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LAW OF THE REPUBLIC OF BELARUS

of November 10, 2008 No. 441-Z

About credit stories

(In edition of the Law of the Republic of Belarus of 13.11.2017 No. 66-Z)

Accepted by the House of Representatives on October 9, 2008

Approved by Council of the Republic on October 22, 2008

This Law is directed to strengthening of payment discipline, increase in interest of physical persons and legal entities in proper execution of obligations to National Bank of the Republic of Belarus (further - National Bank), banks, the non-bank credit and financial organizations of the Republic of Belarus ("Development Bank of the Republic of Belarus" open joint stock company (further – banks), the microfinancial, leasing organizations), decrease in credit risks and increase in overall performance of bank system of the Republic of Belarus.

Chapter 1. General provisions

Article 1. The main terms applied in this Law and their determinations

For the purposes of this Law the following main terms and their determinations are applied:

credit deal – the credit agreement, the agreement containing conditions of overdraft crediting, the loan agreement, including the agreement of microloan (further – the loan agreement), the agreement of finance lease (leasing), the agreement of financing under concession of monetary claim (factoring) (further – the agreement of factoring), the agreement providing concession of monetary claim when making factoring transaction, agreements of pledge, guarantee, guarantees, imprisoned (prisoners) with banks, the microfinancial, leasing organizations, National Bank on which the subject of credit history acts as the borrower according to the credit agreement, the agreement containing conditions of overdraft crediting, the borrower according to the loan agreement, the leasing recipient under the agreement of finance lease (leasing), the creditor under the agreement of factoring, the debtor under the agreement of factoring in case of open factoring and also on monetary claims the acquired bank when making factoring transaction (further – the debtor on open factoring or factoring transaction), the pledger under the agreement of pledge, the guarantor under the agreement of guarantee, the guarantor according to the guarantee agreement;

credit history – the data which are stored in National Bank which structure is determined by articles 6 and 7 of this Law and which characterize the subject of credit history and execution by it of the assumed liabilities on credit deals or monetary commitments before factor under the agreement of factoring in case of open factoring or bank which acquires monetary claims when making factoring transaction;

record of credit history – the data which are part of credit history, characterizing one credit deal of the subject of credit history, including execution by it of the assumed liabilities on this credit deal or monetary commitments before factor under the agreement of factoring in case of open factoring or bank which acquires monetary claims when making factoring transaction;

the subject of credit history – the physical persons, including the individual entrepreneur and also which are not bank the legal entity of the Republic of Belarus, including the microfinancial, leasing organizations or the foreign legal entity (further if other is not determined by this Law, – the legal entity), the foreign organization, not being the legal entity on foreign law which conclude (concluded) credit deal with bank, the microfinancial, leasing organizations, National Bank, except for the party at which the bank acquires monetary claims under the agreement providing concession of monetary claim when making factoring transaction or are debtor on open factoring or factoring transaction and concerning which credit history is created;

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