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LAW OF THE REPUBLIC OF UZBEKISTAN

of August 19, 1999 No. 811-I

About estimative activities

(as amended on 12-10-2021)
Article 1. Purpose of this Law

This Law governs the relations connected with implementation of estimative activities.

Article 2. Legislation on estimative activities

The legislation on estimative activities consists of this Law and other acts of the legislation.

If the international treaty of the Republic of Uzbekistan establishes other rules, than those which are stipulated by the legislation the Republic of Uzbekistan about estimative activities then are applied rules of the international treaty.

Article 3. Concept of estimative activities

Estimative activities are the activities of the estimative organization directed to cost determination of object of assessment.

Article 4.

No. ZRU-721 is excluded according to the Law of the Republic of Uzbekistan of 12.10.2021

Article 4-1. Estimative organization

The estimative organization is the legal entity performing estimative activities.

The estimative organization in the activities is independent. Intervention of the consumer of services (further - the customer) or other interested persons in activities of the estimative organization is not allowed.

The estimative organization can be created and perform the activities in any form of business, stipulated by the legislation, except for joint-stock company. At the same time the following compulsory provisions shall be complied:

the head of the estimative organization shall be appraiser;

the number of staff of the estimative organization shall conform to the requirements to the minimum number of regular appraisers established by the legislation with the corresponding qualification;

availability of authorized fund at the estimative organization in the amount of, stipulated by the legislation;

availability at the estimative organization of the insurance policy confirming entry into force of obligations of the insurer according to the insurance contract of the civil responsibility of the estimative organization;

membership in one of professional public associations of the estimative organizations.

The appraiser (appraisers) can be the founder (participant) only of one estimative organization.

Creation of the estimative organization, and also implementation of estimative activities by state governing bodies are prohibited if other is not established by the legislation.

Article 4-2. Appraiser

The appraiser - the physical person having the qualification certificate of the appraiser issued by authorized body in accordance with the established procedure.

The procedure for issue of the qualification certificate of the appraiser is determined by the Cabinet of Ministers of the Republic of Uzbekistan.

The appraiser can be involved by the estimative organization in carrying out estimative works if he is on the staff of the estimative organization or in case of the conclusion with it the estimative organization of the agreement of civil nature.

The appraiser can participate as the specialist in the performed by the controlling or law enforcement agencies and other actions only based on the agreement signed between the estimative organization and these bodies.

Article 4-3. Assistant estimator

The assistant estimator - the physical person which does not have the qualification certificate of the appraiser and carrying out the orders of the appraiser connected with evaluating object of assessment without right to sign of the valuation report of object of assessment (further - the valuation report) and other official document connected with evaluating.

Working conditions of the assistant estimator are determined by the employment contract (contract) signed with the estimative organization according to the procedure, established by the legislation.

Operating time as the assistant estimator joins in the length of service necessary for receipt of the qualification certificate of the appraiser.

Article 4-4. Professional public associations of the estimative organizations

Professional public associations of the estimative organizations are the non-state non-profit organizations based on membership at least fifty estimative organizations, operating for the purpose of assistance to increase and maintenance of professional level of appraisers, protection of their professional interests including in courts.

Professional public associations of the estimative organizations:

participate in development of test questions to qualification examination of appraisers and holding qualification examination;

approve the Code of professional behavior of appraisers and provide systematic monitoring of its observance;

prepare suggestions for improvement of the legislation on estimative activities;

accept in accordance with the established procedure in membership the estimative organizations;

keep the register of the members and post it on the official website;

exercise control of observance by the members of requirements of this Law, standards of estimative activities, other regulatory legal acts in the field of estimative activities;

discharge the estimative organizations of membership for the violations revealed as a result of control and bring submission to authorized body about cancellation of the qualification certificate of the appraiser who allowed violations;

will organize information and methodical providing the members;

participate in work of the international organizations and commissions of authorized body on estimative activities;

provide monitoring of system of advanced training of appraisers and following the results of year till January 20 provide in authorized body information on passing of professional development course in the training centers providing educational services to appraisers.

The decisions made by professional public associations of the estimative organizations within the powers are obligatory for execution by all their members.

Professional public associations of the estimative organizations are financed by the admission and membership fees of the estimative organizations and other means which are not prohibited by the legislation. At the same time the sizes of fees and rates of payment are established by general meeting of their members.

Heads and employees of professional public association of the estimative organizations have no right to be founders of the estimative organization, to work in the estimative organization, to sign agreements of civil nature with the estimative organization, and also to be affiliates concerning heads, appraisers or other employees of the estimative organizations.

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