Article 1. The basic concepts used in this Law of the Law on Collection Activities

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The following basic concepts are used in this Law:

1) debt under a bank loan agreement or a microcredit agreement (hereinafter referred to as debt) – the debtor's obligations to the creditor to pay the principal debt, remuneration, commissions, penalties (fines, penalties) under a bank loan agreement or a microcredit agreement;

2) debtor – a natural or legal person who has committed non-fulfillment or improper fulfillment of obligations under a bank loan agreement or a micro-loan agreement;

3) registration – the inclusion of a legal entity intending to carry out collection activities in the register of collection agencies;

4) collection agency – a legal entity that is a commercial organization included in the register of collection agencies;

5) register of collection agencies – a single list of collection agencies of the authorized body in the field of collection activities;

6) collection activity – the activity of a collection agency aimed at pre-trial debt collection and settlement, as well as collecting information related to debt;

7) the authorized body in the field of collection activities (hereinafter referred to as the authorized body) is the state body for regulation, control and supervision of the financial market and financial organizations;

8) the creditor is a second–tier bank, a branch of a non-resident bank of the Republic of Kazakhstan, an organization engaged in certain types of banking operations, or an organization engaged in microfinance activities that have the right to claim against the debtor for debt;

9) a service company is a subsidiary of a bank that acquires doubtful and uncollectible assets of the parent bank, a collection agency that has rights (claims) under bank loan agreements and (or) microcredit agreements under a trust management agreement (hereinafter referred to as – trust management agreement) concluded with the person specified in the first part of paragraph 4 of Article 36-1 of the Law of the Republic of Kazakhstan "On Banks and Banking Activities in the Republic of Kazakhstan" and (or) the first part of paragraph 5 of Article 9-1 of the Law of the Republic of Kazakhstan "On Microfinance Activities", the authority for the trust management of rights (claims) under banking contracts loan agreements and (or) micro-credit agreements, including changes to the terms of a bank loan agreement and (or) a micro-credit agreement, representing the interests of a person, with whom a trust management agreement has been concluded, in court, to receive money and (or) other property from the debtor and other powers provided for by this Law, other laws of the Republic of Kazakhstan and the trust management agreement.

The Law of the Republic of Kazakhstan dated May 6, 2017 No. 62-VI.

This Law regulates public relations related to the implementation of collection activities, establishes the specifics of the creation and operation of collection agencies, and also defines the specifics of state regulation of collection agencies and control over their activities.

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Republic of Kazakhstan

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