Law of the Republic of Uzbekistan on Consumer Credit

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11.04.2023

21.04.2022

14.03.2022

21.04.2021

11.04.2012

10.05.2006

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[
OKOZ:
1.
03.00.00.00 Civil Legislation / 03.11.00.00 Separate Types of Obligations / 03.11.13.00 Credit (also see 07.22.00.00, 07.23.00.00);
2.
07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.22.00.00 Lending / 07.22.06.00 Separate Types of Lending / 07.22.06.04 Consumer Credit]
[
TSZ:
1.
Finance / Banks and other credit institutions. Loans] Send a proposal for the document Listen to audio Get a reference from the document element Law of the Republic of Uzbekistan Send a proposal for the document Listen to audio Get a reference from the document element ON CONSUMER CREDIT Send a proposal for the document Listen to audio Get a reference from the document element Adopted by the Legislative Chamber on December 22, 2005 Approved by the Senate on February 24, 2006 Send a proposal for the document Listen to audio Get a reference from the document element Send a proposal for the document Listen to audio Get a reference from the document element
Article 1. Purpose of this Law
[
OKOZ:
1.
03.00.00.00 Civil Legislation / 03.11.00.00 Separate Types of Obligations / 03.11.13.00 Credit (also see 07.22.00.00, 07.23.00.00);
2.
07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.22.00.00 Lending / 07.22.06.00 Separate Types of Lending / 07.22.06.04 Consumer Credit]
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The purpose of this Law is to regulate relations in the field of providing consumer credit.
See the previous edition.
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Article 2. Legislation on Consumer Credit
[
OKOZ:
1.
07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.22.00.00 Lending / 07.22.01.00 General Matters]
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Legislation on consumer credit consists of this Law and other legislative acts.
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If an international treaty of the Republic of Uzbekistan establishes rules other than those provided for in the legislation on consumer credit of the Republic of Uzbekistan, the rules of the international treaty shall apply. (Paragraph 2 of Article 2 in the edition of the Law of the Republic of Uzbekistan No. URQ-683 dated April 21, 2021 — National Database of Legislative Information, April 21, 2021, No. 03/21/683/0375) Send a proposal for the document Listen to audio Get a reference from the document element
Article 3. Concept and Forms of Consumer Credit
[
OKOZ:
1.
07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.22.00.00 Lending / 07.22.06.00 Separate Types of Lending / 07.22.06.04 Consumer Credit]
[
SPiT:
1.
Credit. Credit organizations / Consumer credit] Send a proposal for the document Listen to audio Get a reference from the document element Consumer credit is a credit provided to a natural person (consumer) for the purpose of purchasing goods (works, services) to meet their consumption needs. [ OKOZ:
1.
07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.22.00.00 Lending / 07.22.06.00 Separate Types of Lending / 07.22.06.06 Other Types of Lending]
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Financial consumer credit and goods consumer credit are forms of consumer credit.
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Article 4. Financial Consumer Credit and Organizations Providing It
[
OKOZ:
1.
07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.22.00.00 Lending / 07.22.01.00 General Matters]
[
SPiT:
1.
Credit. Credit organizations / Financial consumer credit] Send a proposal for the document Listen to audio Get a reference from the document element Financial consumer credit is a credit provided to the consumer in the form of monetary funds for payment for purchased goods (services). See the previous edition. Send a proposal for the document Listen to audio Get a reference from the document element Send a proposal for the document Listen to audio Get a reference from the document element Banks and non-bank credit organizations, as well as payment organizations conducting microfinance activity, are organizations providing financial consumer credit. (Part two of Article 4 in the edition of the Law of the Republic of Uzbekistan No. URQ-765 dated April 20, 2022 — National Database of Legislative Information, April 21, 2022, No. 03/22/765/0332) Send a proposal for the document Listen to audio Get a reference from the document element
Article 5. Goods Consumer Credit and Organizations Providing It
[
SPiT:
1.
Credit. Credit organizations / Goods consumer credit] Send a proposal for the document Listen to audio Get a reference from the document element Goods consumer credit is a credit provided to the consumer in the form of installment payments for purchased goods, performed works, or rendered services. Send a proposal for the document Listen to audio Get a reference from the document element Enterprises producing consumer goods (works, services) or organizations selling them are organizations providing goods consumer credit. Send a proposal for the document Listen to audio Get a reference from the document element
Article 6. Object of Consumer Credit
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Goods (works, services) intended for the consumption needs of a natural person may be the object of consumer credit. [ OKOZ:
1.
03.00.00.00 Civil Legislation / 03.04.00.00 Objects of Civil Legislation / 03.04.03.00 Material Goods / 03.04.03.01 Movable and Immovable Property]
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Real estate, as well as other property removed from circulation or with restricted circulation in accordance with the law, may not be the object of consumer credit. Send a proposal for the document Listen to audio Get a reference from the document element
