LAW OF THE REPUBLIC OF BELARUS

of November 10, 2008 No. 441-Z

About credit stories

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;

the user of credit history – physical person or legal entity, the foreign organization, not being the legal entity on foreign law, and also state bodies of the Republic of Belarus (further – state bodies) and the other persons who do not have according to legal acts rights of receipt of the data which are bank secrecy who received the written consent of the subject of credit history to provision of its credit report by National Bank or its consent in electronic form without use of the digital signature in the cases provided by legal acts and made in National Bank inquiry for receipt of the credit report of this subject of credit history;

source of forming of credit history – the banks, the microfinancial, leasing organizations which are the party on credit deal and representing to National Bank of the data, being part of credit history, and also National Bank – on the credit deals concluded with the subject of credit history;

the credit report – the document which contains information created by National Bank based on the data which are part of credit history (including results of mathematical processing of data) and which the National Bank provides to the users of credit stories, subjects of credit stories and other persons having the right to the specified information according to this Law and other legal acts;

debt – the amount of the monetary commitments provided by credit deal which is subject to payment by the subject of credit history.

Article 2. The relations regulated by this Law

This Law governs the relations connected with forming of credit stories by National Bank based on the credit stories of data on credit deals provided by sources of forming (further - forming of credit stories) and provision of credit reports by National Bank to users of credit stories and subjects of credit stories (further - provision of credit reports).

Operation of this Law does not extend to the relations:

arising from credit deals on which party are state bodies, except for the credit deals concluded by National Bank with subjects of credit stories;

connected with provision by National Bank of the data which are part of credit history, to the state bodies and other persons having according to legal acts rights of receipt of the data which are bank secrecy.

Other rules can be determined by the legislation on the state secrets, than those which are provided by this Law, on the relations arising in case of collection, storage, provision of the data constituting the state secrets or access to them and also on other relations arising in case of the address with the state secrets when forming credit stories, using the data which are part of credit history and provision of credit reports.

Article 3. Basic principles of forming of credit stories and provision of credit reports

The basic principles of forming of credit stories and provisions of credit reports are:

legality;

completeness, reliability and relevance of data;

obligation and uniformity of forming of credit stories;

provision of credit reports on paid basis, except as specified, established by this Law;

providing bank secrecy and protection of other protected information.

Article 4. Functions of National Bank in the field of implementation of the activities connected with forming of credit stories and provision of credit reports

National Bank in the field of implementation of the activities connected with forming of credit stories and provision of credit reports:

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