On Amendments and Additions to the Regulation on the Procedure for Issuing Microcredits by Commercial Banks to Personal Subsidiary Farms for Agricultural Production

Resolution of the Board of the Central Bank of the Republic of Uzbekistan, registered on March 20, 2015, registration number 2344-1

Effective Date

March 23, 2015

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July 16, 2019

March 23, 2015

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The document lost its force on July 16, 2019

[OKOZ:
1.
07.00.00.00 Legislation on Finance and Credit. Banking / 07.22.00.00 Lending / 07.22.01.00 General issues;
2.
07.00.00.00 Legislation on Finance and Credit. Banking / 07.22.00.00 Lending / 07.22.06.00 Special types of lending / 07.22.06.02 Microcredit. Lending to small business entities;
3.
21.00.00.00 Comprehensive documents on making amendments and additions / 21.04.00.00 Departmental normative legal acts]
[TSZ:
1.
State and social structure / Legislative initiative. Norm-setting activity; 2.
Finance / Banks and other credit institutions. Credits]

RESOLUTION
OF THE BOARD OF THE CENTRAL BANK OF THE REPUBLIC OF UZBEKISTAN

On making amendments and additions to the Regulation on the procedure for issuing microcredits by commercial banks to personal subsidiary farms for growing agricultural products

[Registered by the Ministry of Justice of the Republic of Uzbekistan on March 20, 2015, registration number 2344-1]

This resolution lost its force based on the Resolution of the Board of the Central Bank of the Republic of Uzbekistan dated June 22, 2019, No. 14/11 "On recognizing as having lost force the Resolution 'On approving the Regulation on the procedure for issuing microcredits by commercial banks to personal subsidiary farms for growing agricultural products' and amendments and additions thereto" (registration number 2344-3, July 16, 2019).

In accordance with the Laws of the Republic of Uzbekistan "On the Central Bank of the Republic of Uzbekistan", "On Banks and Banking Activity" and "On Microfinancing", the Board of the Central Bank of the Republic of Uzbekistan resolves:

1. To introduce amendments and additions to the Regulation on the procedure for issuing microcredits by commercial banks to personal subsidiary farms for growing agricultural products, approved by the Resolution of the Board of the Central Bank of the Republic of Uzbekistan No. 8/1 dated March 10, 2012 (registration number 2344, March 20, 2012) (Collection of Legislation of the Republic of Uzbekistan, 2012, No. 12, Article 136), in accordance with the Appendix.

2. This resolution shall enter into force from the day of its official publication.

Chairman of the Central Bank F. MULLAJONOV

Tashkent city,

March 14, 2015,

No. 6/2

APPENDIX
to the Resolution of the Board of the Central Bank of the Republic of Uzbekistan No. 6/2 dated March 14, 2015

Amendments and Additions to the Regulation on the Procedure for Issuing Microcredits by Commercial Banks to Personal Subsidiary Farms for Growing Agricultural Products

1. The Preamble shall be stated in the following wording:

"This Regulation, in accordance with the Laws of the Republic of Uzbekistan "On the Central Bank of the Republic of Uzbekistan", "On Banks and Banking Activity", "On Microfinancing", defines the procedure for issuing microcredits by commercial banks to personal subsidiary farms for growing agricultural products, raising and breeding cattle, sheep, goats, rabbits, developing poultry and beekeeping, organizing compact greenhouses, as well as for seeds and seedlings."

2. The first paragraph of paragraph 1 shall be stated in the following wording:

"Microcredits are provided on the terms of returnability, payment, security, timeliness, and targeted use."

3. Paragraph 2 shall be stated in the following wording:

"2. Microcredits are provided to personal subsidiary farms for growing agricultural products, raising and breeding cattle, sheep, goats, rabbits, developing poultry and beekeeping, organizing compact greenhouses, as well as for seeds and seedlings, in an amount up to 100 times the minimum wage."

