Amendments and Additions to the Regulation on Financing and Lending for Housing Construction and Reconstruction for the Broad Population, Including Young Families

Resolution of the Board of the Central Bank of the Republic of Uzbekistan, registered on December 25, 2015, registration number 1727-2

Date of entry into force

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December 30, 2019
December 28, 2015

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Lost legal force December 30, 2019

[OKOS:

1.07.00.00.00 Legislation on Finance and Credit. Bank Activity / 07.22.00.00 Lending / 07.22.06.00 Specific Types of Lending / 07.22.06.03 Lending for Housing Construction. Mortgage;

2.09.00.00.00 Entrepreneurship and Economic Activity / 09.12.00.00 Construction / 09.12.03.00 Capital Investments. Investments (financing of construction). Price Formation;

3.09.00.00.00 Entrepreneurship and Economic Activity / 09.12.00.00 Construction / 09.12.10.00 Housing Construction;

4.21.00.00.00 Comprehensive Documents on Amendments and Additions / 21.04.00.00 Departmental Normative-Legal Documents]

[TSZ:

1. State and Society Structure / Legislative Initiative. Normative Creativity Activity;

2. Economy / Architecture and Construction;

3. Finance / Banks and Other Credit Institutions. Loans]

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

On Amendments and Additions to the Regulation on the Procedure for Financing and Lending for Housing Construction and Reconstruction for the Broad Population, Including Young Families

[Registered by the Ministry of Justice of the Republic of Uzbekistan on December 25, 2015, under number 1727-2]

This resolution has lost its legal force based on the Resolution of the Board of the Central Bank of the Republic of Uzbekistan No. 30/12 dated December 13, 2019, "On Recognizing Certain Normative-Legal Documents Adopted by the Central Bank of the Republic of Uzbekistan as Lost in Legal Force" [resolution] (registration number 3208, December 30, 2019).

In accordance with the Laws of the Republic of Uzbekistan "[On the Central Bank of the Republic of Uzbekistan]" and "[On Banks and Banking Activity]", the Board of the Central Bank of the Republic of Uzbekistan resolves:

1. Amendments and additions shall be made to the [Regulation] on the Procedure for Financing and Lending for Housing Construction and Reconstruction for the Broad Population, Including Young Families, approved by the Resolution of the Board of the Central Bank of the Republic of Uzbekistan No. 24/6 dated September 15, 2007 (registration number 1727, October 12, 2007) (Collection of Legislation of the Republic of Uzbekistan, 2007, Nos. 41-42, Article 425), in accordance with the [Appendix].

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

Chairman of the Central Bank F. MULLAJONOV

Tashkent city,

December 18, 2015,

No. 35/4

Appendix

To the Resolution of the Board of the Central Bank of the Republic of Uzbekistan No. 35/4 dated December 18, 2015

Amendments and Additions to the Regulation on the Procedure for Financing and Lending for Housing Construction and Reconstruction for the Broad Population, Including Young Families

1. The second paragraph of paragraph 1 shall be supplemented with the words ", unless otherwise provided by legislative acts," after the word "Hereby."

2. The second paragraph of paragraph 5 shall be supplemented with the words "(except for cases specified by legislative acts)" after the words "taking into account credit history."

3. The words "12 months" in [paragraph 7] shall be replaced with the words "18 months."

4. In [paragraph 10]:

the words ", registration card of the object" shall be deleted from sub-paragraph "g";

sub-paragraph "i" shall be stated in the following wording:

"i) financial reports as of the date of the latest report (forms No. 1, 2, 4, and 5) of the contracting construction organization for determining its creditworthiness for the loan;."

5. In [paragraph 13]:

the words "12 banks" in the [first paragraph] shall be replaced with the words "3 banks";

the [second paragraph] shall be stated in the following wording:

"In the event that the bank's credit committee makes a decision to refuse to grant a loan, the bank sends a written opinion to the borrower indicating the reasons for the refusal to grant the loan, no later than the next banking day from the date the decision was made. ."

6. The [sixth paragraph] of paragraph 14 shall be stated in the following wording:

"Collateral for funds to be received from the future sale of apartments in a multi-apartment building being constructed or reconstructed by the contracting construction organization. ."

7. The [second through fifth paragraphs] of paragraph 17 shall be stated in the following wording:

"for the purchase of construction materials;

for making payments to subcontractors for work performed and completed in accordance with the schedule of construction installation works, as well as for automobile transport services and machinery services;

for direct production costs (fuel and lubricants, natural gas, electricity, water, etc.);

for expenses related to paying wages to employees employed at the construction object being financed. ."

8. The [second paragraph] of paragraph 31 shall be stated in the following wording:

"A part equal to 5 percent of the value of the multi-apartment building shall be kept in a special financing deposit account "Target Funds of Enterprises and Organizations" No. 22626 until the expiration of the warranty period of the contracting construction organization specified in the contract, but no later than the end of the financial year, from the date the official act of the state acceptance commission is drawn up, and the remaining excess funds are transferred to the main account of the contracting construction organization by the bank via a memorandum order in the established procedure. ."

(Collection of Legislation of the Republic of Uzbekistan, 2015, No. 51, Article 643)