In order to protect the interests of consumers of financial services, the Agency of the Republic of Kazakhstan for regulation and development of the financial market (hereinafter - the Agency) informs about the following.
From 1 July 2020 introduced the item 2-1 of article 715 of the Civil code of the Republic of Kazakhstan (hereinafter – Civil code), according to which individual entrepreneurs and legal persons are prohibited from giving money in loans to citizens and such agreements are void.
This prohibition does not apply to the cases provided by paragraph 2 of article 715 of the Civil code and to cases of providing money in the form of Bank loans and microcredit in accordance with the laws of the Republic of Kazakhstan, the loan by an employer to his employee, retiree, former employment relationship with the employer, as well as loan legal person, its founder (shareholder, participant).
In accordance with the first part of paragraph 4 of article 2 of the Law of the Republic of Kazakhstan from July 3, 2019 "On amendments and additions to some legislative acts of Kazakhstan on regulation and financial market development, microfinance activities and the taxation" (further – the Law) legal entity, carrying out activity on granting of loans to citizens prior to the enactment of the Law (with the exception of persons registered as credit cooperatives, pawnshops and microfinance organizations that
According to the second and third parts of paragraph 4 of the Law, a legal entity, carrying out activity on granting of loans to citizens prior to the enactment of the Law, passed state registration as microfinance institutions, credit cooperatives and pawnshops and are not included in the register of organizations engaged in microfinance activities are subject to registration in accordance with article 14 of the Law of the Republic of Kazakhstan "On microfinance" in time until July 1, 2020.
In the event of continuing to provide loans without complying with the requirements established by parts one and (or) two of paragraph 4 of the Law, the authorized body for regulation, control and supervision of the financial market and financial organizations may file a claim to the court for compulsory reorganization or liquidation of these persons in accordance with the laws of the Republic of Kazakhstan.
To date, there are a number of legal entities registered as microfinance organizations, credit partnerships and pawnshops that did not pass registration before the deadline, as well as legal entities that did not pass state re-registration in accordance with the requirements of part one of paragraph 4 of the Law according to the regional list below.
The list is attached.