Article 7. Provision of Consumer Credit
[
OKOZ:
1.
03.00.00.00 Civil Legislation / 03.10.00.00 Law of Obligations / 03.10.05.00 Contract. Conclusion, Modification and Termination of Contracts]
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Consumer credit is provided on a paid, term, and secured basis under a consumer credit agreement (hereinafter referred to as the agreement) in accordance with the rules for providing consumer credit. [ OKOZ:
1.
06.00.00.00 Legislation on Social Security and Social Insurance. Social Protection / 06.06.00.00 Pensions / 06.06.01.00 General Rules]
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Consumer credit is provided to natural persons who have income from the results of their activities, pensions, and other income (hereinafter referred to as income in the text). Send a proposal for the document Listen to audio Get a reference from the document element The rules for providing consumer credit are established by the organization providing consumer credit in accordance with this Law. Send a proposal for the document Listen to audio Get a reference from the document element The rules for providing consumer credit must be open for everyone to review, and they must contain information about the terms of providing consumer credit, as well as information about the credit amount, the term for providing it, the interest rate, and the schedule of payments to be made by the consumer. Send a proposal for the document Listen to audio Get a reference from the document element The sale of goods (works, services) on credit is carried out at prices actually in effect on the day of sale. Subsequent changes in the prices of sold goods (works, services) do not affect the obligations of the parties to the agreement. Send a proposal for the document Listen to audio Get a reference from the document element
Article 8. Documents Submitted for Obtaining Consumer Credit
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In accordance with the rules for providing consumer credit, the consumer submits a credit application and other documents indicating information about their income to the organization providing consumer credit. Send a proposal for the document Listen to audio Get a reference from the document element The credit application must indicate the following information:
See the previous edition.
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Get a reference from the document element the consumer's surname, first name, patronymic, series and number of the passport or identification ID card (document confirming identity), and place of residence; (Paragraph two of Part two of Article 8 in the edition of the Law of the Republic of Uzbekistan No. URQ-759 dated March 14, 2022 — National Database of Legislative Information, March 14, 2022, No. 03/22/759/0213) Send a proposal for the document Listen to audio Get a reference from the document element the object of the consumer credit; Send a proposal for the document Listen to audio Get a reference from the document element the term of the consumer credit; Send a proposal for the document Listen to audio Get a reference from the document element the type of activity and income of the consumer; Send a proposal for the document Listen to audio Get a reference from the document element the method of ensuring the performance of obligations under the agreement by the consumer. Send a proposal for the document Listen to audio Get a reference from the document element The credit application is signed by the consumer with the date of submission indicated. Send a proposal for the document Listen to audio Get a reference from the document element
Article 9. Procedure for Reviewing the Credit Application
[
OKOZ:
1.
07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.21.00.00 Banking Activity / 07.21.06.00 Credit Operations (also see 07.22.00.00)]
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After receiving the credit application, the organization providing consumer credit makes a decision within five working days either to provide the credit or to reasonably refuse to provide it. Send a proposal for the document Listen to audio Get a reference from the document element If the provision of consumer credit is reasonably refused, the organization providing consumer credit must inform the consumer in writing about this. Send a proposal for the document Listen to audio Get a reference from the document element When the credit application is being reviewed by the organization providing consumer credit, the following analyses are carried out:
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Get a reference from the document element determining the sufficiency of the consumer's income and credit history; Send a proposal for the document Listen to audio Get a reference from the document element the consistency of the information stated in the credit application; Send a proposal for the document Listen to audio Get a reference from the document element the availability of favorable prospects for repaying the amount of consumer credit. Send a proposal for the document Listen to audio Get a reference from the document element
Article 10. Terms of the Agreement
[
OKOZ:
1.
03.00.00.00 Civil Legislation / 03.10.00.00 Law of Obligations / 03.10.05.00 Contract. Conclusion, Modification and Termination of Contracts]
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The agreement must provide for the following:
See the previous edition.
