Amendment and Supplement to the Rules for Financial Operations by Microcredit Organizations

Resolution of the Board of the Central Bank of the Republic of Uzbekistan, registered on 07.05.2018, reg. number 1642-3

Entry into force date

08.05.2018

All

08.08.2021

08.05.2018

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Act lost force 08.08.2021

[OKOS:

1.07.00.00.00 Legislation on finance and credit. Banking activity / 07.23.00.00 Other credit organizations / 07.23.03.00 Other credit organizations;

2.21.00.00.00 Complex documents on amendments and supplements / 21.04.00.00 Departmental regulatory legal acts]

[TSZ:

1. Finance / Banks and other credit institutions. Credits]

Resolution

of the Board of the Central Bank of the Republic of Uzbekistan

On the introduction of amendments and supplements to the Rules for financial operations by microcredit organizations

[Registered by the Ministry of Justice of the Republic of Uzbekistan on May 7, 2018. Registration No. 1642-3]

Commentary LexUz

This resolution will lose force on August 8, 2021, in accordance with the [resolution](/docs/5422508?ONDATE=08.08.2021 00#5423301) of the Board of the Central Bank of the Republic of Uzbekistan dated April 2, 2021, No. 5/10 "On Approval of the Regulation on Coordination and Regulation of Activities of Microcredit Organizations and Pawnshops" (reg. No. 3300 dated 07.05.2021).

In accordance with the laws of the Republic of Uzbekistan "On the Central Bank of the Republic of Uzbekistan" and "On Microcredit Organizations" and the resolution of the President of the Republic of Uzbekistan dated March 23, 2018, No. PP-3620 "On Additional Measures to Increase the Availability of Banking Services," the Board of the Central Bank of the Republic of Uzbekistan resolves:

1. Introduce amendments and supplements to the [Rules](/docs/1086665?ONDATE=03.12.2006 00#1086680) for financial operations by microcredit organizations, approved by the resolution of the Board of the Central Bank of the Republic of Uzbekistan dated October 7, 2006, No. 24/3 (reg. No. 1642 dated November 23, 2006) (Collection of Legislation of the Republic of Uzbekistan, 2006, No. 46-47, Art. 470), according to the appendix.

2. This resolution enters into force from the day of its official publication.

Chairman of the Central Bank M. NURMURATOV

Tashkent,

April 28, 2018,
No. 16/1

APPENDIX
to the resolution of the Board of the Central Bank of the Republic of Uzbekistan dated April 28, 2018, No. 16/1

Amendments and supplements introduced into the Rules for financial operations by microcredit organizations

1. [Paragraph 4](/docs/1086665?ONDATE=03.12.2006 00#1086695) is to be worded as follows:

"4. The capital of a microcredit organization includes the following components:

a) charter capital; b) reserve capital; c) undistributed profit; d) other own funds."

2. [Paragraph 6](/docs/1086665?ONDATE=29.04.2013 00#2159387) is to be supplemented with the following paragraphs:

"accrue interest, collect commissions and penalties (fines, late fees), apply other liability measures under microfinance service agreements, in an amount exceeding half the loan amount per year; collect payments for consideration of loan applications, issuance of microcredits (microloans), servicing loan accounts, as well as penalties for early repayment of microcredits (microloans) by individuals and small business entities."

(National database of legislation, 08.05.2018, No. 10/18/1642-3/1181)