On March 4 of this year, the Law of the Republic of Uzbekistan No. URQ-1043 was adopted, introducing significant amendments and additions to the Law "On Exchange of Credit Information" aimed at further improving credit relations. This legal document aims to strengthen financial stability, strengthen legal protection of the population, and ensure transparency in bank-client relations.
According to the new law, any loan processing process is carried out only with the direct participation and consent of the citizen. Now, it is absolutely forbidden to issue a loan in the name of a person without his knowledge or consent.
Also, the law gives citizens the right to voluntarily prohibit the issuance of a loan in their name. In this case, the citizen applies to the credit bureau and is included in the “register of persons prohibited from concluding a credit transaction”. No financial institution will issue a loan to persons in this register. The ban can only be lifted upon a written application by the citizen himself.
This mechanism serves as an important tool for protecting the financial rights of the population, preventing fraudulent lending, and ensuring the financial security of citizens.
In addition, new requirements have been introduced within the framework of the law regulating the activities of credit bureaus. In particular:
• the minimum authorized capital of a credit bureau is set at 2 billion soums;
• in case of violation of the requirements of the law, the Central Bank may impose a fine of up to 5 thousand times the base calculation amount;
• in cases of violation of consumer rights, submission of forged documents and illegal activity, the license may be revoked;
• also, a single register of persons prohibited from concluding a credit transaction is maintained by credit bureaus in accordance with the procedure established by the Central Bank and is mandatory for banks.
This law will further increase the safety and reliability of using financial services in our country. It will ensure that the banking system operates on the principles of openness and fairness, and that the financial interests of the population are protected at a high level.
Bank information service
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