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Get a reference from the document element the consumer's surname, first name, patronymic, series and number of the passport or identification ID card (document confirming identity), and place of residence; (Paragraph two of Part one of Article 10 in the edition of the Law of the Republic of Uzbekistan No. URQ-759 dated March 14, 2022 — National Database of Legislative Information, March 14, 2022, No. 03/22/759/0213) Send a proposal for the document Listen to audio Get a reference from the document element the name and other details of the organization providing consumer credit; Send a proposal for the document Listen to audio Get a reference from the document element information about the object of the consumer credit; Send a proposal for the document Listen to audio Get a reference from the document element the total amount of the consumer credit; Send a proposal for the document Listen to audio Get a reference from the document element the method of ensuring the performance of obligations under the agreement by the consumer; Send a proposal for the document Listen to audio Get a reference from the document element the interest rate; Send a proposal for the document Listen to audio Get a reference from the document element the amount of the down payment for the advance payment of the value of the purchased good (work, service), if required by the organization providing consumer credit; Send a proposal for the document Listen to audio Get a reference from the document element the procedure and terms for providing consumer credit and repaying its amount; Send a proposal for the document Listen to audio Get a reference from the document element the rights and obligations of the parties; Send a proposal for the document Listen to audio Get a reference from the document element the liability of the parties in case of non-performance or inadequate performance of obligations under the agreement; Send a proposal for the document Listen to audio Get a reference from the document element the term of validity of the agreement; Send a proposal for the document Listen to audio Get a reference from the document element the procedure for modifying and terminating the agreement; See the previous edition. Send a proposal for the document Listen to audio Get a reference from the document element Send a proposal for the document Listen to audio Get a reference from the document element other terms in accordance with the legislation. (Paragraph fourteen of Part one of Article 10 in the edition of the Law of the Republic of Uzbekistan No. URQ-683 dated April 21, 2021 — National Database of Legislative Information, April 21, 2021, No. 03/21/683/0375) Send a proposal for the document Listen to audio Get a reference from the document element
Article 11. Form of the Agreement and Registration of the Agreement
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The agreement is concluded in written form.
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The agreement is notarized in the following cases:
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Get a reference from the document element at the request of one of the parties; Send a proposal for the document Listen to audio Get a reference from the document element if the transactions regarding the property that is the object of the consumer credit are required by law to be notarized. See the previous edition. Send a proposal for the document Listen to audio Get a reference from the document element Send a proposal for the document Listen to audio Get a reference from the document element The agreement must be registered with the state in cases provided for by legislation. (Paragraph three of Part one of Article 11 in the edition of the Law of the Republic of Uzbekistan No. URQ-683 dated April 21, 2021 — National Database of Legislative Information, April 21, 2021, No. 03/21/683/0375) LexUZ commentary See: Chapter 26, Part four of Article 386 of the Civil Code of the Republic of Uzbekistan. Send a proposal for the document Listen to audio Get a reference from the document element
Article 12. Modification and Termination of the Agreement
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The terms of the agreement may be modified by mutual agreement of the parties, unless otherwise provided by legislation. (Paragraph one of Part one of Article 12 in the edition of the Law of the Republic of Uzbekistan No. URQ-683 dated April 21, 2021 — National Database of Legislative Information, April 21, 2021, No. 03/21/683/0375) Send a proposal for the document Listen to audio Get a reference from the document element If a good (work, service) of inadequate quality was purchased and there is no possibility to exchange it for another similar good (work, service) of adequate quality, the agreement may be terminated by the consumer within one month from the day the organization providing the goods consumer credit notifies the consumer in writing of the termination of the agreement. If the agreement is terminated, the organization providing the goods consumer credit returns the amount of money paid for the purchased good (work, service) to the consumer. Send a proposal for the document Listen to audio Get a reference from the document element The consumer has the right to refuse from the unused financial consumer credit by notifying the organization providing the financial consumer credit in writing within two weeks from the day the agreement was concluded. Send a proposal for the document Listen to audio Get a reference from the document element If the consumer has not used the consumer credit within one month from the day the agreement was concluded, the organization providing the consumer credit has the right to unilaterally terminate the agreement by notifying the consumer in writing of the termination of the agreement. Send a proposal for the document Listen to audio Get a reference from the document element The date of delivery or mailing of the written notice is considered the date on which the written notice was sent. LexUZ commentary For additional information, see Chapter 28 of the Civil Code of the Republic of Uzbekistan (Modification and Termination of Contracts). Send a proposal for the document Listen to audio Get a reference from the document element
Article 13. Rights and Obligations of the Consumer
[
OKOZ:
1.
