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2006-10-07 | 24/4

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Approval of the Regulation on the Licensing Procedure for Microcredit Organizations

This regulation establishes the licensing requirements for microcredit organizations in Uzbekistan, mandating minimum charter capital of $20,000 for Tashkent-based entities and $10,000 for others, funded exclusively by cash at the application stage. It defines a 30-day review period for license applications, requires operational commencement within six months, and outlines procedures for establishing, licensing, and managing branches. The Central Bank is authorized to suspend, terminate, or annul licenses based on violations, insolvency, or failure to pay state duties, with specific timelines for corrective actions and notifications.

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Resolution of the Board of the Central Bank of the Republic of Uzbekistan, registered on 31.10.2006, reg. number 1635

Entry date

10.11.2006

All

23.04.2010

24.09.2009

10.11.2006

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Russian

Uzb

O’zb

Russian|Uzb

Russian|O‘zb

Act lost force 23.04.2010

[OKOZ:

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]

[TSZ:

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

Resolution

BOARD OF THE CENTRAL BANK OF THE REPUBLIC OF UZBEKISTAN

On Approval of the Regulation on the Licensing Procedure for Microcredit Organizations

[Registered by the Ministry of Justice of the Republic of Uzbekistan on October 31, 2006. Registration No. 1635]

LexUz Commentary

This resolution has lost force in accordance with the resolution of the Board of the Central Bank of the Republic of Uzbekistan dated January 23, 2010 No. 3/5 "On Approval of the Regulation on the Licensing Procedure for Microcredit Organizations" (reg. No. 2093 dated 13.04.2010).

In accordance with Articles 7, 17 and 51 of the Law of the Republic of Uzbekistan "On the Central Bank of the Republic of Uzbekistan" and Articles 12 and 15 of the Law of the Republic of Uzbekistan "On Microcredit Organizations", the Board of the Central Bank of the Republic of Uzbekistan resolves:

  1. Approve the attached Regulation on the licensing procedure for microcredit organizations.

  2. This resolution enters into force after the expiration of ten days from the moment of its state registration in the Ministry of Justice of the Republic of Uzbekistan.

Chairman of the Board of the Central Bank F. MULLAZHANOV

Tashkent,

October 7, 2006,

No. 24 / 4

APPROVED

By the Board of the Central Bank

dated October 7, 2006 No. 24/4

REGULATION

on the licensing procedure for microcredit organizations

This Regulation, in accordance with the laws of the Republic of Uzbekistan "On the Central Bank of the Republic of Uzbekistan", "On Microcredit Organizations", "On Licensing of Certain Types of Activities" establishes the procedure for licensing microcredit organizations.

In accordance with Article 9 of the Law of the Republic of Uzbekistan "On Microcredit Organizations", in cases provided for by legislation, a microcredit organization carries out activities providing microfinancial services after obtaining a license.

I. Requirements established for a microcredit organization

  1. The minimum size of the charter capital of microcredit organizations is established in the following amounts in national currency:

equivalent to 20 thousand US dollars — for microcredit organizations created in Tashkent;

equivalent to 10 thousand US dollars — for microcredit organizations created in other populated areas.

The equivalent in national currency of the established minimum size of the charter capital is calculated at the exchange rate of the Central Bank of the Republic of Uzbekistan (hereinafter — the Central Bank) on the day of registration of the microcredit organization.

  1. On the date of submitting the application for obtaining a license to carry out the activities of a microcredit organization, the minimum size of the organization's charter capital must be formed exclusively from monetary funds.

  2. After the start of activities of a microcredit organization, the introduction of property into the charter capital is allowed, the size of which does not exceed twenty percent of the size of the charter capital of this organization.

The use of funds obtained on credit, under pledge, and other attracted funds for forming the charter capital of a microcredit organization is not allowed.

II. Submission of documents for obtaining a license

  1. To obtain a license, a microcredit organization must submit to the Central Bank or its territorial administration no later than 60 days after registration in the manner established by legislation the following documents:

an application for the issuance of a license;

founding documents of the microcredit organization;

a notarized copy of the certificate of state registration of the microcredit organization;

details of the composition of the management bodies of the microcredit organization;

a bank document confirming the formation of the charter capital of the microcredit organization;

a copy of the payment order confirming the payment by the license applicant of the fee for consideration of the application.

All submitted documents containing more than one sheet must be stitched.

  1. The application with all necessary documents for obtaining a license is considered by the Central Bank within 30 calendar days from the date of receipt of the application and necessary documents.

  2. A fee is charged for consideration of the application from the license applicant.

The amount of the fee for consideration of the application is established by the Cabinet of Ministers of the Republic of Uzbekistan.

