of February 27, 2024 No. ZRU-914
About modification and the amendments in some legal acts of the Republic of Uzbekistan directed to enhancement of procedure for execution of credit obligations and expansion of opportunities of the population for use of microfinancial services
Accepted by Legislative house on January 17, 2024
Approved by the Senate on February 9, 2024
In recent years number of the measures directed to further expansion and improvement of quality of the financial services rendered by banks and other credit institutions to the population and subjects of entrepreneurship is implemented.
In turn there is need of enhancement of the operating procedure for repayment of credit debt for cases of unpaid amount or partial payment of credit payments for some objective reasons the population and subjects of entrepreneurship who obtained the credit from credit institutions.
At the same time the growing demand of the population for microfinancial services requires review of the maximum amount of issue of microloan.
This Law to the Civil code of the Republic of Uzbekistan makes the changes providing repayment first of all of principal debt in case of insufficiency of the amount of effected payment for obligation fulfillment on microloan or the credit allocated to the borrower - to physical person or the borrower - the subject of entrepreneurship, and also suspension of charge of percent and penalty in case of decision of court about debt collection on the allocated credits.
Also the change providing increase in the maximum size of microloan from fifty million sum to hundred million sum is made to the Law of the Republic of Uzbekistan "About non-bank credit institutions and microfinancial activities".
This Law will serve creation of additional conveniences to loanees and further expansion of opportunities of the population for use of microfinancial services.
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