Regulatory Alerts2025-03-04 | ЗРУ-1043Added
Law of the Republic of Uzbekistan on Amendments and Additions to the Law 'On Credit Information Exchange' to Further Improve Credit Relations
The Law amends the Law 'On Credit Information Exchange' to establish a registry of individuals prohibited from entering credit transactions, allowing citizens to voluntarily apply for or remove such bans to prevent unauthorized credit issuance. It mandates credit bureaus to maintain this registry, requires lenders to check it before issuing credit, and imposes liability on financial institutions for transactions made without the individual's knowledge. Additionally, the law sets a minimum charter capital of 2 billion sum for credit bureaus, defines sanctions by the Central Bank for bureau violations, and specifies data reporting obligations for banks and other financial entities.