The amount of the fee for consideration of the application is credited to the account of the Central Bank.

  1. The territorial administration of the Central Bank, within three days, having studied the completeness of the submitted documents for compliance with the requirements of this Regulation, submits them to the Central Bank of the Republic of Uzbekistan for consideration of the issue of issuing a license to the microcredit organization.

  2. A state duty is charged for the issuance of a license.

The amount and procedure for payment of the state duty for the issuance of a license are established by the Cabinet of Ministers of the Republic of Uzbekistan.

  1. The Central Bank is obliged to notify the license applicant of the decision taken within three days after taking the corresponding decision.

The decision on the issuance of a license is sent (handed over) to the license applicant in writing, indicating the details of the bank account and the deadline for payment of the state duty.

  1. A microcredit organization must begin to carry out its activities within six months from the date of issuance of the license.

  2. After obtaining a license, the territorial administration of the Central Bank ensures the microcredit organization with the necessary regulatory legal acts regulating the activities of microcredit organizations.

  3. After making a decision on the issuance of a license to a microcredit organization, the Central Bank prepares a legal case, including the following documents:

an application for the issuance of a license;

founding documents of the microcredit organization;

a notarized copy of the certificate of state registration of the microcredit organization;

details of the composition of the management bodies of the microcredit organization;

a bank document confirming the formation of the charter capital of the microcredit organization;

a document confirming the payment of the state duty for the issuance of a license;

a resolution of the Board of the Central Bank on the issuance of a license;

a license (Appendix No. 1) for the implementation of activities of a microcredit organization.

  1. A legal case is prepared by the Central Bank in three copies:

one copy is handed over with a signature to the head of the microcredit organization;

one copy is stored in the Central Bank;

one copy is sent to the territorial administration of the Central Bank at the location of the microcredit organization.

  1. The Central Bank has the right to refuse to issue a license for the following reasons:

non-compliance of the submitted documents with the requirements established by legislation;

the presence in the documents of untrue or distorted information;

See [previous](/docs/1077244?ONDATE=10.11.2006 00#1077326) edition.

(fourth paragraph of point 14 excluded by [resolution](/docs/1518225?ONDATE=24.09.2009 00#1518248) of the Board of the Central Bank of the Republic of Uzbekistan dated August 15, 2009 No. 23/4 (reg. No. 1635-1 dated 14.09.2009) — SZ RU, 2009, No. 38, art. 418)

  1. The decision on refusal to issue a license is sent (handed over) to the license applicant in writing, indicating the reasons for refusal and the term within which the license applicant, having eliminated the specified reasons, may submit documents for repeated consideration.

III. Branches of microcredit organizations

  1. A microcredit organization may create branches provided that it has a satisfactory financial position and complies with the requirements of legislation and regulatory acts of the Central Bank.

  2. Branches of microcredit organizations are created (or liquidated) by decision of the highest body of management of the microcredit organization with registration in the Central Bank.

  3. A branch is endowed with property by the microcredit organization that created it. The name of the branch must fully match the name of the microcredit organization with the word "branch" indicated. Branches of microcredit organizations created on the territory of the Republic of Uzbekistan are not legal entities.

  4. A branch carries out its activities based on the Regulation on the branch, approved by the highest body of management of the microcredit organization, and a license issued to the microcredit organization.

  5. To register a branch of a microcredit organization in the Central Bank, the following documents are submitted:

an application for registration of a branch of a microcredit organization, indicating its location (postal address);

a decision of the highest body of management of the microcredit organization on the creation of a branch;

details of the candidate for the position of branch manager.

  1. Documents submitted by a microcredit organization for the creation of a branch are considered by the Central Bank within 30 calendar days.

In the case of full completeness and compliance of the submitted documents with the requirements of this Regulation, the issue of registering a branch of a microcredit organization is submitted to the Commission for Registration and Licensing of Credit Organizations for consideration.

If the submitted documents contradict the requirements of this Regulation and legislation, the documents are returned with a reasoned justification of the reasons for return.

  1. In the event of a deterioration in the financial position of a microcredit organization as a result of the activities of its branch, the Central Bank has the right to demand the liquidation of that branch.

IV. Reissuance of a license and issuance of a duplicate

  1. In the event of the transformation of a microcredit organization, a change in its name or location (postal address), the microcredit organization is obliged to submit an application to the Central Bank for reissuance of the license within one week after passing re-registration, along with corresponding documents confirming the specified information.

See [previous](/docs/1077244?ONDATE=10.11.2006 00#1077343) edition.

