Decision of the Management of the Central Bank of the Republic of Uzbekistan, registered on 15.07.2019, registration number 3030-1

Effective date
16.10.2019

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1.07.00.00.00 Legislation on finance and credit. Banking activity / 07.19.00.00 Banking system / 07.19.02.00 Commercial banks. Private banks. Foreign banks;
2.21.00.00.00 Complex-type documents on amendments and additions / 21.04.00.00 Framework normative‑legal documents

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Decision of the Management of the Central Bank of the Republic of Uzbekistan

On amendments and additions to the regulation on minimal requirements for commercial banks' activities in dealing with bank service consumers

[Registered by the Ministry of Justice of the Republic of Uzbekistan on 15 July 2019, registration number 3030‑1]

In accordance with the Law “On the Central Bank of the Republic of Uzbekistan” of the Republic of Uzbekistan Law, the Management of the Central Bank decides:

1. The amendment and addition to the regulation on minimal requirements for commercial banks' activities in dealing with bank service consumers, in accordance with the Decision No. 16/18 of the Management of the Central Bank of the Republic of Uzbekistan dated 28 April 2018 (registration number 3030, 2 July 2018) (Collection of legislative acts of the Republic of Uzbekistan, 9 July 2018, No. 27, Article 553) and the annex to the regulation link link shall be introduced.

2. This decision shall enter into force three months after the day of its official announcement.

Chairman of the Central Bank M. NURMURATOV

Tashkent city, 8 June 2019, No. 13/14

Annex to the Decision No. 13/14 of the Management of the Central Bank of the Republic of Uzbekistan dated 8 June 2019 link

Amendments and Additions to the Regulation on Minimal Requirements for Commercial Banks' Activities in Dealing with Bank Service Consumers

1. Article 5 shall be stated in the following wording:

5. The terms of provision of bank services, and information about changes to these terms, must be announced on the bank's official website and also be continuously displayed on the bank's information boards.

In this case, information about changes to the terms of provision of bank services must be announced at least ten days before it comes into force, and information about changes in currency exchange rates must be announced promptly.

2. Article 61 shall be added with the following content:

61. The consumer has the right to take away for personal review the contract concerning the provision of bank services (credit, deposit, account servicing, leasing, bank cards, etc.) before signing it.

The bank must inform the consumer that they have this right.

3. Article 121 shall be added with the following content:

121. On the day the contract for the provision of a bank service is signed, the bank must provide the consumer or their authorized representative with one original copy of the contract.

4. Article 13 shall be filled with the following paragraph:

The date of the information placed on the official website must be indicated.

5. Article 241 shall be added with the following content:

241. The bank is not entitled to set limits for depositors that are not provided for in the law.

6. Article 26 shall be filled with the ninth‑thirteenth paragraphs as follows:

9. Interest rates;
10. The procedure for paying the principal amount and interest income on deposits;
11. The possibility of adding additional funds to the deposit;
12. The document by which cash deposits are formalized;
13. The requirement to formalize a deposit contract with the bank before handing over cash to the bank's cash desk or transferring funds to a bank account for the purpose of making a deposit.

7. In Article 27, the fourth paragraph shall be stated as follows:

The annual nominal value of the interest rate, as well as the full amount of the credit as of the date the consumer applies (the total amount of the credit at the time of contract formation, i.e., the principal amount of the credit or loan, its interest, commissions and other payments, including payments to third parties according to current tariffs, if such payments arise from the contractual obligations of the borrower, shall be presented separately);

The following paragraphs shall be added:

• The review of documents submitted by the consumer for obtaining a credit, the terms for granting and using the credit;
• The complete list of documents required to obtain a credit;
• The types of collateral accepted for credit security (if collateral is required).

8. Article 301 shall be added with the following content:

301. When a consumer applies to the bank for a credit, the bank shall fill out and provide to the consumer free of charge an information sheet on the main terms of the credit in accordance with the annex to this Regulation (hereinafter referred to as the Information Sheet).

The Information Sheet does not constitute an order for obtaining a credit.

9. Articles 361–364 shall be added with the following content:

361. A consumer – a natural person has the right to independently choose the form of payment for bank services.

362. It is prohibited for the bank to set different prices (tariffs) for bank services based on the form of payment (cash or cash‑less transactions).

363. It shall not be allowed for the bank to require that payments for bank services to consumers be made only through the cash desks (mini‑banks) of its own branches (or) in cash, nor to stipulate that deposits may be accepted only in cash.

364. A consumer – a natural person, regardless of place of residence, has the right to apply for a credit to any bank of their choice.

