Regulations on the Procedure for Maintaining Credit Documents in Banks of the Republic of Uzbekistan

Regulation of the Board of the Central Bank of the Republic of Uzbekistan, registered on 02.03.2000, registration number 906

Date of Entry into Force

12.03.2000

All

29.07.2020

09.03.2001

12.03.2000

Appearance

Russian Uzbek Uzb Uzb|Russian

Document lost its force 29.07.2020

[ OKOZ: 1. 07.00.00.00 Legislation on Finance and Credit. Bank Activity / 07.22.00.00 Lending / 07.22.03.00 Loans of Commercial Banks] [ TSZ: 1. Finance / Banks and other credit institutions. Loans]

"APPROVED"

By the Decision of the Board of the Central Bank of the Republic of Uzbekistan

of February 22, 2000

(Protocol No. 3)

No. 432

REGULATIONS

On the Procedure for Maintaining Credit Documents in Banks of the Republic of Uzbekistan

(Revised Edition)

[Registered by the Ministry of Justice of the Republic of Uzbekistan on March 2, 2000, registration number 906]

This Regulation has lost its force based on the Decision of the Board of the Central Bank of the Republic of Uzbekistan No. 12/7 dated May 25, 2020 "On Recognizing Certain Regulatory Legal Documents Adopted by the Central Bank of the Republic of Uzbekistan as Lost in Force" (registration number 3280, dated July 29, 2020).

1. GENERAL PROVISIONS

1.1. This Regulation is developed in accordance with the Laws "On the Central Bank of the Republic of Uzbekistan" and "On Banks and Banking Activity" and covers requirements for banks on maintaining credit documents in order to create conditions for the Central Bank of the Republic of Uzbekistan to perform its tasks of supervising banking activity and improving credit risk management in the banking system.

1.2. This Regulation applies to all loans granted by banks, as well as to credit lines being opened.

1.3. Banks grant loans in accordance with their internal credit policy and the general conditions for conducting credit operations.

1.4. A loan is granted in monetary form based on a loan agreement.

1.5. The bank must require all information necessary for maintaining credit documents in accordance with this Regulation from the prospective borrower.

1.6. The bank granting the loan may assign the right to claim payment for the loan in any amount, either by agreement or by other means provided for by the legislation of the Republic of Uzbekistan. The new borrower may reassign the right related to the loan only by concluding a new agreement on assignment.

1.7. Changes to the credit (restructuring) must be prepared by introducing relevant changes and additions to the loan agreement, the pledge agreement, and other agreements related to the fulfillment of the loan agreement, in writing.

2. PROCEDURE FOR MAINTAINING DOCUMENTS ON GRANTED LOANS

2.1. The bank prepares a credit file for each granted loan, which is opened from the date the loan agreement is signed or approved, and is closed after the principal debt and interest are fully paid, except in cases provided for by this Regulation.

2.2. The bank employee assigned responsibility for the preservation and authenticity of credit file documents is responsible for maintaining and storing the credit file.

2.3. During the period when the Central Bank is inspecting banking activity, banks must submit all credit files requested by bank inspectors, including files for loans granted by bank branches.

2.4. For a blank (standard) credit file, it is sufficient to have the general documents required for granting any type of loan. These general documents must correspond to the following:

an application signed by the debtor, dated before the granting of the loan, stating the purpose of using the credit and indicating the subject of the pledge if the credit is secured;

the constituent documents of the borrower; in this case, copies of the documents must be obtained by the responsible credit employee from the borrower's legal file;

a business plan (except for consumer loans and other types of loans where submitting a business plan is not required);

if a person is a representative of the debtor, a document confirming the right to sign the loan agreement on behalf of the debtor, and a copy of the signature;

the original copy of the concluded loan agreement;

financial reports, including the balance sheet report and reports on income and cash flows, prepared in accordance with accepted accounting standards and signed by the debtor as of the last reporting date; if necessary, the debtor's reports must be brought into compliance with the format required by the bank and the responsible credit employee of the bank's consulting department;

a cash flow analysis report prepared by the responsible bank employee confirming the sufficiency of the debtor's cash flow mass for loan repayment;

the decision of the bank's credit committee on approving the loan agreement, including the approved terms and conditions of the loan.

2.5. If the credit is secured by real estate, the credit file must additionally contain the following documents:

the original copy of the contract concluded regarding the mortgage;

an act of agreement on the value of the pledged object, signed by the pledgor and the bank;

an act of agreement on the value of the pledged object, signed by the pledgor and the bank;

the insurance contract for the property under pledge and the insurance policy under this contract;

a certificate of state registration of the pledge contract in state cadastre authorities or a stamp on the pledge contract in the prescribed form confirming the state registration of the pledge contract in state cadastre authorities;

documents confirming the selling price of the pledged property, if the credit was granted for the purpose of financing its purchase.

2.6. In credit files for loans granted for the purchase of property that becomes the subject of a pledge after the right to own the property is transferred to the debtor in accordance with a contract on non-real estate property pledge, the file must contain documents confirming the selling price of this property and the amount of insurance funds for this property.