07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.22.00.00 Lending / 07.22.01.00 General Matters]
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The consumer has the following rights:
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Get a reference from the document element to familiarize themselves with the rules for providing consumer credit; Send a proposal for the document Listen to audio Get a reference from the document element to receive reliable and complete information about their rights and obligations, including all costs associated with providing consumer credit; Send a proposal for the document Listen to audio Get a reference from the document element to demand the performance of the terms of the agreement in the manner and time limits specified in the agreement; Send a proposal for the document Listen to audio Get a reference from the document element to demand the replacement of the purchased good (work, service) of inadequate quality or, if there is no possibility to exchange it for another similar good (work, service) of adequate quality, to terminate the agreement; Send a proposal for the document Listen to audio Get a reference from the document element to demand compensation for damages caused by the failure or inadequate performance of obligations under the agreement by the organization providing consumer credit. Send a proposal for the document Listen to audio Get a reference from the document element The consumer:
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Get a reference from the document element must submit the documents necessary to obtain consumer credit; Send a proposal for the document Listen to audio Get a reference from the document element must use the financial consumer credit obtained from a bank or other credit organization for the purpose specified in the agreement; Send a proposal for the document Listen to audio Get a reference from the document element must pay for the good (work, service) in a timely manner in accordance with the agreement; Send a proposal for the document Listen to audio Get a reference from the document element must repay the obtained financial consumer credit and pay the interest accrued on this credit in the manner and time limits specified in the agreement. See the previous edition. Send a proposal for the document Listen to audio Get a reference from the document element Send a proposal for the document Listen to audio Get a reference from the document element The consumer may also have other rights and bear other obligations in accordance with the legislation and the agreement. (Paragraph three of Part one of Article 13 in the edition of the Law of the Republic of Uzbekistan No. URQ-683 dated April 21, 2021 — National Database of Legislative Information, April 21, 2021, No. 03/21/683/0375) LexUZ commentary For additional information, see the Law of the Republic of Uzbekistan "On Protection of Consumer Rights". Send a proposal for the document Listen to audio Get a reference from the document element
Article 14. Rights and Obligations of the Organization Providing Consumer Credit
[
OKOZ:
1.
07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.20.00.00 Establishment, Reorganization and Liquidation of Banks and Credit Organizations. Licensing of Banking and Credit Activity. Permitting Procedures;
2.
07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.23.00.00 Other Credit Institutions / 07.23.03.00 Other Credit Organizations]
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The organization providing consumer credit has the following rights:
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Get a reference from the document element to provide consumer credit to the consumer or to reasonably refuse to provide consumer credit; Send a proposal for the document Listen to audio Get a reference from the document element to request documents from the consumer necessary for providing consumer credit and fulfilling obligations under the agreement; Send a proposal for the document Listen to audio Get a reference from the document element to demand early repayment of the amount of the provided consumer credit and payment of interest accrued on this credit if the payment is not made on time. Send a proposal for the document Listen to audio Get a reference from the document element The organization providing consumer credit:
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Get a reference from the document element must inform the consumer of reliable and complete information about the consumer's rights and obligations, including all costs associated with providing consumer credit; Send a proposal for the document Listen to audio Get a reference from the document element must provide financial consumer credit or the good (work, service) in the manner and time limits specified in the agreement; Send a proposal for the document Listen to audio Get a reference from the document element must place the rules for providing consumer credit in a place convenient for everyone to review; Send a proposal for the document Listen to audio Get a reference from the document element in the case of providing goods consumer credit, must replace the good (work, service) with another similar good (work, service) of adequate quality, carrying out the necessary settlement with the consumer in case of a difference in prices; Send a proposal for the document Listen to audio Get a reference from the document element must compensate the consumer for damages caused by the failure or inadequate performance of obligations under the agreement. See the previous edition. Send a proposal for the document Listen to audio Get a reference from the document element Send a proposal for the document Listen to audio Get a reference from the document element The organization providing consumer credit may also have other rights and bear other obligations in accordance with the legislation and the agreement. (Paragraph three of Part one of Article 14