  1. In the event that a license is lost or becomes unusable, the license holder is obliged to submit an application for the issuance of a duplicate. When issuing a duplicate, half the amount of the fee established by legislation is charged.

(point 24 in the edition of [resolution](/docs/1518225?ONDATE=24.09.2009 00#1518250) of the Board of the Central Bank of the Republic of Uzbekistan dated August 15, 2009 No. 23/4 (reg. No. 1635-1 dated 14.09.2009) — SZ RU, 2009, No. 38, art. 418)

V. Suspension, termination of action and annulment of a license

  1. The Central Bank may suspend the action of a license in cases:

violation by a microcredit organization of the requirements of the Law "On Microcredit Organizations" and other legislative acts, including licensing requirements and conditions;

See [previous](/docs/1077244?ONDATE=10.11.2006 00#1518380) edition.

non-compliance of the head of the executive body of a microcredit organization with the qualification requirements imposed by the Central Bank;

(point 25 supplemented by a third paragraph by [resolution](/docs/1518225?ONDATE=24.09.2009 00#1518252) of the Board of the Central Bank of the Republic of Uzbekistan dated August 15, 2009 No. 23/4 (reg. No. 1635-1 dated 14.09.2009) — SZ RU, 2009, No. 38, art. 418)

non-fulfillment by a microcredit organization of decisions obliging to eliminate violations identified in its activities.

A decision on the suspension of the action of a license is brought by the Central Bank, having made this decision, to a microcredit organization in writing with a reasoned justification of the decision no later than three days from the date of its adoption.

The Central Bank is obliged to establish a term for the elimination by a microcredit organization of circumstances that led to the suspension of the action of a license. The specified term may not exceed six months.

In the event of the elimination by a microcredit organization of circumstances that led to the suspension of the action of a license, the Central Bank is obliged to take a decision on the resumption of its action within ten days from the date of receipt of confirming documents.

  1. The action of a license is terminated in cases:

insolvency of a microcredit organization;

systematic distortion of reporting data; delay in carrying out activities for providing microcredits for more than six months from the date of issuance of the license and in other cases provided for by law. delay in carrying out activities for providing microcredits for more than six months from the date of issuance of the license and in other cases provided for by law. The action of a license may also be terminated if a microcredit organization fails to eliminate circumstances that led to the suspension of the action of a license within the term established by the Central Bank. The action of a license is terminated from the date of taking a decision on termination.

  1. Annulment of a license is carried out by the Central Bank in the event of establishing the fact of obtaining a license using forged documents. A decision on annulment takes effect from the date of issuance of the license.

In the event that a license holder, within three months from the moment of sending (handing over) the notification of the decision to issue a license, does not submit to the Central Bank a document confirming the payment of the state duty for the issuance of a license, the Central Bank has the right to annul the specified license.

APPENDIX No. 1
to the Regulation on the licensing procedure for microcredit organizations

LICENSE No. _____ ‎ for the implementation of activities of a microcredit organization
‎“___” _______ 20____year. ‎‎‎‎‎‎city Tashkent
‎‎ ‎By the decision of the Board of the Central Bank of the Republic of Uzbekistan dated “___” ______________20___year, a microcredit organization _______________________________________________________________________________,
(full name of the microcredit organization)‎‎
‎‎located at the address ____________________________________________________________________
‎‎(postal address and other details)
‎‎__________________________________________________________________________________________
‎‎has the right to carry out activities in accordance with the Law of the Republic of Uzbekistan "On Microcredit Organizations".
‎‎ ‎This license is valid for an indefinite period.
The Central Bank of the Republic of Uzbekistan may suspend, terminate the action of this license, or annul it in cases provided for by the laws of the Republic of Uzbekistan “On the Central Bank of the Republic of Uzbekistan” and “On Microcredit Organizations”.
‎‎This license is entered into the State Register of Licenses for the right to carry out activities of a microcredit organization “_” ________ 20 year under number:
Deputy Chairman ‎of the Central Bank ‎‎of the Republic of Uzbekistan ‎‎‎‎
_____________________ ‎‎‎(Full Name)(Seal) ‎__________________ ‎(signature)‎

(Collection of Legislation of the Republic of Uzbekistan, 2006, No. 43-44, art. 436; 2009, No. 38, art. 418)

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Resolution No. 23/4 dated 2009-…Resolution No. 23/4 dated 2009-08-15Approval of the Regulation onthe Licensing Procedure for M…2006-10-07 · this documentApproval of the Regulation on the Licensing Procedure for Microcredit Organizations (2006-10-07)
amendssupersedesissued underrefers toproposed or not in RegAlertarrows run from the older text to the one that changes it

Source: Central Bank of the Republic of Uzbekistan — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works

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