Microsoft Word Microfinance development in Uzbekistan Eng doc

Article 45. Rights and Responsibilities of the Creditor
 
Creditor shall be entitled to:
Grant or deny micro-credit to the applicant on reasonable grounds; 
Provide micro-credits with or without collateral; 
Request information required to issue micro-credit and meet contractual obligations; 
In case of a Borrower’s failure to repay the micro-credit in a timely manner, demand 
advance repayment in the amount of the micro-credit, interest accrued and fines. 
The Creditor shall be responsible for: 
• Making micro-crediting policies available in a place accessible for review; 
• Providing accurate and comprehensive data about the terms of micro-credit; 
• Informing the applicant of all costs associated with the issuance of micro-credit 
prior to signing the agreement; 
• Informing the borrower of his rights and responsibilities related to the receipt of 
micro-credit; 
• Issuing micro-credit according to the timeframe and procedure laid down in the 
agreement. 
The Creditor may have other rights and responsibilities as stipulated by legislation or 
the Agreement. 
Article 46. Rights and Responsibilities of the Borrower 
 
Borrower shall be entitled to: 
• Receive reliable and accurate information about the terms of micro-credit; 
• Review micro-crediting policies of the creditor; 
• Use micro-credit funds in business activities; 
• Use micro-credit without hindrance for the purposes established in the 
Agreement; 
• Demand immediate fulfillment of the terms of the agreement by the deadlines 
and terms of the agreement. 
The Borrower shall be responsible for: 
• Providing records and data requested by the creditor in conformity with this 
Law; 
• Using the micro-credit received for due purpose outlined in the Agreement; 
• Repaying the principal of micro-credit received and accrued interest within the 
timeframe and procedure set in the agreement. 

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The Borrower may have other rights and responsibilities established by legislation or the 
Agreement.