Regulatory Alerts2019-11-01 | 129684Rules for the Regulation of Housing Savings Credit Companies
The National Bank of the Kyrgyz Republic issued these Rules to regulate Housing Savings Credit Companies (HSCCs) by establishing a long-term contractual housing savings system through licensed non-bank financial-credit organizations. The Rules mandate comprehensive internal control and risk management frameworks, specify capital placement criteria for temporarily free funds, and define detailed credit policies, loan documentation standards, and agent responsibilities to ensure participant protection and financial stability. Furthermore, they outline precise procedures for loan issuance, interim financing, collateral assessment, and the payout sequence of contractual sums to guarantee transparent and responsible lending practices across all regions.