Article 2. Legislation on Micro-credit and Micro-credit Organizations
Legislation on micro-credit and micro-credit organizations shall be based on the
Constitution of the Republic of Uzbekistan, this Law, and other statutory acts recognized by
the Republic of Uzbekistan.
Should the provisions of an international treaty of the Republic of Uzbekistan differ
from those established in the legislation of the Republic of Uzbekistan on micro-credit and
micro-credit organizations, then the provisions of the international treaty shall be applied.
This Law shall not cover affairs related to the issuance of loans and micro-loans by
commercial banks and other financial institutions.
The Law of the Republic of Uzbekistan “On Banks and Banking” and regulatory acts
of the Central Bank adopted in compliance there under shall not be applied to micro-credit
organizations except in those cases directly stipulated in this Law.
Article 3. Basic Definitions
The following basic definitions shall be used in this Law:
borrower – individual or legal entity – a subject of small, micro- and individual
business in conformity with legislation;
creditor – micro-credit organization that issued micro-credit and/or micro-leasing to
the borrower;
micro-credit/micro-loan (hereinafter -micro-credit) – non-cash and/or cash funds up
to the maximum allowed amount, provided by creditors to the borrower in national currency
on condition of finance charges and timely repayment;
maximum amount of micro-credit – credit of micro-credit organization up to the
equivalent of three thousand U.S. dollars per borrower;
maximum amount of micro-leasing – loan of micro-credit organization up to the
equivalent of ten thousand U.S. dollars per lessee;
deposit – funds deposited to a micro-credit organizations under the terms of full
repayment with or without interest, which may be withdrawn by individuals or their legal
representatives at the first request or the expiration of the agreed-upon period;
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