Resolution of the Board of the Central Bank of the Republic of Uzbekistan No. 31/8 on Amendments and Additions to the Regulation on the Procedure for Commercial Banks Lending to Associations of Private Homeowners in National Currency

Resolution of the Board of the Central Bank of the Republic of Uzbekistan, registered on 24.01.2020, reg. number 1126-5

Date of Entry into Force

24.01.2020

All

25.03.2021

24.01.2020

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Act lost force 25.03.2021

[OKOB:

1.07.00.00.00 Legislation on finance and credit. Banking activity / 07.22.00.00 Lending / 07.22.06.00 Separate types of lending / 07.22.06.06 Other types of lending]

[TSZ:

1. Finance / Banks and other credit institutions. Credits]

Resolution

BOARD of the Central Bank of the Republic of Uzbekistan

On Amendments and Additions to the Regulation on the Procedure for Commercial Banks Lending to Associations of Private Homeowners in National Currency

Registered by the Ministry of Justice of the Republic of Uzbekistan on January 24, 2020. Registration No. 1126-5]

Commentary LexUz

This resolution has lost force in accordance with the [resolution](/docs/5343922?ONDATE=25.03.2021 00#5344088) of the Board of the Central Bank of the Republic of Uzbekistan dated February 24, 2021 No. 3/3 "On Recognizing as Lost Force the Resolution 'On Approval of the Regulation on the Procedure for Commercial Banks Lending to Associations of Private Homeowners in National Currency', as well as Amendments and Additions thereto" (reg. No. 1126-6 dated 25.03.2021).

In accordance with the Law of the Republic of Uzbekistan "On the Central Bank of the Republic of Uzbekistan", the Decree of the President of the Republic of Uzbekistan dated November 18, 2019 No. UP-5877 "On Improving Monetary Policy with a Phased Transition to an Inflation Targeting Regime" and the Resolution of the Cabinet of Ministers of the Republic of Uzbekistan dated May 13, 2019 No. 396 "On Approval of the Regulation on the Procedure for Issuance of Guarantees by District (City) Khokimiyats and Compensation for Overdue Debt on Bank Loans Attracted by Associations of Private Homeowners", the Board of the Central Bank of the Republic of Uzbekistan resolves:

1. Make amendments and additions to the [Regulation](/docs/356930?ONDATE=28.04.2002 00#358158) on the procedure for commercial banks lending to associations of private homeowners in national currency, approved by the Resolution of the Board of the Central Bank of the Republic of Uzbekistan dated March 16, 2002 No. 6/1 (reg. No. 1126 dated April 18, 2002) (Bulletin of Regulatory Acts of Ministries, State Committees and Departments of the Republic of Uzbekistan, 2002, No. 8), according to the Appendix.

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

Chairman of the Central Bank M. NURMURATOV

Tashkent,

December 21, 2019,

No. 31/8

APPENDIX
to the resolution of the Board of the Central Bank of the Republic of Uzbekistan dated December 21, 2019 No. 31/8

Amendments and Additions Made to the Regulation on the Procedure for Commercial Banks Lending to Associations of Private Homeowners in National Currency

1. [Paragraphs 5](/docs/356930?ONDATE=11.09.2017 00#3344925) and [6](/docs/356930?ONDATE=28.04.2002 00#358171) are to be worded as follows:

«5. Loan terms provided by commercial banks are established independently, based on the availability of resources and the possibility of their repayment.

6. Loans provided by commercial banks are issued at the refinancing rate of the Central Bank of the Republic of Uzbekistan, and from January 1, 2021 — at rates established independently by commercial banks based on market principles, with the possibility of using a compensation mechanism regarding interest expenses.».

2. [Paragraph 9](/docs/356930?ONDATE=28.04.2002 00#358207) is to be supplemented with the following paragraph:

«guarantees of district (city) khokimiyats.».

3. From [paragraph 12](/docs/356930?ONDATE=04.09.2006 00#1078393) the words «and sealed with a round seal» are to be excluded.

4. In the [title](/docs/356930?ONDATE=28.04.2002 00#358231) of Chapter 3, the word «loans» is to be replaced with the word «credit».

5. [Paragraph 15](/docs/356930?ONDATE=28.04.2002 00#358233) is to be worded as follows:

«15. Issuance of credits is carried out by paying payment orders of the borrower from a separate credit account. Payment orders are countersigned by a credit department employee managing this credit. In doing so, he must strictly control the targeted use of payments made from the credit account.».

6. In [paragraph 16](/docs/356930?ONDATE=04.09.2006 00#1078387), the words «from the loan account» are to be replaced with the words «from the credit account».

7. [Paragraph 17](/docs/356930?ONDATE=04.09.2006 00#1078391) is to be worded as follows:

«17. Accounting for credits allocated to the borrower is maintained on corresponding balance sheet accounts in accordance with the Chart of Accounts for Accounting in Commercial Banks of the Republic of Uzbekistan (reg. No. 773-17 dated August 13, 2004).».

8. In [paragraph 18](/docs/356930?ONDATE=28.04.2002 00#358243):

[first paragraph](/docs/356930?ONDATE=28.04.2002 00#358243) is to be worded as follows:

«18. Based on the order of the credit department, time liabilities are оформлены on separate accounts for allocated credits and their accounting is maintained until full repayment of the credits.»;

[third paragraph](/docs/356930?ONDATE=28.04.2002 00#358245) is to be worded as follows:

«Upon the maturity of the credit and absence of funds in the borrower's accounts, the debt is collected in the manner established by the Instruction on the Procedure for Deduction of Funds from Bank Accounts of Economic Entities (reg. No. 2342 dated March 15, 2012).».

9. In the [first paragraph](/docs/356930?ONDATE=28.04.2002 00#358249) of paragraph 20, the words «to the overdue loan account» are to be replaced with the words «to the overdue credit account».

10. [Paragraph 22](/docs/356930?ONDATE=28.04.2002 00#358254) is recognized as having lost force.

11. [Paragraph 23](/docs/356930?ONDATE=28.04.2002 00#358255) is to be supplemented with the following paragraph:

«The Bank has the right to collect from the district (city) khokimiyat the debt formed on credits allocated to associations under the guarantee of the district (city) khokimiyat based on the Regulation on the Procedure for Issuance of Guarantees by District (City) Khokimiyats and Compensation for Overdue Debt on Bank Loans Attracted by Associations of Private Homeowners, approved by the Resolution of the Cabinet of Ministers of the Republic of Uzbekistan dated May 13, 2019 No. 396.».

(National Legislative Database, 24.01.2020, No. 10/20/1126-5/0080)