The Legislative Chamber of the Oliy Majlis has adopted the draft law on self-restrictions for the issuance of loans in its second and third readings. This was reported by the press service of the parliament.
The document will introduce amendments to the law "On Credit Information Exchange," allowing individuals to impose a ban on entering into loan agreements with themselves and to remove such a ban. To facilitate this, a special registry is planned to be created.
The self-restriction will impose limitations when processing loan transactions without direct notification of the borrower or their direct participation (for instance, online). The law will introduce liability for financial organizations that violate the self-restriction.
The first reading of the draft took place in December 2024. In the current reading, the responsible committee has made clarifications regarding the regulation of credit bureau operations by the Central Bank and has also worked on sanctions against credit bureaus.
Additionally, the deputies reviewed the draft law on the development of the factoring services market in its main reading. It is proposed to permit factoring in foreign currency, provided that the client's counterparty in the transaction is a non-resident, as well as to abolish liability for violating the ban on the assignment of monetary claims in favor of another party.
Factoring companies are expected to be recognized as non-banking credit organizations. The law establishes a legal framework for the operation of specialized factoring organizations providing services to entrepreneurs and the foundations for their regulation.
Earlier, Spot published an overview of the installment market in Uzbekistan, its trends, and prospects.