of November 25, 2014 No. 160
About exchange of credit information
Accepted by Jogorku Kenesh of the Kyrgyz Republic on October 23, 2014
The purpose of this Law is regulation of the relations in the field of exchange of credit information.
The legislation of the Kyrgyz Republic in the sphere of exchange of credit information consists of the Constitution, this Law and other regulatory legal acts of the Kyrgyz Republic, and also come in the procedure established by the law into force of international treaties which participant is the Kyrgyz Republic.
In this Law the following basic concepts are applied:
credit deal - the agreement of the credit, loan, leasing, factoring and other agreements providing on credit money and other property;
exchange of credit information - interaction of credit bureau, the subject, supplier and user of credit information on collection, processing, the analysis, storage, provision, use and protection of credit information for the purpose of forming of credit history and provision of the credit report;
the subject of credit information - the legal entity or physical person which is acting respectively as the borrower (debtor), the leasing recipient, the guarantor, the guarantor or having other financial debt and the obligation to the creditor according to the signed civil agreement;
the supplier of credit information - the legal entity or physical person providing to credit bureau credit information;
the user of credit information - the legal entity or physical person acting respectively as the creditor, the lessor, the pawnbroker;
positive credit information - information on the subject of credit information containing data on proper execution by the subject of credit information of obligations under the signed agreements;
negative credit information - information on the subject of credit information containing data on non-execution of contractual commitments (overdue debt) over ninety calendar days and (or) other obligatory payments. Data on non-execution of contractual commitments and (or) other obligatory payments do not join in negative credit information if non-execution of obligations happened during emergency situation and (or) emergency state.
Credit information - data on condition of credit deal, on obligation fulfillment on the issued providing (pledge, guarantee, the guarantee and other types of providing), and also other information promoting determination of creditworthness, financial condition, solvency, payment discipline and other qualities of the subject of credit information including data:
1) the subject and the supplier of credit information allowing to identify;
2) about obligations of the subject of credit information to pay sum of money under the civil agreement, including the amount of principal debt, date of issue, repayment date of debt according to the schedule and actual, the size of interest rate, the amount of the added percent, the amount of penalty fee, penalties and penalty, information on the debt restructuring fact (change in the debt repayment schedule, the amount and structure of debt, the size of interest rate);
3) about the mortgage property connected with credit deal.
1. Credit history - the set of credit information created by credit bureau concerning the subject of credit information.
2. Credit history shall include data:
1) allowing to identify the subject of credit information;
2) about credit deals of the subject of credit information, and also about condition of their execution;
3) about obligations of the subject of credit information to pay sum of money under the civil agreement;
4) about date of forming of credit history, and also about the credit bureau which created credit history.
3. Credit history can include also other data according to the agreement on exchange of credit information.
4. Credit history does not join data on obligations of the subject of credit information to pay sum of money from which completion date there passed more than five years for negative credit information and seven years for positive credit information.
5. The credit information provided by the supplier of credit information (legal entity) who in subsequent was liquidated is stored within five years from the date of the last change of information containing in credit history.
1. The credit report - the document containing the complete or partial information which is part of credit history.
2. The form, content and procedure for provision of the credit report are determined by the agreement on exchange of credit information.
3. The credit report is provided to credit bureaus:
1) to the user of credit information - with the consent of the subject of credit information;
2) to the subject of credit information - on its request with indication of identification these all suppliers and users of credit information of this subject of credit information.
4. The credit report is submitted in time, not exceeding two working days from the date of receipt of request by credit bureau about its provision if other is not provided by the agreement.
5. The credit report is provided only concerning one subject of credit information.
1. Credit bureau - the legal entity, being the commercial organization according to the legislation and rendering services in implementation of exchange of credit information.
2. Participation of one user in the authorized capital of credit bureau cannot exceed 10 percent.
3. Activities of credit bureau are performed based on the license granted by authorized state body.
4. The trade name of credit bureau shall contain the phrase "credit bureau". The legal entity who is not meeting the requirements of this Law having no right to use the phrase "credit bureau" in the name.
5. The credit bureau has the right to have stamps, forms with the trade name and own emblem.
1. State registration of credit bureau is made in the procedure established by the legislation.
2. Licensing for implementation of activities of credit bureau (further - the license) is made by authorized state body of the Kyrgyz Republic.
3. For licensing the application with indication of the location (postal address) to which are applied is submitted to authorized state body of the Kyrgyz Republic:
1) protocol of general meeting of founders on creation of credit bureau;
2) constituent documents of credit bureau;
3) information about the head and founders of credit bureau;
Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info
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