Article 14. Collection agency rights The Law on Collection Activities

Home / RLA / Article 14. Collection agency rights The Law on Collection Activities

The collection agency has the right to:

1) to carry out collection activities on the basis of a debt collection agreement concluded with the creditor and in accordance with the requirements of this Law, the laws of the Republic of Kazakhstan "On Banks and Banking Activities in the Republic of Kazakhstan" and "On Microfinance Activities";

2) collect information related to debt, including obtaining documents (originals and copies), explanations and information from the creditor under concluded debt collection agreements;

3) to foreclose in court, unless otherwise provided by the laws of the Republic of Kazakhstan or the contract, on the pledged property, which is a security under a bank loan agreement or a micro-loan agreement, the right (claim) for which the collection agency acquired from the creditor;

4) to refuse to execute the debt collection agreement in cases where the creditor violated the terms of the debt collection agreement, failed to provide documents (originals and copies), information about the debtor and his debts, and provided false information.;

5) conclude a contract of assignment of the right of claim with the creditor under a bank loan agreement or a micro-credit agreement for an individual, provided that the creditor complies with the requirements provided for in subparagraph 3) paragraph 2-1 of Article 36 of the Law of the Republic of Kazakhstan "On Banks and Banking Activities in the Republic of Kazakhstan" and subparagraph 2-1) of paragraph 5 of Article 9-2 of the Law of the Republic of Kazakhstan "On Microfinance Activities";

6) act as a representative of the creditor in court and enforcement proceedings, if authorized to do so;

7) request information from third parties about the location and (or) contact details of the debtor if there is such a condition in the bank loan agreement (micro-loan agreement) concluded with the debtor.;

7-1) act as a service company under a trust management agreement.

The collection agency, within the framework of the trust management agreement, has the right:

by agreement of the parties, to change the terms of a bank loan agreement or a micro-loan agreement within the framework of the powers granted by the person with whom the trust management agreement is concluded. Unilaterally changing the terms of a bank loan agreement and (or) a micro-loan agreement is allowed in cases of their improvement for the borrower in accordance with Part two of paragraph 3 of Article 34 of the Law of the Republic of Kazakhstan "On Banks and Banking Activities in the Republic of Kazakhstan" and part two of paragraph 6 of Article 3 of the Law of the Republic of Kazakhstan "On Microfinance Activities";

represent the interests of the person with whom the trust management agreement has been concluded in court, including in the process of debt collection and (or) foreclosure on the collateral;

to accept from the debtor, in the interests of the person with whom the trust management agreement has been concluded, money in non-cash form and (or) other property to repay the debt, followed by the transfer of such money and (or) such property in his favor;

use the services of appraisers, auditors, lawyers and other consultants.

Remuneration to the collection agency acting as a service company, as well as expenses related to trust management, are paid (reimbursed) in accordance with the terms of the trust management agreement by the person who acquired the rights (claims) under bank loan agreements and (or) microcredit agreements.;

8) exercise other rights established by this Law, other laws of the Republic of Kazakhstan, the debt collection agreement and (or) the assignment agreement (claim), and (or) 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.

President

Republic of Kazakhstan

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