Article 728. Features of the bank loan agreement, the microcredit agreement and the syndicated loan agreement of the Civil Code of the Republic of Kazakhstan
The bank loan agreement and the microcredit agreement have the following features:
1) under a bank loan agreement, the lender is a bank or other legal entity licensed by an authorized government agency for bank loan operations.;
2) under a micro-loan agreement, an organization engaged in microfinance activities acts as a lender.;
3) the subject of a bank loan agreement or a micro-loan agreement is money that can be provided in the future. In the latter case, a bank loan agreement or a micro-loan agreement shall be deemed to have entered into force from the moment of their conclusion (paragraph 1 of Article 393 of this Code), unless otherwise provided by these agreements.;
4) a bank loan agreement or a micro-loan agreement must be concluded in writing. Failure to comply with the written form entails the nullity of a bank loan agreement or a micro-loan agreement;
5) a bank loan agreement, a micro-loan agreement may not contain a condition providing for the right of a bank or other legal entity licensed by an authorized state body for bank loan operations, an organization engaged in microfinance activities, to unilaterally change the terms of the agreement, unless otherwise provided by legislative acts of the Republic of Kazakhstan;
6) the provisions of paragraph 2 of Article 722 of this Code shall not apply to a bank loan agreement or a micro-loan agreement, except in cases provided for by the banking legislation of the Republic of Kazakhstan or the legislation of the Republic of Kazakhstan on microfinance activities.;
7) the provisions of paragraphs 3 and 4 of Article 722 of this Code shall apply to a bank loan agreement or a micro-loan agreement if the borrower violates the deadline set for repayment of the next part of the loan, micro-loan and (or) remuneration payment for more than forty calendar days.;
8) the pawnshop's issuance of a security ticket is equivalent to the conclusion of a micro-loan agreement.
Banks are prohibited from issuing loans secured by shares issued by this bank, or loans for the purchase of these shares.
The specifics of mortgage loans provided to individuals are determined by the Law of the Republic of Kazakhstan "On Banks and Banking Activities in the Republic of Kazakhstan".
The specifics of consumer bank loans and consumer micro-loans are determined by the banking legislation of the Republic of Kazakhstan and the legislation of the Republic of Kazakhstan on microfinance activities.
The specifics of the syndicated loan agreement are determined by the legislation of the Republic of Kazakhstan on project financing and securitization.
Banks and organizations engaged in microfinance activities are prohibited from issuing loans to citizens within five years from the date of posting an announcement on the completion of the out-of-court bankruptcy or judicial bankruptcy proceedings in accordance with the procedure provided for by the Law of the Republic of Kazakhstan "On Restoration of Solvency and Bankruptcy of Citizens of the Republic of Kazakhstan", with the exception of loans issued by pawnshops secured by movable property that is not subject to state registration.
President
Republic of Kazakhstan
© 2012. RSE na PHB "Institute of Legislation and Legal Information of the Republic of Kazakhstan" of the Ministry of Justice of the Republic of Kazakhstan
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