Regulatory Alerts2020-06-27 | 15/3Added · Updated
Regulation on Minimum Requirements for the Activities of Microcredit Organizations and Pawnshops in Relations with Financial Service Consumers
The Central Bank of Uzbekistan approved a regulation establishing minimum requirements for microcredit organizations and pawnshops regarding their interactions with financial service consumers. The rules mandate transparent disclosure of loan terms, prohibit bundling services, ban unfair practices such as misleading credit bureau reporting, and restrict interest calculations to prevent excessive charges. It also guarantees consumers the right to free information, contract copies, and early repayment without penalties, while imposing specific obligations on lenders regarding debt collection timing and communication.