Article 2. Scope of application of this Law of the Law on Mortgage of Immovable Property

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1. This Law regulates the relations arising from the application of the mortgage of property as a method of securing obligations. The general rules on collateral contained in the Civil Code of the Republic of Kazakhstan apply to the mortgage of property, unless other rules are established by this Law. In the event of a conflict between this Law and other legislative acts regarding the regulation of the mortgage of property, the provisions of this Law shall apply.

2. The rules of this Law on mortgages arising by virtue of a contract shall apply accordingly to mortgages arising on the basis of a legislative act.

3. The specifics of the mortgage of land plots and the rights to them may be provided for by land legislation.

4. The requirements for mortgage organizations related to obtaining licenses for banking operations provided for by this Law, as well as regulating their activities, are established by regulatory legal acts of the authorized body.

5. Mortgage organizations and other legal entities operating within the framework of the special regulatory regime introduced in accordance with the Law of the Republic of Kazakhstan "On State Regulation, Control and Supervision of the Financial Market and Financial Organizations", the norms of this Law and regulatory legal acts of the authorized body, the National Bank of the Republic of Kazakhstan, adopted in accordance with this Law, shall apply within the limits stipulated by the terms of the special regulatory regime.

The Law of the Republic of Kazakhstan dated December 23, 1995.

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Republic of Kazakhstan

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