PRESIDENTIAL DECREE OF THE REPUBLIC OF BELARUS

of June 30, 2014 No. 325

About attraction and provision of loans, activities of the microfinancial organizations

For the purpose of exception of unfair activities of legal entities in the sphere of attraction of financial resources of citizens and provisions of loans by it, suppression of abuses in this sphere, enhancement of procedure of activities for regular attraction and provision of loans, forming of conditions for further development of entrepreneurship and business initiative by implementation of additional instruments of financing, and also consumer protection of the services rendered by the microfinancial organizations:

1. Determine that:

1.1. since August 1, 2014 money irrespective of the amount can be received in loan (is attracted) from the physical persons who are not individual entrepreneurs by the conclusion of the loan agreement, other agreement providing similar conditions of transfer into the ownership of money:

the commercial organizations - from the physical persons who are owners of property, founders (participants), members of data of the organizations, and from other physical persons (one or several) no more than two times during calendar month;

non-profit organizations - from the physical persons which are founders of data of the organizations, and from other physical persons (one or several) no more than two times during calendar month;

individual entrepreneurs - no more than two times during calendar month from one or several physical persons;

1.2. since January 1, 2015 money irrespective of the amount can be received in loan (is attracted) from the physical persons who are not individual entrepreneurs by the conclusion of the loan agreement, other agreement providing similar conditions of transfer into the ownership of money:

the commercial microfinancial organizations, the non-profit microfinancial organizations created in form of business of fund - from the physical persons who are owners of property, founders (participants) of such organizations;

the non-profit microfinancial organizations created in form of business of consumer cooperative - from the members who are founders, and in case of compliance to the criteria established by National Bank - from other members.

The organizations which are not specified in part one of this subitem and also individual entrepreneurs since January 1, 2015 have the right to receive in loan (to raise) money irrespective of the amount from the physical persons who are not individual entrepreneurs with observance of the requirements provided in subitem 1.1 of this Item.

2. Determine that since January 1, 2015 activities for provision of three and more loans during calendar month to one or several borrowers in the amount which is not exceeding 15 000 basic sizes on one borrower on the date of the conclusion of the agreement (further - microloan), are recognized activities for regular provision of microloans.

Activities for regular provision of microloans have the right to perform only the microfinancial organizations - the legal entities registered in the Republic of Belarus, conforming to requirements imposed by this Decree and regulatory legal acts of National Bank, and included by National Bank in the register of the microfinancial organizations (further - the register).

3. Treat the microfinancial organizations:

3.1. the commercial microfinancial organizations - legal entities, being pawnshops and registered in the Republic of Belarus in the form of economic society or the unitary enterprise.

The commercial microfinancial organizations perform only activities for regular provision of microloans to physical persons on the security of the personal estate intended for personal, family or home use;

3.2. the non-profit microfinancial organizations - the legal entities registered in the Republic of Belarus in form of business of fund or consumer cooperative.

The microfinancial organizations created in form of business of the fund having the right to perform activities for regular provision of microloans to physical persons on the purpose of implementation of craft activity, activities for rendering services in the sphere of agroecotourism for maintaining personal subsidiary farm, implementation of business activity by the commercial organization, the owner of property, founder (participant) of which is the borrower - physical person, and to provision of microloans to subjects of small and (or) medium business * on the purpose of implementation of business activity. Activities for provision of microloans are performed by fund only for goal achievement, determined by the charter.

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* For the purposes of this Decree terms "small business entity", "subject of medium business", "organizations of financial support of entrepreneurs" are used in the values determined in parts one and the second article 3 of the Law of the Republic of Belarus of July 1, 2010 "About support of small and medium business" (The national register of legal acts of the Republic of Belarus, 2010, No. 170, 2/1703).

In form of business of consumer cooperative the following non-profit microfinancial organizations can be created:

consumer cooperative of financial mutual assistance - the non-profit organization created by physical persons for accumulation of temporarily free money of members of consumer cooperative and means from other not forbidden sources for the purpose of rendering to members of cooperative of financial aid in form of provision of microloans. At the same time exclusively physical persons performing craft activity, activities for rendering services in the sphere of agroecotourism, maintaining personal subsidiary farm, and also physical persons being owners of property, founders (participants) of the commercial organizations can be members of such cooperative. Microloans can be provided to members of consumer cooperative of financial mutual assistance only on the purpose of implementation of craft activity, activities for rendering services in the sphere of agroecotourism, for maintaining personal subsidiary farm, implementation of business activity by the commercial organization, the owner of property, founder (participant) of which is the member of cooperative;

society of mutual financing of subjects of small and medium business - the non-profit organization created by subjects of small and (or) medium business for accumulation of temporarily free money of members of consumer cooperative and means from other not forbidden sources for the purpose of rendering to members of cooperative of financial aid in form of provision of microloans. Members of such cooperative subjects of small and (or) medium business can be exclusive. Microloans can be provided to members of society of mutual financing of subjects of small and medium business only on the purpose of implementation of business activity;

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