing activities of the microfinancial organization, or the register of pawnshops;

requirements imposed to the borrower for receipt of the credit;

terms of consideration of the documents submitted for receipt of the credit, and decision making about issuance of credit or about motivated refusal in issuance of credit;

types of loan;

credit amounts and terms of its return;

interest rates as a percentage annual, and in case of application of variable interest rates - procedure for their determination;

types of ensuring obligation fulfillment under the agreement on loan granting;

date since which interests on credit, or procedure for its determination are charged;

loan granting methods, including by means of systems of remote servicing;

terms during which the borrower has the right to refuse receipt of the credit;

frequency of payments of the borrower in case of repayment of the loan, interest payment and other payments on the credit;

responsibility of the borrower for non-execution or improper execution of the agreement on loan granting, penalty sizes (penalty, penalty fee), procedure for its determination;

forms or other standard forms in which general terms of the agreement on loan granting are determined.

Information specified in this Item is brought to the attention of the consumer free of charge.

Information on financial services shall not contain trade secret.

4. Information on financial services of credit institution shall be led up credit institution to consumers in official language. Information on financial services of credit institution can be also in addition provided in other languages.

The text of information on financial services of credit institution shall be stated briefly, simple and available language.

Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info