Comments by LexUz
The purpose of this Law is to regulate relations in the field of development of the microfinance services market, to ensure the needs of citizens and business entities in financial resources and services to increase their business activity.
If an international treaty of the Republic of Uzbekistan establishes rules other than those provided for by the legislation of the Republic of Uzbekistan on microfinance, then the rules of the international treaty apply.
Microfinance is the activity of organizations that provide microfinance services for the provision of microcredit, microloan, microleasing, in an amount not exceeding the amount established by law, as well as the provision of other services in accordance with the agreement on the provision of microfinance services (hereinafter the contract).
A microcredit is a loan provided to a borrower for carrying out entrepreneurial activity in an amount not exceeding 300 million soums on terms of payment, maturity and repayment.
Microcredit can be provided to the borrower on the basis of the use of funds for certain purposes in accordance with the agreement (targeted microcredit).
A microloan is money provided by banks and microcredit organizations to an individual borrower in the amount not exceeding 50 million soums on terms of payment, maturity and repayment.
Microleasing is a service that provides for the acquisition by an organization that provides microfinance services, on behalf of a lessee from a third party of property, and the provision of it to the lessee for possession and use for a fee on the conditions specified in the contract.
Microleasing is provided for entrepreneurial activities in the amount not exceeding 600 million soums in accordance with the legislation on leasing.
The rules established by this Law in relation to borrowers apply to lessees who are users of the services of organizations providing microfinance services.
Organizations providing microfinance services are banks, microcredit organizations, pawnshops and other credit organizations.
Microfinance services are provided in accordance with the rules for the provision of microfinance services.
The rules for the provision of microfinance services are established by organizations providing microfinance services in accordance with this Law.
The rules for the provision of microfinance services should be accessible to the general public and contain:
It is forbidden to charge interest, levy commissions and penalties (fines, penalties), apply other measures of liability under microfinance services agreements in an amount amounting to more than half of the amount of borrowing per year.
Organizations providing microfinance services provide microfinance services at their own expense, including income received and other sources not prohibited by law.
To use microfinance services, legal entities and individuals submit to the organization providing such services an application for the use of microfinance services (hereinafter — the application) and other documents containing information about their activities and income in accordance with the rules for the provision of microfinance services.
full name, location (mailing address), taxpayer identification number and bank details - for a legal entity;
surname, name, patronymic, series and number of the passport (or document replacing the passport), the address of permanent residence — for an individual, as well as an additional tax identification number and bank details - for an individual entrepreneur;
An organization that provides microfinance services, within three business days after receipt of the application, is obliged to consider it and decide on the provision or motivated refusal to provide microfinance services.
When considering an application by an organization providing microfinance services, an analysis is carried out on the subject of:
the availability of the timely fulfillment by the applicant of obligations to the organization providing microfinance services.
In the case of a motivated refusal to provide microfinance services, the organization providing microfinance services is obliged to inform the applicant in writing.
Based on the results of consideration of the application, if a decision is made on the provision of microfinance services, an agreement is concluded between the organization providing microfinance services and the borrower.
full name containing an indication of the legal form of the organization providing microfinance services, its location (mailing address), tax identification number and bank details;
surname, name, patronymic, series and number of the passport (or the document replacing the passport), the address of the individual's permanent residence (for the individual entrepreneur, the taxpayer identification number and bank details are additionally indicated) or full name, location (mailing address), tax identification number and bank details of the legal entity;
a condition on the prohibition of interest accrual, commission fees and forfeits (fines, penalties), and the application of other measures of liability under microfinance services agreements in an amount amounting to more than half of the amount of borrowing per year;
the procedure and terms for the provision of microfinance services, repayment of the main debt for microfinance services, as well as interest and lease payments;
liability of the parties in case of non-performance or improper performance of obligations under the contract;
Changing the terms of the contract is possible by agreement of the parties, unless otherwise provided by law.
The borrower has the right to refuse the unused amount of microfinance services within two weeks from the date of conclusion of the contract by written notice to the organization providing microfinance services.
An organization that provides microfinance services has the right to unilaterally terminate the contract if the borrower did not use the provided microfinance service within one month from the date of conclusion of the contract, by written notification of the borrower.
receive reliable and complete information about their rights and obligations, including all costs associated with the provision of microfinance services;
demand the fulfillment of the terms of the contract in the manner and terms established by the contract;
demand compensation for losses incurred as a result of non-performance or improper performance of obligations under the contract.
provide the documents necessary for using microfinance services and fulfillment of obligations under the contract;
The borrower may have other rights and bear other obligations in accordance with the law or the contract.
provide microfinance services with the condition of ensuring the fulfillment of obligations by the borrower or without it in accordance with the contract;
request from the applicant the documents necessary for the provision of microfinance services and the fulfillment of obligations under the contract;
to demand early fulfillment of obligations by the borrower in case of late payment or use of the target microloan for other purposes.
provide the applicant with reliable and complete information about his rights and obligations, including all costs associated with the provision of microfinance services;
to compensate the borrower for losses incurred as a result of non-performance or improper performance of obligations under the contract.
An organization providing microfinance services may have other rights and bear other obligations in accordance with legislation or an agreement.
a pledge of property or securities, including a security deposit, bank savings certificates and other methods provided by law and the contract.
The amount of the borrower's income, as well as the collateral provided by him for the fulfillment of obligations under the contract, should be sufficient to return the amount of microfinance services received and pay accrued interest on it.
The borrower has the right to repay the amount of the microloan, microloan ahead of schedule or pay the cost of the microleasing facility ahead of schedule, as well as pay the accrued interest (lessor's interest income) for the period of their actual use.
In case of default by the borrower of its obligations, the guarantor or surety is obliged to repay the debt of the borrower at the first request of the organization providing microfinance services, after the expiration of its repayment period, in accordance with the contract.
The storage of documents related to the provision of microfinance services is carried out in accordance with the law.
Disputes arising in connection with the provision of microfinance services are resolved in the manner prescribed by law.