Article 3-2. Features of the provision of micro-loans by electronic means of the Law on Microfinance Activities

Home / Laws / Article 3-2. Features of the provision of micro-loans by electronic means of the Law on Microfinance Activities

1. Microfinance organizations have the right to provide micro-loans electronically in accordance with the procedure determined by the authorized body.

2. Microfinance organizations are prohibited from entering into a micro-loan agreement with an individual via the Internet without biometric authentication.

The procedure for biometric authentication, as well as the retention period for biometric authentication results, are determined by the authorized body in coordination with the National Bank of the Republic of Kazakhstan.

If the amount of the micro-loan exceeds the amount established by the regulatory legal act of the authorized body, biometric authentication of the borrower is carried out through the Identification Data Exchange Center of the National Bank of the Republic of Kazakhstan, the functioning of which is provided for by the Law of the Republic of Kazakhstan "On Payments and Payment Systems".

3. From the moment of discovery of unlawful access to information constituting the secret of providing a micro-loan, its unlawful modification, the commission of unlawful actions by third parties or other illegal (fraudulent) actions with micro-loans of individuals, the microfinance organization shall inform the client and the authorized body about this within one working day, and take measures within two working days to eliminate the unlawful It takes measures to eliminate the consequences of such actions within ten working days.

4. Based on the submission made (issued) by the criminal prosecution authorities in accordance with the Criminal Procedure Code of the Republic of Kazakhstan on taking measures to eliminate the circumstances that contributed to the commission of a criminal offense, or a resolution recognizing an individual borrower as a victim of a criminal offense related to the fraudulent issuance of a microcredit, a microfinance organization no later than three calendar days from the date of suspends the receipt of the specified submission or resolution in respect of the specified microcredit:

debt collection and claim-based work;

accrual of remuneration and/or penalties.

Microfinance organization no later than ten working days from the date of receipt of the judicial act that has entered into force, which establishes the fact of registration for the borrower – an individual recognized as a victim in a criminal case, a micro-loan fraudulently as a result of illegal receipt and use by a third party of identification funds of such an individual, including when applying for a micro-loan by using remote software management for remote provision of services to a microfinance organization and (or) violation by a microfinance organization of the procedure for biometric authentication or established by a regulatory legal act of an authorized body identification requirements, after recording and analyzing the facts of internal, external and (or) other methods of fraud, decides to write off his debt on the corresponding micro–loan, as well as measures to refund to the individual borrower the amounts previously withheld (paid) on such a micro-loan.

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

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