Regulatory Alerts2006-05-06 | ЎРҚ-33Added
Law of the Republic of Uzbekistan on Consumer Credit
The Law regulates relations in the field of consumer credit by defining consumer credit as a loan provided to individuals for purchasing goods, works, or services to meet their consumption needs. It establishes two forms of credit: financial consumer credit, provided in monetary form, and goods consumer credit, provided for installment payments. The legislation specifies that banks, non-bank credit organizations, and payment organizations conducting microfinance activities are authorized to provide financial consumer credit, while enterprises producing or selling consumer goods may provide goods consumer credit. The document mandates that credit institutions must make lending rules publicly available, evaluate applications within five working days, and include specific details such as interest rates, repayment schedules, and borrower information in written contracts.