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 organization for the management of stress assets, a collection agency that has, under a trust management agreement, rights (claims), powers for the trust management of rights (claims) under a bank loan agreement, a micro–loan agreement, including in relation to:

changes in the terms of the bank loan agreement, the micro-loan agreement;

representation in court of the interests of the person with whom the contract of trust management of rights (claims) is concluded;

receiving money and (or) other property from the debtor;

other powers provided for by this Law, other laws of the Republic of Kazakhstan and (or) the contract of trust management of rights (claims);

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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