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LAW OF THE REPUBLIC OF KAZAKHSTAN

of November 26, 2012 No. 56-V ZRK

About the microfinancial organizations

(The last edition from 02-04-2019)

This Law governs the public relations connected with implementation of activities for provision of the microcredits, establishes features of legal status, creation, activities of the microfinancial organizations, and also determines features of state regulation of the microfinancial organizations, control and supervision of their activities.

Chapter 1. General provisions

Article 1. The basic concepts used in this Law

In this Law the following basic concepts are used:

1) accounting registration - inclusion of the microfinancial organization in the register of the microfinancial organizations according to article 14 of this Law;

2) the credit folder - the documents and data created by the microfinancial organization on each borrower;

3) the borrower - the physical person or legal entity which signed the agreement on provision of the microcredit with the microfinancial organization;

4) the target microcredit - the microcredit issued on the terms of its use by the borrower on particular purposes according to the signed agreement on provision of the microcredit;

5) the microcredit - the money provided by the microfinancial organization to the borrower in national currency of the Republic of Kazakhstan in the amount of and procedure, determined by this Law, on the terms of the paid nature, urgency and recoverability;

6) the register of the microfinancial organizations - the single list of the microfinancial organizations;

7) the microfinancial organization - the legal entity, being the commercial organization which official status is determined by state registration in The Government for Citizens State corporation and passing of accounting registration, performing activities for provision of the microcredits, and also the additional types of activity permitted by this Law;

8) the applicant - the physical person or legal entity which submitted the application to the microfinancial organization for receipt of the microcredit;

9) authorized body - National Bank of the Republic of Kazakhstan.

Article 2. Legislation of the Republic of Kazakhstan on the microfinancial organizations

1. The legislation of the Republic of Kazakhstan on the microfinancial organizations is based on the Constitution of the Republic of Kazakhstan and consists of the Civil code of the Republic of Kazakhstan, this Law and other regulatory legal acts of the Republic of Kazakhstan.

2. The laws of the Republic of Kazakhstan "About economic partnerships" and "About partnerships with the limited and accessorial liability" extend to the microfinancial organizations in the part which is not settled by this Law.

3. If the international treaty ratified by the Republic of Kazakhstan establishes other rules, than those which contain in this Law then are applied rules of the international treaty.

4. And other legal entities performing activities within the specific mode of regulation, regulation of this Law and the regulatory legal acts of authorized body adopted according to this Law entered according to the Law of the Republic of Kazakhstan "About National Bank of the Republic of Kazakhstan" extend to the microfinancial organizations in the limits provided by conditions of specific mode of regulation.

Chapter 2. Provision of the microcredits

Article 3. Procedure and conditions of provision of the microcredits

1. The microfinancial organization provides the microcredits in the amount of, not exceeding eight-thousandfold size of the monthly settlement indicator established for the corresponding financial year by the law on the republican budget on one borrower.

2. The microfinancial organization has the right to provide the microcredits only in the presence of rules of provision of the microcredits approved by its supreme body.

2-1. No. 479-V ZRK is excluded according to the Law of the Republic of Kazakhstan of 29.03.2016.

3. No. 422-V ZRK is excluded according to the Law of the Republic of Kazakhstan of 24.11.2015.

4. The commission, remuneration and other payments connected with provision of the microcredit are levied by the microfinancial organization after or at the time of provision of the microcredit.

To the conclusion of the contract on provision of the microcredit with physical person which is not connected with business activity the microfinancial organization, shall provide to physical person for the choice of condition of microcredit in case of which collection of the commissions and other payments considered when calculating annual effective rate of remuneration for the microcredit according to the procedure established by regulatory legal act of authorized body is not provided and also the microcredit conditions providing the right of the microfinancial organization to levy, in addition to rate of remuneration, the commission and other payments connected with issue and servicing of the microcredit and provided by the agreement on provision of the microcredit.

The microfinancial organizations shall specify in agreements on provision of the microcredit the complete list of the commissions and other payments, and also their sizes which are subject to collection in connection with issue and servicing of the microcredit and have no right to enter unilaterally new types of the commissions and other payments within the signed agreement.

The microfinancial organization by consideration of question of issue of the microcredit considers credit scoring of the borrower (applicant) - physical person, calculated based on own technique, or the credit scoring provided to credit bureaus.

5. Indexation of the obligation and payments under the contract on provision of the microcredit issued in tenge with binding to any currency equivalent is not allowed.

Article 4. Agreement on provision of the microcredit

1. The agreement on provision of the microcredit is signed in writing.

2. Information on the agreement on provision of the microcredit signed by the microfinancial organization is subject without fail to provision in credit bureau with the state participation on the conditions determined by the legislation of the Republic of Kazakhstan on credit bureaus and forming of credit stories.

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