Article 17-1. Financial Ombudsman of the Microfinance Law

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1. The Financial Ombudsman, as part of the pre-trial dispute settlement procedure, examines the applicant's appeals in the cases provided for in paragraph 5 of Article 17 of this Law.

2. Based on the results of consideration of the applicant's application, the Financial Ombudsman makes a decision that is binding on the microfinance organization in agreement with such a decision of the applicant, or decides to terminate consideration of the application in the cases provided for in paragraph 11 of Article 15-33 of the Law of the Republic of Kazakhstan "On State Regulation, Control and Supervision of the Financial Market and Financial Organizations."

If a microfinance organization fails to comply with the decision of the financial Ombudsman within the time limit set by him, the authorized body applies supervisory response measures to the microfinance organization in accordance with Article 28 of this Law.

In case of disagreement with the decision of the financial Ombudsman, the parties to the dispute (appeal) considered by the financial Ombudsman have the right to apply to the court in accordance with the legislation of the Republic of Kazakhstan.

The procedure and time limits for consideration by the financial Ombudsman of applicants' appeals, as well as the consequences of the financial Ombudsman's decisions on such appeals, are determined by Article 15-33 of the Law of the Republic of Kazakhstan "On State Regulation, Control and Supervision of the Financial Market and Financial Organizations" and the regulatory legal act of the authorized body.

The requirements of this article do not apply to credit partnerships and pawnshops.

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.

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Republic of Kazakhstan

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