On Amendments and Additions to the Regulation on Minimum Requirements for Commercial Banks' Activities in Relations with Bank Service Consumers

Resolution No. 3030-4, Registered February 21, 2020

Effective Date: February 21, 2020
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[OKON: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.19.00.00 Banking System / 07.19.02.00 Commercial Banks. Private Banks. Foreign Banks] [TSS: 1. Finance / Banks and other credit institutions. Credits]

Resolution of the Board of the Central Bank of the Republic of Uzbekistan On Amendments and Additions to the Regulation on Minimum Requirements for Commercial Banks' Activities in Relations with Bank Service Consumers Registered by the Ministry of Justice of the Republic of Uzbekistan on February 21, 2020, Registration No. 3030-4

In accordance with the Law of the Republic of Uzbekistan "On the Central Bank of the Republic of Uzbekistan", the Board of the Central Bank resolves:

1. Amendments and additions shall be made to the Regulation on Minimum Requirements for Commercial Banks' Activities in Relations with Bank Service Consumers, approved by Resolution No. 16/18 of the Board of the Central Bank of the Republic of Uzbekistan dated April 28, 2018 (Registration No. 3030, July 2, 2018) (Collection of Legislation of the Republic of Uzbekistan, 2018, No. 27, Article 553), in accordance with the attached appendix.
2. This resolution takes effect from the date of its official publication.

Chairman of the Central Bank M. NURMURATOV
Tashkent, January 16, 2020, No. 1/8

APPENDIX
to Resolution No. 1/8 of the Board of the Central Bank of the Republic of Uzbekistan dated January 16, 2020 Amendments and Additions Being Made to the Regulation on Minimum Requirements for Commercial Banks' Activities in Relations with Bank Service Consumers

1. The following paragraphs shall be added with the content below:
   «36-paragraph 6. When carrying out credit operations, banks shall comply with the following:

• the term, conditions, and order of use of credit funds shall be clearly specified in the credit contract;
• the bank must reflect its liability as a creditor to the borrower for failure or late fulfillment of the obligation to provide credit funds under the credit contract.

36-paragraph 7. The repayment schedule attached to the credit contract is an integral part of the credit contract, shall be signed by both the bank and the borrower, and, as a rule, should include a reference in the text of the credit contract to the repayment schedule presented as an attachment.

36-paragraph 8. Interest for credit usage shall be calculated at the nominal rate specified in the credit contract relative to the remaining principal amount of the actually provided credit. In this case, interest for credit usage is calculated from the date the credit amount is transferred to the borrower's account or another account specified by the borrower, or provided in cash. If the credit contract provides for a grace period during the repayment term, the start date of the grace period shall be calculated from the date the credit was provided.

36-paragraph 9. If a bank fully or partially refuses to provide the credit stipulated in the credit contract, it must promptly send a written notice to the borrower on the next working day after the date of the decision to suspend providing funds for such credit, stating that credit provision has been suspended and the reasons therefor.

36-paragraph 10. For a natural person borrower, after the full repayment of consumer and mortgage credit debts, the bank must post information in the borrower's personal account within three working days after the date of the last payment, confirming that the credit debt has been fully settled and no outstanding debt exists under this credit contract.

36-paragraph 11. The type of interest rate for credit usage (fixed or variable) and the method of repaying the principal amount and interest (differential or annuity) shall be stipulated in the credit contract according to the mutual agreement of the parties.»

2. Paragraph 37, part 2 shall be supplemented with the following introductory text:
   «If, after the formalization of the repayment schedule, the credit funding dates or the variable interest rate specified in the contract change, the terms of the credit contract are renegotiated between the parties (including credit restructuring), or the borrower partially repays the credit ahead of schedule, causing changes in the dates and terms of credit payments or the amounts of interim credit payments, the bank must re-formalize and submit a new repayment schedule to the borrower. In this case, upon the re-formalization of the repayment schedule, the previously existing repayment schedule loses its force. This rule shall be recorded in the credit contract.»

3. Paragraph 49, part 1 shall be stated in the following edition:
   «49-paragraph 1. Consumer complaints shall be reviewed within fifteen days from the date they are received by the bank, or up to one month if additional investigation and (or) inspection requires obtaining supplementary documents, and a written or electronic response shall be provided.»

(National Database of Legal Information, February 21, 2020, 10/20/3030-4/0204)