4. Paragraph 3 shall be stated in the following wording:

"3. Microcredits are provided on a contractual basis without the right to extend the repayment period:

for the purchase of fruit trees and grape seedlings — up to 3 years with a one-year grace period;

for raising and breeding cattle, sheep, goats, rabbits — up to 3 years with a six-month grace period;

for the purchase of seeds, mineral fertilizers and chemical plant protection products, organizing compact greenhouses, and developing poultry and beekeeping — up to 2 years with a six-month grace period."

5. The second and third paragraphs of paragraph 7 shall be stated in the following wording:

"an application requesting a microcredit for the purposes specified in paragraph 2 of this Regulation;

a recommendation signed by the chairman (aksakal) of the citizens' assembly, issued in the prescribed manner with the date and number recorded and certified by a seal, and a certificate indicating the presence and area of the household plot of the individual conducting a personal subsidiary farm who is receiving the microcredit."

6. To supplement with paragraphs 8^1 — 8^3 of the following content:

"8^1. Borrowers may submit microcredit applications through an electronic system.

The credit information provided to the State Register of Credit Information and credit bureaus regarding the borrower must correspond to the credit information in the commercial bank's credit file.

8^2. After the necessary documents are submitted by an individual conducting a personal subsidiary farm, their application is registered in the "Book of Application Registration" in the form according to Appendix 1 of this Regulation, and simultaneously, the borrower is issued a "Certificate" in the form according to Appendix 2 of this Regulation, confirming that the application has been accepted by the commercial bank. In this case, the first part of the "Certificate" remains with the commercial bank, and the second part is provided to the borrower. The borrower signs the first part of the "Certificate" indicating the date of receipt, except for cases where the application was accepted through an electronic system.

When applications are accepted through an electronic system, they are registered in the "Book of Application Registration" and marked "Accepted via electronic system" on the application, and simultaneously, an electronic "Certificate" is sent to the borrower confirming that the application has been accepted by the commercial bank through the electronic system, and an entry is made on the "Certificate" remaining with the commercial bank about its electronic dispatch, signed with the date indicated."

8^3. "Certificates" must be filled out legibly, correctly, and clearly. Abbreviations in "Certificates" are not allowed."

7. In paragraph 21, the words "responsible employee of the mahalla, village, aul citizens' assembly Council" shall be replaced with the words "employee of the citizens' assembly".

8. To supplement with Appendices 1 and 2 in the wording according to Appendices 1 and 2 of these amendments and additions.

APPENDIX 1
to the Amendments and Additions to the Regulation on the Procedure for Issuing Microcredits by Commercial Banks to Personal Subsidiary Farms for Growing Agricultural Products

"APPENDIX 1 to the Regulation on the Procedure for Issuing Microcredits by Commercial Banks to Personal Subsidiary Farms for Growing Agricultural Products

BOOK
OF APPLICATION REGISTRATION for 201__ year

No.

Personal subsidiary farm that submitted the application

Application number and date

Date of application submission

Brief content of the application

(Microcredit purpose, term, amount, interest rate, source, type of collateral)

Amount of microcredit indicated in the application (thousand UZS)

Number and date of the certificate issued to the applicant confirming receipt of documents

Number and date of the decision made by the Credit Committee on the application

Number and date of the written response letter issued to the applicant about a positive decision on granting microcredit

If the application is rejected, the number and date of the written response letter issued to the applicant

Amount of credit approved by the bank's credit committee (thousand UZS) and initial date of credit disbursement

Signature

1.

2.

"
.

APPENDIX 2
to the Amendments and Additions to the Regulation on the Procedure for Issuing Microcredits by Commercial Banks to Personal Subsidiary Farms for Growing Agricultural Products

"APPENDIX 2 to the Regulation on the Procedure for Issuing Microcredits by Commercial Banks to Personal Subsidiary Farms for Growing Agricultural Products

(Collection of Legislation of the Republic of Uzbekistan, 2015, No. 11, Article 132)