Article 9. The rights and obligations of the borrower of the Microfinance Law

Home / RLA / Article 9. The rights and obligations of the borrower of the Microfinance Law

1. The borrower has the right to:

1) to get acquainted with the rules for the provision of microcredits, the tariffs of a microfinance organization for the provision of microcredits;

2) dispose of the received microcredit in accordance with the procedure and on the terms established by the microcredit agreement;

3) protect their rights in accordance with the procedure established by the laws of the Republic of Kazakhstan;

4) fully or partially repay the amount of the micro-loan provided under the micro-loan agreement to the microfinance organization ahead of schedule;

4-1) apply to the banking ombudsman in case of assignment of the right (claim) under the micro-loan agreement concluded by him to settle disputes with the person specified in paragraphs 4 and 5 of Article 9-1 of this Law. This right applies to the borrower, who is an individual;

5) exercise other rights established by this Law, other laws of the Republic of Kazakhstan and the agreement on the provision of microcredit.

2. The borrower is obliged to:

1) return the received micro-loan and pay remuneration on it in the terms and in the manner prescribed by the micro-loan agreement;

2) submit the documents and information requested by the microfinance organization in accordance with this Law;

3) comply with other requirements established by this Law, other legislation of the Republic of Kazakhstan and agreements concluded with a microfinance organization.

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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