Amendments to Data Exchange Between the Pledge Registry and the Ministry of Justice Information Systems

In the framework of the execution of the President of the Republic of Uzbekistan's Decree No. PF-198 dated August 24, 2022, "On measures to reliably protect the inviolability of property rights, prevent unjustified interference in property relations, and increase the capitalization level of private property," relevant amendments were made on November 30, 2022, to the data exchange between the information system of the State Unitary Enterprise "Pledge Registry" under the Central Bank and the "Notary" information system of the Ministry of Justice.

Based on these amendments, it has been established that for all commercial banks and other credit institutions, the submission of information regarding the state license plate number of the purchased motor vehicle and the certificate of its registration to the "Notary" information system through the pledge registry information system, for the purpose of pledging and placing an online encumbrance as collateral for a credit allocated for the purchase of a motor vehicle from the primary market, is now optional.

Furthermore, a capability has been created for all commercial banks and other credit institutions to place an online encumbrance on a motor vehicle in the "Notary" information system using the vehicle's body (VIN) number. As a result, measures have been taken to prevent situations where debtors sell motor vehicles purchased on credit without offering them as collateral to the credit institution.

At the same time, a capability has been created for commercial banks and other credit institutions to place an online encumbrance in the "Notary" information system and the information system of the Cadastre Agency, based on a mortgage agreement formalized for real estate being purchased as collateral for a credit allocated for the purchase of real estate from the primary market. As a result, the practice of credit institutions registering formalized mortgage agreements online, without the need for paper-based registration by cadastre authorities, has been introduced.