Article 3-3. Features of micro-credit to military personnel of the military service of the Law on microfinance Activities

Home / Laws / Article 3-3. Features of micro-credit to military personnel of the military service of the Law on microfinance Activities

1. Microfinance organizations are prohibited from providing micro-loans to conscripted military personnel during their military service in the Armed Forces of the Republic of Kazakhstan, other troops and military formations if there is information about the conscription of such a serviceman for military service in his credit report received by the microfinance organization before making a decision on granting a micro-loan.

If a microfinance organization provides a micro-loan to a military serviceman, if there is information about the conscription of such a military serviceman in his credit report received by the microfinance organization before making a decision on granting a micro-loan, the microfinance organization has no right to demand fulfillment of obligations under such a micro-loan and no later than three working days from the date of revealing the fact of issuing such a micro-loan, it accepts measures provided for in paragraph 14 of Article 4 of this Law.

2. Microfinance organizations are required to provide, under a contract for the provision of microcredit to conscripts, a deferral of payment on the principal debt and remuneration for a period including the duration of military service and sixty calendar days after its completion, without accrual of remuneration for microcredit in accordance with the procedure determined by the authorized body.

3. The exchange of information on conscripted military personnel, as well as their dismissal, the presence or absence of a microcredit, and the granting of deferred payment on it is carried out by ensuring the interaction of information systems of government agencies and credit bureaus in accordance with the procedure determined by the authorized body in coordination with the Ministry of Defense of the Republic of Kazakhstan.

In the cases provided for in the first part of this paragraph, the collection, processing and use of personal data are carried out in accordance with the legislation 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.

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Republic of Kazakhstan

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