Document from CIS Legislation database © 2003-2019 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

(The last edition from 02-07-2018)

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 microfinancial organization, 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 - the written permission of the subject of credit history for 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;

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