Article 15. Grounds for refusal to issue a license to carry out microfinance activities of the Law on Microfinance Activities

Home / RLA / Article 15. Grounds for refusal to issue a license to carry out microfinance activities of the Law on Microfinance Activities

1. A refusal to issue a license for microfinance activities is made in the following cases::

1) non-compliance of the submitted documents with the requirements established by the regulatory legal act of the authorized body, as well as the provision of false information and information to be reflected in these documents;

2) excluded by the Law of the Republic of Kazakhstan dated 03.07.2019 No. 262-VI (effective from 01.01.2020);

3) if the microfinance organization has not applied for a license to carry out microfinance activities within six months from the date of its state registration (re-registration) with the Government for Citizens State Corporation;

4) non-compliance with one of the requirements established by Articles 11, 12, 13, paragraphs 5 and 6 of Article 14, paragraph 3 of Article 14-1 of this Law;

5) excluded by the Law of the Republic of Kazakhstan dated 03.07.2019 No. 262-VI (effective from 01.01.2020);

6) non-compliance with the deadline for state re-registration established by paragraph 1 of Article 31 of this Law;

7) failure to comply with the deadline set by paragraph 2-1 of Article 31 of this Law for applying for a license to carry out microfinance activities.

2. In case of refusal to issue a license on the grounds provided for in subitems 1) and 4) of paragraph 1 of this Article, a legal entity registered as a microfinance organization, credit partnership, pawnshop, within thirty working days after the date of receipt of the refusal, has the right to resubmit the application and other documents for obtaining a license after eliminating the discrepancy.

The re-submitted application and other documents are reviewed within thirty working days.

Upon waiver of the right provided for in part one of this paragraph, as well as upon receipt of a refusal on the grounds provided for in subparagraphs 3), 6) and 7) of paragraph 1 of this article, a legal entity registered as a microfinance organization, credit partnership, pawnshop, within thirty working days after the date of receipt of the refusal, is obliged to conduct a re-registration procedure. by excluding from its name the words "microfinance organization", "credit partnership", "pawnshop", words derived from them, or abbreviations suggesting, that the specified legal entity is engaged in the provision of microcredit, or to take a decision on reorganization or liquidation.

In cases where a legal entity fails to perform the actions specified in parts one and three of this paragraph, it is subject to compulsory reorganization or liquidation in accordance with the procedure established by the laws of the Republic of Kazakhstan.

The Law of the Republic of Kazakhstan dated November 26, 2012 No. 56-V.

This Law regulates public relations related to the provision of micro-loans, establishes the specifics of the creation and reorganization of organizations engaged in microfinance activities, the legal status, activities of organizations engaged in microfinance activities, and also defines the specifics of state regulation of organizations engaged in microfinance activities, control and supervision of their activities.

President

Republic of Kazakhstan

Constitution Law Code Standard Decree Order Decision Resolution Lawyer Almaty Lawyer Legal service Legal advice Civil Criminal Administrative cases Disputes Defense Arbitration Law Company Kazakhstan Law Firm Court Cases