of April 16, 2012 No. 816
About the microfinancial organizations
This Law determines legal and organizational basis of activities of the microfinancial organizations and is directed to forming and market development of microfinancial services and support of small and medium business in the Republic of Tajikistan.
In this Law the following basic concepts are used:
- the microfinancial organizations (the microcredit deposit institution, microcredit institution and microcredit fund) the credit institutions which are engaged in microfinancial activities based on the license of National Bank of Tajikistan;
- the microcredit deposit institution - the legal entity created for the purpose of attraction of deposits, savings and provision of the microcredits according to the procedure, established by this Law;
- microcredit institution - the legal entity created for the purpose of provision of the microcredits according to the procedure, established by this Law;
- microcredit fund - the non-commercial legal entity created according to the procedure, established by this Law, for the purpose of provision of the microcredits;
- the microcredit - the loan granted to the borrower by credit institution on the terms of interest payment and recoverability for certain term which amount does not exceed the size established by National Bank of Tajikistan;
- saving - money which right of temporary use is granted to credit institutions on the terms of payment of certain percent;
- the deposit - the money and other values of physical persons and legal entities transferred to storage of credit institution;
- prudential regulations - the economic regulations established by National Bank of Tajikistan for the purpose of regulation of activities of the microcredit deposit institution which observance by the microcredit deposit institutions is obligatory.
The legislation of the Republic of Tajikistan on the microfinancial organizations is based on the Constitution of the Republic of Tajikistan and consists of this Law, other regulatory legal acts, and also the international legal acts recognized by Tajikistan.
1. The relation between the microfinancial organization and clients is performed on contractual basis.
2. The microfinancial organizations to the conclusion of the credit agreement shall provide to the client the information on percent of the credit which part all expenses connected with provision and servicing of the credit are.
3. The microfinancial organizations have no right to unilaterally change conditions of savings, deposit and credit agreements.
4. The microfinancial organizations provide to clients advisory information services.
5. The five-year term of limitation period is applied to requirements of the microfinancial organizations for return of the microcredit.
6. The microfinancial organizations shall inform the state authorized body on counteraction of legalization (washing) of income gained in the criminal way and financing of terrorism on implementation of any doubtful transaction and transaction of the clients (attempt of carrying out the doubtful transaction and transaction) in the procedure established by the law.
7. Actions of the microfinancial organizations specified in part 6 of this Article are not considered as violation of requirements of bank secrecy.
1. The microfinancial organizations for the purpose of coordination of activities, representation and protection of common valuable interests can create associations (association).
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