Document from CIS Legislation database © 2003-2020 SojuzPravoInform LLC

LAW OF THE REPUBLIC OF KAZAKHSTAN

of July 6, 2004 No. 573-II

About credit bureaus and forming of credit stories in the Republic of Kazakhstan

(as amended on 03-07-2019)

This Law determines legal, economic and organizational basis of forming of credit stories in the Republic of Kazakhstan, legal status of participants of system of forming of credit stories and their use, governs the public relations connected with creation, implementation and the termination of activities of credit bureaus, features of state regulation, control and supervision in this sphere.

Chapter 1. General provisions

Article 1. The basic concepts used in this Law

In this Law the following basic concepts are used:

1) information - the data concerning subjects of credit stories on electronic and paper carriers transferred by participants of system of forming of credit stories and their uses if necessary certified by the digital signature;

2) the agreement on provision of information - the agreement signed between credit bureau and the supplier of information on the conditions and according to the procedure provided by this Law;

3) the supplier of information - the individual entrepreneur or the legal entity providing information in credit bureau;

4) activities of the supplier of information on participation in creation and protection of the database of credit stories - actions of the supplier of information on registration (processing), storage and transfer to credit bureaus of the data received from subjects of credit stories according to requirements of this Law;

5) the written instruction - the corrective action of authorized body applied to credit bureau, the organization performing microfinancial activities, to the collection agency;

6) credit bureau - the organization performing forming of credit stories, provision of credit reports and rendering other services;

7) the credit report - form of complete or partial issue of information containing in credit history;

8) the agreement on receipt of credit reports - the agreement signed between credit bureau and the receiver of credit reports on the conditions and according to the procedure provided by this Law;

9) the receiver of the credit report - person having the right to the credit report;

10) provision of the credit report - activities of credit bureau for issue of information containing in credit history;

10-1) credit scoring - assessment of creditworthness of the subject of credit history and the probability of obligation fulfillment according to loan agreements expected credit losses, calculated by means of the mathematical and (or) statistical model based on quality and quantity characteristics;

11) credit history - set of information on the subject of credit history;

12) the subject of credit history - physical person or legal entity concerning which credit history is created;

13) the consent of the subject of credit history - permission of the subject of credit history to provision of information on him in credit bureaus (except for credit bureau with the state participation) or issue of the credit report on it to other persons from credit bureau, drawn up according to the requirements established by the legislation of the Republic of Kazakhstan;

13-1) negative information about the subject of credit history - the short form of the credit report on the subject of credit history containing data on liquidation of the subject of credit story who is the legal entity, by a court decision or about availability at the subject of credit history of overdue debt over ninety calendar days;

14) forming of credit stories - action or set of the actions performed by credit bureau concerning information obtained by it from suppliers of information according to this Law on its storage, ensuring confidentiality, monitoring, refining and updating;

15) participants of system of forming of credit stories and their use - subjects of credit stories, suppliers of information, credit bureaus, receivers of credit reports;

16) the database of credit stories - the electronic information resources of credit bureau based on the information systems and information processes conforming to the requirements established by the legislation of the Republic of Kazakhstan;

16-1) applicant - the legal entity who submitted to authorized body documents for the purpose of receipt of permission to the right of implementation of activities of credit bureau and the act of compliance of credit bureau to requirements imposed to credit bureau on protection and ensuring safety of the database of credit stories, the used information systems and rooms (further - permission);

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

18) contingent and possible obligations - unpaid letters of credit, the issued or confirmed guarantees, bills of exchange and guarantees.

Article 2. Legislation of the Republic of Kazakhstan on credit bureaus and forming of credit stories

1. The legislation of the Republic of Kazakhstan on credit bureaus and forming of credit stories 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. This Law is applied to the relations arising during the forming of credit stories and provision of credit reports, creation, functioning and the termination of activities of credit bureaus, implementation of activities of suppliers of information on participation in creation and protection of the database of credit stories. The relations falling under coverage of other legal acts of the Republic of Kazakhstan are regulated by these acts in the part which is not settled by this Law.

2-1. 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 credit bureaus in the limits provided by conditions of specific mode of regulation.

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.

Article 3. Principles of forming of credit stories and use of information

Forming of credit stories and use of information are performed taking into account the following principles:

1) availability of consent of the subject of credit history, except for provisions of information on him in credit bureau with the state participation, and also the case provided in item 4 of article 25 of this Law;

2) equality of all subjects of credit stories;

3) target use of information, database of credit stories and information system;

4) confidentiality of information;

5) ensuring protection of the database of credit stories and corresponding information systems;

6) personal privacy of citizens, protection of the rights, freedoms and legitimate interests of citizens and organizations.

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