Article 11. Written instructions and sanctions of the Law on Credit Bureaus and Formation of Credit Histories in the Republic of Kazakhstan

Home / RLA / Article 11. Written instructions and sanctions of the Law on Credit Bureaus and Formation of Credit Histories in the Republic of Kazakhstan

1. In case of violation of the legislation of the Republic of Kazakhstan on credit bureaus and the formation of credit histories, the authorized body has the right to send a written order to the credit bureau, microfinance organization, collection agency.

A written instruction is an instruction to the credit bureau, the organization engaged in microfinance activities, the collection agency to take mandatory corrective measures aimed at eliminating the identified violations and (or) the causes, as well as the conditions that contributed to their commission within the prescribed period, and (or) the need to submit an action plan to eliminate the identified violations within the prescribed period. violations and (or) the causes, as well as the conditions that contributed to their commission (hereinafter referred to as the action plan).

The action plan, submitted within the time limit set by the written order, contains descriptions of violations, the reasons that led to their occurrence, a list of planned activities, the timing of their implementation, as well as responsible officials.

1-2. An appeal against a written order of the authorized body is carried out in accordance with the procedure established by the laws of the Republic of Kazakhstan.

Appealing against the written order of the authorized body does not suspend its execution.

1-3. A credit bureau, an organization engaged in microfinance activities, or a collection agency must notify the authorized body of the implementation of the measures specified in the written order within the time limits provided for in this written order.

If it is not possible to eliminate the violation within the time limits set in the action plan or written instruction, for reasons beyond the control of the credit bureau, microfinance organization, collection agency, the deadline for the execution of the action plan or written instruction may be extended by the authorized body in accordance with the procedure established by the regulatory legal act of the authorized body.

2. The authorized body has the right to apply the following measures as sanctions::

1) administrative fine;

2) suspension of the permit;

3) Deleted - dated July 27, 2007, No. 317.

3. In case of violation by a bank or an organization engaged in certain types of banking operations of the legislation of the Republic of Kazakhstan on credit bureaus and the formation of credit histories, the authorized body applies supervisory response measures and sanctions in accordance with the Law of the Republic of Kazakhstan "On Banks and Banking Activities in the Republic of Kazakhstan".

The Law of the Republic of Kazakhstan dated July 6, 2004 No. 573.

This Law defines the legal, economic and organizational bases for the formation of credit histories in the Republic of Kazakhstan, the legal status of participants in the system of formation of credit histories and their use, regulates public relations related to the creation, implementation and termination of activities of credit bureaus, the specifics of state regulation, control and supervision in this area.

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Republic of Kazakhstan

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