Article 17. General requirements for operations conducted by a microfinance organization The Law on Microfinance Activities

Home / RLA / Article 17. General requirements for operations conducted by a microfinance organization The Law on Microfinance Activities

1. A microfinance organization carries out microfinance activities in the presence of rules for the provision of microcredits containing the following information:

1) the procedure for applying for a microcredit and the procedure for its consideration;

2) the procedure for concluding a microcredit agreement;

3) maximum amounts and deadlines for granting a micro-loan;

4) the maximum remuneration rates for micro-loans provided;

5) the procedure for payment of remuneration for the provided micro-loans;

6) requirements for the provision accepted by a microfinance organization;

7) rules for calculating the annual effective remuneration rate for micro-loans provided;

8) methods of repayment of microcredit;

9) the procedure for reviewing customer requests arising in the process of providing a micro-loan.

The period of consideration of the client's request should not exceed fifteen working days from the date of receipt of the request by the microfinance organization.

The time limit for consideration of an application may be extended by fifteen working days due to the need to establish factual circumstances relevant to the proper consideration of the application, which the client is notified about within three working days from the date of extension of the time limit for consideration of the application.;

10) the rights and obligations of a microfinance organization and its client, and their responsibilities;

11) regulations on the procedure for working with clients, including the procedure for providing services to persons with disabilities and low-mobility groups of the population, taking into account the requirements of the national standard for the accessibility of branches of financial organizations for the provision of services to persons with disabilities and other low-mobility groups of the population, as well as the specifics of providing services to persons with disabilities and low-mobility groups of the population with the participation of a trusted representative faces;

12) other conditions, requirements and restrictions that do not contradict the laws of the Republic of Kazakhstan.

2. The rules for the provision of microcredits must comply with the procedure for the provision of microcredits, disclosure of information and consideration by microfinance organizations of customer requests arising in the process of providing microcredits, determined by a regulatory legal act of the authorized body.

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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