Microsoft Word Microfinance development in Uzbekistan Eng doc

 
Article 21. Procedure to Suspend License
 
The Central Bank may suspend the license of micro-credit organization entitled to 
accept individual deposits in the following cases: 
Detection of any violation of the requirements, terms, and conditions of this Law and 
other regulatory acts of the Central Bank as well as licensing requirements and conditions; 
Failure to comply with Central Bank’s instructions mandating any remedies for 
violations cited. 
Decisions with justification of the decisions to suspend the licenses shall be 
communicated in writing by the Central Bank to the micro-credit organization entitled to 
accept individual deposits no later than three days after it was made. 
Decisions of the Central Bank to suspend licenses may be appealed in court. 
The Central Bank shall be required to specify a time period given to the licensee to 
remedy the circumstances that led to the suspension of the license. This period shall not 
exceed six months. 
In case the circumstances that led to the suspension of the license have been removed, 
the Central Bank shall make a decision to reinstate the license within ten days after receiving 
appropriate documents. 
Article 22. Procedure for Termination of License
 
Licenses shall be terminated in the following circumstances: 
• Application of a micro-credit organization entitled to accept individual deposits to 
terminate the license; 
• Closure of a micro-credit organization entitled to accept individual deposits from 
the moment of closure or termination; 
• Re-organization of a micro-credit organization entitled to accept individual deposits 
from the moment of its re-organization, unless it is transformed. 
• Any violation by micro-credit organization entitled to accept individual deposits of 
the requirements, terms, and condition under this Law and other regulatory acts, 
namely: 
- Insolvency of micro-credit organization entitled to accept individual 
deposits, i.e. the inability to meet its commitments before depositors or 
creditors; 
- Systematic distortion of reporting data; 
- The identification of false data used as grounds to issue the license; 
- Delay in transactions over one year after the license has been issued; 

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- Failure of a micro-credit organization entitled to accept individual deposits 
to remedy the circumstances which led to suspension of its license by the 
deadline set by the Central Bank. 
- License may be terminated by court ruling. 
- License shall be terminated from the date of the decision to close down the 
activities of the micro-credit organization entitled to accept individual 
deposits.