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Uzbek President Signs Law "On Exchange of Credit Information"
Source: en.trend.az
Source Date: Friday, October 07, 2011
Focus: Institution and HR Management
Country: Uzbekistan
Created: Oct 11, 2011

Uzbek President Islam Karimov signed a law "On exchange of credit information" approved by the Uzbek senate on Aug. 26.

The law will enter into force on Jan.1, 2012. The law was developed to further improve the financial-banking infrastructure.

The law is directed at creating an effective system of credit information exchange and providing information on the state of credit deals, the execution of responsibilities on them, and other information which will contribute to determine the solvency, financial state, paying capacity, payment discipline and other issues related to credit information.

The law includes basis concepts related to credit information exchange, the order of state registration and issuing of licenses, the determining of rights and liabilities of credit bureaus, suppliers, users and subjects of credit information, and the authority of the Central Bank of Uzbekistan on the regulation and supervision of the activities of the credit bureaus.

Based on the law, credit information exchange is based on the interaction of the credit bureau, subject, provider and user of credit information on collection, processing, analysis, storage, delivery, use and protection of this information with a view to build a credit history and credit report.

Credit information must contain information about the state of credit transaction, performance of obligations issued by security (collateral, guarantees, risk insurance to repay the loan and others), as well as other information to facilitate the determination of the creditworthiness, financial condition, solvency, payment behavior and other qualities of the subject credit information.

Other credit organizations, pawnshops and micro credit organizations, along with leasing companies and insurers and commercial banks should be attracted to the process of credit information exchange.
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