THE JOINT RESOLUTION OF BOARD OF THE AGENCY OF THE REPUBLIC OF KAZAKHSTAN ON REGULATION AND DEVELOPMENT OF THE FINANCIAL MARKET AND THE RESOLUTION OF BOARD OF NATIONAL BANK OF THE REPUBLIC OF KAZAKHSTAN

of August 16, 2024 No. 62, on August 19, 2024 No. 45

About limiting determination of the sizes of annual effective rate of remuneration

According to Item 2 of Article 718 of the Civil code of the Republic of Kazakhstan, Item 7 of article 39 of the Law of the Republic of Kazakhstan "About banks and banking activity in the Republic of Kazakhstan" and Item 1 of article 5 of the Law of the Republic of Kazakhstan "About microfinancial activities", for the purpose of limiting determination of the sizes of annual effective rate of remuneration on bank loans and the microcredits, Board of the Agency of the Republic of Kazakhstan on regulation and development of the financial market and Board of National Bank of the Republic of Kazakhstan of POSTANOVLYAYUT:

1. Determine the extreme sizes of annual effective rate of remuneration:

on the bank loans granted by the banks of the second level, the organizations performing separate types of banking activities - 46 (forty six) percent on unsecured bank loans; 35 (thirty five) percent on the bank loans provided with pledge; 25 (twenty five) percent on mortgage housing loans;

on the microcredits provided by the organizations performing microfinancial activities - 46 (forty six) percent;

on the microcredits provided by the organizations performing microfinancial activities, for a period of up to forty five calendar days, in the amount of, not exceeding forty-fivefold size of the monthly settlement indicator established for the corresponding financial year by the law on the republican budget - less 0,3 (zero whole three tenth) percent a day, but no more than 179 (hundred seventy nine) percent.

The microcredits are issued at the rate provided by the paragraph the fourth parts one of this Item in case of compliance to their requirements provided by the resolution of Board of National Bank of the Republic of Kazakhstan of November 29, 2019 No. 232 "About approval of the Procedure for the conclusion of the agreement on provision of the microcredit, including requirements to content, execution of the agreement and its first page containing information on all-in cost of the microcredit (the overpayment amount on the microcredit, microcredit subject), to compulsory provisions of the agreement on provision of the microcredit, and also form of the repayment schedule of the microcredit" (it is registered in the Register of state registration of regulatory legal acts at No. 19697).

For date of the conclusion of the agreement of bank loan, the agreement on provision of the microcredit, change of rate of remuneration on bank loan, the microcredit and (or) changes or introduction of the new commissions and other payments connected with issue and servicing of bank loan annual effective rate of remuneration cannot exceed the extreme size determined by this Item.

2. On regulation and development of the financial market in the procedure established by the legislation of the Republic of Kazakhstan to provide to department of methodology and prudential regulation of the financial organizations of the Agency of the Republic of Kazakhstan:

1) together with Legal department of the Agency of the Republic of Kazakhstan on regulation and development of the financial market state registration of this joint resolution in the Ministry of Justice of the Republic of Kazakhstan;

2) placement of this joint resolution on official Internet resource of the Agency of the Republic of Kazakhstan on regulation and development of the financial market after its official publication;

3) within ten working days after state registration of this joint resolution submission to Legal department of the Agency of the Republic of Kazakhstan on regulation and development of the financial market of data on execution of the action provided by the subitem 2) of this Item.

3. To impose control of execution of this joint resolution on supervising the vice-chairman of the Agency of the Republic of Kazakhstan on regulation and development of the financial market and the vice-chairman of National Bank of the Republic of Kazakhstan.

4. This joint resolution becomes effective since August 20, 2024 and is subject to official publication.

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