2.7. If the credit is granted for the purpose of financing the construction, repair, and restoration of real estate, the bank must include estimate documents in the credit file, as well as an inspection report prepared by the bank or an acceptance act confirming the completion of the work for which the credit was granted.

2.8. If the credit is guaranteed by another person, the following additional documents are included in the credit file:

a contract regarding guarantee or a written guarantee;

a conclusion from an audit organization or auditor confirming the satisfactory financial condition of the guarantor (guarantor);

a document confirming the right of the person to sign the guarantee contract (obligation) on behalf of the guarantor.

2.9. Amendments and additions to the contract concluded between the bank regarding the granting of the credit, including the pledge contract, must be formalized in accordance with the terms of these contracts and included in the relevant files.

2.10. Documents confirming the full or partial repayment of the loan must be included in the credit file and must reflect the sources of loan repayment (funds transferred by the debtor or funds obtained from the sale of the pledged subject).

3. PROCEDURE FOR MAINTAINING DOCUMENTS ON ACQUIRED RIGHTS RELATED TO LOANS

3.1. In the event that the bank acquires rights related to a loan, it must open a credit file at the time the assignment contract is signed and include in it all documents prepared in accordance with the requirements of this Regulation and checked by the initial creditor, which were attached to the initial creditor's file.

3.2. In addition to the documents required in paragraph 3.1 of this Section, the credit file of the bank that carried out the transfer must contain the following:

detailed report of the bank that carried out the transfer regarding the timely and full repayment of the credit;

the contract regarding the money transfer, including the regulation regarding the terms of credit services (receipt for loan repayment), exchange of information and written documents regarding loan repayment;

a copy of the document establishing the credit granting criteria by the assigning bank.

4. PROCEDURE FOR MAINTAINING ASSIGNMENT DOCUMENTS CARRIED OUT BY THE BANK

4.1. The bank assigning the credit must include in the credit file all assignment contracts concluded by the bank regarding obligations related to this credit.

4.2. If this contract includes the bank's obligations to provide such services to the new creditor, the credit file of the assigned credit cannot be closed until all payments related to the credit are received in accordance with the assignment contract.

5. DOCUMENTS ON CHANGING BORROWERS

5.1. The change of borrower is formalized by a contract regarding the transfer of the debt by the initial debtor to another person - the new debtor, as well as by relevant additions to the loan agreement.

5.2. The main documents regarding a loan with a changed borrower must include the following documents:

applications written by the debtor and the intended new debtor requesting the bank's consent to transfer the debt;

main documents prepared for the new debtor in accordance with the requirements of paragraph 2.4 of this Regulation (excluding the requirements specified in item 8 of the above paragraph), which apply to documents regarding the bank's consent to transfer the debt, changes and additions to the loan agreement due to the change of borrower;

the bank's written consent regarding the transfer of the debt, a written contract concluded between the initial and new debtor;

changes and additions entered in writing into the loan agreement and signed by the new debtor.

5.3. Depending on the security conditions provided by the new debtor, which served as the basis for the bank to give its consent to the transfer of the debt, the bank must include relevant additional documents in the credit file opened for the new debtor in accordance with paragraphs 5.1 and 5.2 of this Regulation.

6. DOCUMENTS ON GUARANTEES OF OBLIGATIONS BY THE BANK

6.1. If the debtor fails to repay the loan, the bank may provide guarantees and warranties in a written contract, provided that the guarantor has been notified in writing to the creditor that the bank is assuming liability.

6.2. A file is opened for guarantees carried out by the bank due to the debtor's failure to repay the loan. It is maintained until the debt is paid by the person who provided the guarantee.

6.3. Credit files opened by the bank regarding the fulfillment of obligations as a guarantor include documents prepared for concluding a guarantee contract in accordance with the requirements of this Regulation.

6.4. If the debtor's obligations to the bank providing the guarantee are secured, the credit file related to this guarantee must include documents prepared in accordance with the requirements of this Regulation (paragraphs 2.10, 6.2, and 6.3).

7. DOCUMENTS ON MONITORING LOANS

7.1. The bank must attach the following documents to the file for each granted or acquired loan:

correspondence and documents reflecting transactions between the bank and the debtor that occurred after the conclusion of relevant contracts, for the purpose of checking the debtor's financial condition and the possibility of timely payment;

documents for checking the property granted as credit security;

all documents reflecting the financial condition of the debtor's guarantor (guarantor);

documents confirming the timely and full repayment of loans;

documents confirming the measures taken by the bank if the debtor fails to make payments.

7.2. The servicing bank must maintain in the credit file documents reflecting the timely and full repayment of the credit in accordance with the terms of the transfer contract.

7.3. The bank must maintain the documents specified in paragraph 7.1 of this Regulation for bank guarantees that have not yet reached their execution date.

With the implementation of this Regulation, the Regulation "On the Procedure for Maintaining Credit Documents in Banks of the Republic of Uzbekistan" No. 432 dated November 9, 1998, registered with the Ministry of Justice under No. 631 on February 11, 1999, loses its force.

Deputy Chairman of the Central Bank A. KADYROV