Loans without biometrics will not be issued in Kazakhstan

Such norms are laid down in the Law “On Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan on the Issues of Minimizing Risks in Lending, Protecting the Rights of Borrowers, Regulating the Financial Market and Improving Enforcement Proceedings.”

“During the discussion of the Law, the following comments and suggestions arose. It is proposed to exclude funding for the activities of the Agency for Regulation and Development of the Financial Market (hereinafter referred to as the Agency) from the expenditures of the republican budget with a transition to funding from the budget of the National Bank, with a parallel transition of the Agency to a procurement and accounting system according to the rules of the National Bank. In connection with the adoption of these amendments, it is proposed to bring the title of the Law into compliance,” said Senator Sergei Karplyuk.

The introduction of the new concept of “electronic bank loan” is excluded due to the fact that this concept is already provided for by the relevant norms of the current legislation.

It is proposed to extend by 60 days the deferment for loan repayment provided for by law for the period of compulsory military service. This will allow the newly discharged serviceman to be provided with appropriate time for his employment and restoration of solvency.

In addition, in connection with this amendment, it is proposed not to extend to conscripts certain requirements for concluding additional agreements on mortgage agreements, pledge agreements for movable and immovable property.

It is proposed that the prohibition provided by the Law on the provision of an electronic bank loan without biometric identification be extended only to individuals due to the fact that biometric identification of legal entities is impossible.

Additional requirements are established for the election of the banking and microfinance ombudsman in connection with the inclusion of employees of the National Bank in the Council of Representatives.

The rules governing the activities of credit bureaus with state participation are being clarified, and additional information is being provided that collectors will provide to the credit bureau.

The rules related to the voluntary refusal to receive loans when concluding an agreement with pawnshops due to the specifics of their activities are being brought into compliance.

“The composition of participants in syndicated lending by branches of non-resident banks and banks of the Astana International Financial Center is being added to the list of persons who are allowed to participate in syndicated financing in order to provide them with an additional opportunity to invest in the economy of Kazakhstan. The requirements for organizing syndicated financing are also being clarified. In addition, there are amendments related to the need to comply with legal techniques,” the senator said.

In connection with the senators’ amendments, the document was returned to the Mazhilis.

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