10. In Article 38, the words “transfer to the bank” in the first paragraph shall be replaced with the words “waiver for the benefit of the person”. The following paragraph shall be added:

The rules referred to in the first paragraph of this article shall not apply to cases of transfer to the Mortgage Re‑Financing Company established by the Decree of the President of the Republic of Uzbekistan dated 13 May 2019, No. PF‑5715 “On Additional Measures for the Development and Expansion of the Mortgage Credit Market”.

11. Articles 471–476 shall be added with the following content:

471. The bank is not entitled to limit the consumer's right to lodge a complaint. The bank shall consider consumers' complaints free of charge.

The bank may not refuse to accept a complaint.

472. The bank must organize the acceptance of consumers' electronic complaints via its official website.

473. Banks must have Call centers that provide telephone communication with consumers. Through these Call centers, consumers must be given oral advice and explanations related to bank activities.

474. The telephone numbers of the Call centers must be placed on the main page of the bank's official website, as well as on the information boards of its branches, mini‑banks, and cash desks located outside the bank building.

475. Complaints received through the Call center shall be accepted during working hours.

476. If the issue raised in the consumer's oral complaint does not require additional study or further examination, a response to such complaint may be given orally by phone or during a personal reception.

If the issue raised in the consumer's oral complaint requires additional study, the consumer shall be offered to submit supporting documents and the response in written or electronic form.

12. Articles 491 and 492 shall be added with the following content:

491. Written complaints of consumers shall be considered within fifteen days from the day they reach the bank, and if additional study and/or examination, or a request for additional documents is required, within a period of up to one month.

If examination, request for additional materials, or other measures are necessary for considering the complaints, the consideration period may be extended by up to one month by exception of the bank's head, and the complainant shall be notified.

492. The following complaints shall not be considered:

• anonymous complaints;
• complaints submitted through representatives of natural or legal persons when there is no document confirming their authority.

When complaints are not considered, a relevant conclusion shall be drawn, which shall be approved by the bank's head or an authorized official.

The complainant shall be duly notified that the complaint was not considered due to the absence of a document confirming the authority of the representative of a natural or legal person.

13. The annex to these amendments and additions shall be filled in accordance with the edit.

Annex to the Amendments and Additions to the Regulation on Minimal Requirements for Commercial Banks' Activities in Dealing with Bank Service Consumers

Information Sheet on the Main Terms of the Credit*
Name of the commercial bank
Completed by (Full name and position of the bank specialist)
Date of completion
Section 1. Credit Information
1. Purpose (type) of the credit
2. Currency type of the disbursed credit
3. Amount of the credit
4. Term of the credit
5. Interest rate of the credit (in nominal amount)
(in percent form)
(in monetary form for the full term of the credit)
6. Full value of the credit (includes nominal interest rate and service charges for the credit)
7. Frequency of payments (monthly, quarterly, etc.)
8. Method of credit repayment (annuity method (equal amounts), decreasing balance method, etc.)
9. Amount of a single payment during the payment period
(in annuity method)
10. Additional costs related to the credit, including:
Bank's commissions and fees by type (to be indicated separately)
Third‑party services (to be indicated separately)
Please carefully study before agreeing to take the credit!
* This sheet does not replace a credit contract or an order to obtain a credit; rather it helps to compare credit terms of different banks and make an appropriate choice.
Section 2. Other important terms
1. Penalty for breach of credit contract terms
(percentage or fixed amount to be indicated, as well as contract terms forming the basis for penalty calculation)
2. Reduced interest rate amount to be paid from the credit sum for overdue debt on the credit (if such provision exists)
(in percent)
3. Credit security (minimum requirements for the subject of security, minimum value of collateral)
The information presented in sections 1 and 2 of this information sheet is not final and may be amended in the credit contract.
Section 3. List of documents required for obtaining a credit
1. 2. …
Section 4. Your rights as a prospective borrower
1. You are free to choose the bank and bank services. 2. You have the right to refrain from signing the credit contract or any other contract and agreement. 3. You have the right to choose the language in which the credit contract is drawn up (state or Russian languages). 4. You have the right to obtain the draft of the credit contract for review and consultation outside the bank. 5. You have the right to receive full and detailed information from the bank regarding the terms and value of the credit, the procedure for payments and settlements (interest, penalties and fines), your rights and obligations under the credit contract, the risks and liabilities that may arise under the credit contract, as well as any other matters that are unclear to you. 6. After the credit contract is signed, but until the funds are actually received, you have the right to withdraw from obtaining the credit without any payment. Bank employees are not entitled to assistance in obtaining the credit for a fee. If you have complaints, you may send your complaint to the telephone number (phone number to be indicated), to the bank's postal address (address to be indicated), or to the bank's email address (email to be indicated).
THE ACCURACY AND AUTHENTICITY OF THE INFORMATION SHEET ARE CONFIRMED.
_______________________________________ (Full name and position of the bank specialist)

(National database of legal documents, 15.07.2019, 10/19/3030-1/3428 No.)