I gave an interview to the TV channel "Atameken Buisness" with the main topic: what penalties apply to pawnshops and financial organizations that violate the law
Before giving an interview to the TV channel" Atameken Buisness " with the main topic: what penalties apply to pawnshops and financial organizations that violate the law, our law and Law Advocacy Office has been providing free legal advice to our compatriots abroad since 2013, not limited to hundreds of citizens daily https://youtu.be/Okx066Ww4GE . What are the penalties for pawnshops and financial organizations that violate the law, in addition to reviewing the past, until July 1, 2020, microfinance and microcredit partnerships with a pawnshop organization also took place in our society№ the latter worked until July 1, 2020 by the resolution of the National Bank of the Republic of Kazakhstan in 2020. Earlier, pawnshops and microcredit companies committed many violations, violated the law of the Republic of Kazakhstan on microfinance activities and declared that they do not comply with this law. Violations of the law committed by pawnshops and micro-credit partnerships continue to this day, and our society suffers from the consequences of that time.
As provided for in Article 725-1 of the special part of the Civil Code of the Republic of Kazakhstan, the loan issued is obliged to be issued in the national currency of the Republic of Kazakhstan. At the same time, the loan agreement states that the annual effective interest rate must be recorded (covered). The annual effective interest rate under the loan agreement should not exceed one hundred percent if the loan repayment period is changed. At the same time, the amount of the penalty, penalty for violation of the obligation to pay interest under the contract should not exceed 0.5 percent for each day, but not more than ten percent per year of the amount of the loan issued. What penalties apply to pawnshops and financial organizations that violate the law, except for the subject of the loan, including the amount of interest, forfeit (Penalty, Penalty), commissions and other payments provided for by the loan agreement, the entire payment of the borrower under the loan agreement in aggregate cannot exceed the amount of the loan provided for the entire period of validity of the loan agreement. If a loan agreement concluded with a borrower – an individual, the contract of which does not meet the above conditions, is null and void (illegal). I would like to note that the law and Law Advocacy Office is always ready to provide its free legal advice as an indispensable consultant in countering violations of the law from banks, microfinance, microloans, pawnshops, notaries and private bailiffs. You can get free legal advice by calling 8 708 971 7858, 8 727 971 7858.
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