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LAW OF THE REPUBLIC OF KAZAKHSTAN

of November 26, 2012 No. 56-V ZRK

About microfinancial activities

(as amended on 12-07-2022)

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

Chapter 1. General provisions

Article 1. The basic concepts used in this Law

For the purposes of this Law the following basic concepts are used:

1) it is excluded

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

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

4) the microcredit - the money provided by the organization performing microfinancial activities, 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;

5) the organization performing microfinancial activities - the microfinancial organization, credit partnership, pawnshop performing activities for provision of the microcredits;

6) it is excluded

6-1) large member of the organization performing microfinancial activities - physical person or legal entity which owns directly or indirectly ten or more percent of shares in the authorized capital or voting (less exclusive) shares of the organization performing microfinancial activities;

6-2) faultless goodwill - lack of the outstanding or not removed criminal record, including lack of the judgment which took legal effect about application of criminal penalty in the form of deprivation of the right to hold leading employee position of the financial organization, bank and (or) insurance holding and to be the large member (large shareholder) of the financial organization for life;

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

7-1) service company - the affiliated organization of bank acquiring the doubtful and bad assets of parent bank, the collection agency having within the trust management agreement rights (requirements) for agreements of bank loan and (or) to agreements on provision of the microcredit (further - the trust management agreement) concluded with person specified in part one of item 4 of article 36-1 of the Law of the Republic of Kazakhstan "About banks and banking activity in the Republic of Kazakhstan" and (or) parts one of Item 5 of article 9-1 of this Law, powers on trust management of the rights (requirements) for agreements of bank loan and (or) agreements on provision of the microcredit, including on change of terms of the contract of bank loan and (or) the agreement on provision of the microcredit, on representation of interests of person with which the trust management agreement, in court is signed on acceptance from the debtor of money and (or) other property, and other powers provided by this Law, other laws of the Republic of Kazakhstan and the trust management agreement;

8) authorized body - the state body performing state regulation, control and supervision of the financial market and the financial organizations.

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

1. The legislation of the Republic of Kazakhstan on microfinancial activities 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 joint-stock companies", "About economic partnerships", "About partnerships with the limited and accessorial liability" and "About credit partnerships" extend to the organizations performing microfinancial activities 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 regulatory legal acts of authorized body, National Bank of the Republic of Kazakhstan accepted according to this Law entered according to the Law of the Republic of Kazakhstan "About state regulation, control and supervision of the financial market and the financial organizations" extend to the microfinancial organizations in the limits provided by conditions of specific mode of regulation.

5. The provisions of this Law applied in relation to banks of the second level extend to the branches of nonresident banks of the Republic of Kazakhstan opened in the territory of the Republic of Kazakhstan.

Chapter 2. Microfinancial activities

Article 3. Microfinancial activities, procedure and conditions of provision of the microcredits

1. No. 262-VI ZRK is excluded according to the Law of the Republic of Kazakhstan of 03.07.2019.

1-1. Treats microfinancial activities:

1) activities of credit partnerships for provision of the microcredits to the participants;

2) activities of pawnshops for provision of the microcredits to physical persons on the security of the personal estate intended for private use, for a period of up to one year 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;

3) activities of the microfinancial organizations for provision of the microcredits to physical and (or) legal entities with providing or without providing in the amount of, not exceeding twenty-thousandfold size of the monthly settlement indicator established for the corresponding financial year by the law on the republican budget.

1-2. The organizations performing microfinancial activities (further - the microfinancial organizations), in addition to the activities specified in Item 1-1 of this Article having the right to perform the following transactions:

1) attraction of loans (except for fund raising in the form of loan from citizens as business activity) from residents and nonresidents of the Republic of Kazakhstan;

2) investment of own assets into securities and other financial instruments;

3) rendering consulting services in the questions connected with activities for provision of the microcredits;

4) delivery in property employment (lease) of own property;

4-1) realization of own property;

5) implementation of leasing activities;

6) realization of special literature concerning activities of the microfinancial organizations on any kinds of data carriers;

7) implementation of functions of the payment agent and payment subagent;

8) the conclusion of insurance contracts for and on behalf of insurance companies - residents of the Republic of Kazakhstan as insurance agent;

9) implementation of functions of the agent of electronic payment system according to the legislation of the Republic of Kazakhstan;

10) factoring transactions: acquisition of rights of request for payment from the buyer of goods (works, services) with acceptance of risk of non-payment;

11) forfaiting transactions (forfetirovany): payment of debt obligation of the buyer of goods (works, services) by purchase of the bill of exchange without turnover for the seller;

12) issue of the guarantees, guarantees and other obligations providing execution in cash.

1-3. The microfinancial organization performing activities for provision of the microcredits to physical persons on the security of the personal estate intended for private use, having the right to perform in addition accounting, storage and sale of the jewelry containing precious metals and gemstones.

1-4. The microfinancial organizations are forbidden to perform other business activity which is not provided by this Law.

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.

3-1. The microfinancial organization has the right to provide the microcredits by electronic method according to the procedure, determined by authorized body.

4. No. 262-VI ZRK is excluded according to the Law of the Republic of Kazakhstan of 03.07.2019.

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.

6. The microfinancial organization has no right to change terms of the contract about provision of the microcredit unilaterally, except as specified their improvements for the borrower.

About provision of the microcredit for the borrower for the purposes of this Item are understood as improvement of terms of the contract:

change towards reduction or complete cancellation of penalty (penalty, penalty fee);

change towards remuneration rate decrease under the agreement on provision of the microcredit.

In case of application by the microfinancial organization of the improving conditions the borrower is notified on change of the term of the contract about the provision of the microcredit according to the procedure provided in the agreement on provision of the microcredit.

7. In case of transition to property of the microfinancial organization of the mortgage property which was ensuring obligation fulfillment under the agreement on provision of the microcredit as a result of the address of collection on it the microfinancial organization shall realize such property by tendering (auction) within three years from the date of transition to property of the microfinancial organization of the specified property. The term of realization of the parcel of land is determined taking into account the features provided by the Land code of the Republic of Kazakhstan.

The requirement established by this Item does not extend to pawnshops.

Article 4. Agreement on provision of the microcredit

1. The agreement on provision of the microcredit is signed taking into account requirements of the civil legislation of the Republic of Kazakhstan to written form of the transaction.

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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