Law of the Republic of Uzbekistan No. URQ-683 dated April 21, 2021 (as amended by the National Database of Legislative Acts of the Republic of Uzbekistan, April 21, 2021, No. 03/21/683/0375)

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Article 15. Features of Financial Consumer Credit

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A financial consumer credit contract may be concluded before or after the contract for the purchase of goods (services) by the consumer enters into force.

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The provision of financial consumer credit is carried out by transferring funds to the bank account of the producer or seller of consumer goods (services) (legal and physical persons) by a bank or other credit institution.

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Cash disbursement of financial consumer credit is not permitted.

(Text of Article 15 as amended by the Law of the Republic of Uzbekistan No. URQ-828 dated April 10, 2023 - National Database of Legislative Acts, April 11, 2023, No. 03/23/828/0206)

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Article 16. Early Repayment of Consumer Credit

[OKOZ:
1.
03.00.00.00 Civil Legislation / 03.07.00.00 Terms. Statute of Limitations / 03.07.01.00 Terms]

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The consumer has the right to repay the amount of the consumer credit received and pay the interest accrued on this credit in advance. In such a case, the consumer pays interest only for the period during which the consumer credit was actually used.

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Article 17. Ensuring Performance of Obligations under the Contract by the Consumer

[OKOZ:
1.
03.00.00.00 Civil Legislation / 03.10.00.00 Law of Obligations / 03.10.01.00 Concept and parties of obligations. Exchange of persons in obligations;
2.
03.00.00.00 Civil Legislation / 03.10.00.00 Law of Obligations / 03.10.02.00 Ensuring performance of obligations / 03.10.02.02 Pledge;
3.
03.00.00.00 Civil Legislation / 03.10.00.00 Law of Obligations / 03.10.02.00 Ensuring performance of obligations / 03.10.02.04 Suretyship;
4.
03.00.00.00 Civil Legislation / 03.10.00.00 Law of Obligations / 03.10.02.00 Ensuring performance of obligations / 03.10.02.05 Guarantee;
5.
07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.22.00.00 Lending / 07.22.04.00 Securing repayment of bank loans]

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Performance of obligations under the contract by the consumer:

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Get a link to the document element guarantee of a bank or insurance company;

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Get a link to the document element suretyship by third parties;

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Get a link to the document element pledge of property and securities, including pledge deposit, bank deposit certificates;

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Get a link to the document element may be secured by other methods provided for by legislation and the contract.

(Fifth paragraph of the first part of Article 17 as amended by the Law of the Republic of Uzbekistan No. URQ-683 dated April 21, 2021 - National Database of Legislative Acts, April 21, 2021, No. 03/21/683/0375)

LexUZ Commentary
For additional information, see Chapter 21 of the Civil Code of the Republic of Uzbekistan (Performance of Obligations).

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The volume of the consumer's income, as well as the security provided by the consumer for the performance of obligations under the contract, must be sufficient to repay the consumer credit amount and pay the interest accrued on this credit.

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Information on the consumer credit contract and its performance by the borrower is submitted to credit bureaus for the formation of a credit history and is used by them in the manner established by legislation. Information on the financial consumer credit contract is also submitted to the State Registry of Credit Information.

(Third part of Article 17 as amended by the Law of the Republic of Uzbekistan No. URQ-765 dated April 20, 2022 - National Database of Legislative Acts, April 21, 2022, No. 03/22/765/0332)

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If the consumer fails to perform his obligations under the contract, the guarantor or surety is obliged to repay the consumer credit amount and pay the interest accrued on this credit in accordance with legislation and the contract upon the first demand of the consumer credit provider organization after the expiration of the consumer credit repayment period.

(Fourth part of Article 17 as amended by the Law of the Republic of Uzbekistan No. URQ-683 dated April 21, 2021 - National Database of Legislative Acts, April 21, 2021, No. 03/21/683/0375)

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Article 18. Resolution of Disputes

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Disputes in the field of consumer credit provision are resolved in the manner established by legislation.

(Text of Article 18 as amended by the Law of the Republic of Uzbekistan No. URQ-683 dated April 21, 2021 - National Database of Legislative Acts, April 21, 2021, No. 03/21/683/0375)

LexUZ Commentary
See: Paragraph 2 of the Civil Code of the Republic of Uzbekistan, Resolution of the Plenum of the Supreme Court and the Plenum of the Supreme Economic Court of the Republic of Uzbekistan No. 13/150 dated December 22, 2006 "On Some Issues of Application of Civil Legislation on Ensuring Performance of Obligations Arising from Credit Contracts", and Paragraph 10 of Resolution of the Plenum of the Supreme Economic Court of the Republic of Uzbekistan No. 163 dated June 15, 2007 "On Some Issues of Application of Civil Legislation on Property Liability for Non-performance or Inadequate Performance of Obligations".

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Article 19. Liability for Violation of Legislation on Consumer Credit

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Persons guilty of violating legislation on consumer credit are liable in the manner established by law.

(Article 19 as amended by the Law of the Republic of Uzbekistan No. URQ-683 dated April 21, 2021 - National Database of Legislative Acts, April 21, 2021, No. 03/21/683/0375)

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See previous edition.

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Article 20. Harmonization of Legislation with this Law

(Title of Article 20 as amended by the Law of the Republic of Uzbekistan No. URQ-683 dated April 21, 2021 - National Database of Legislative Acts, April 21, 2021, No. 03/21/683/0375)

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The Cabinet of Ministers of the Republic of Uzbekistan shall harmonize government decrees with this Law, and state management bodies shall ensure the review and cancellation of their normative legal acts that contradict this Law.

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Article 21. Entry into Force of this Law

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This Law enters into force from the day of its official publication.

LexUZ Commentary
This Law was published in the "Xalq So'zi" newspaper on May 10, 2006, No. 88 (3887).

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President of the Republic of Uzbekistan I. KARIMOV

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Tashkent,

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May 6, 2006,

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No. URQ-33
(Collection of Legislation of the Republic of Uzbekistan, 2006, No. 19, Article 160; 2012, No. 15, Article 163; National Database of Legislative Acts, April 21, 2021, No. 03/21/683/0375, National Database of Legislative Acts, March 14, 2022, No. 03/22/759/0213, April 21, 2022, No. 03/22/765/0332; April 11, 2023, No. 03/23/828/0206 )