A new loan law has been adopted

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When microfinance organizations provide loans to citizens, they must indicate the total amount, including interest, on the first page of the contract.  In the first reading the majilis approved a bill designed to prevent Kazakhstanis from getting too many loans, the national portal Adyrna reports citing Sputnik Kazakhstan.

The draft law on regulation of microfinance and collection activities was considered at the plenary session of the Majilis. The bill is designed to prevent citizens from further borrowing and to ensure the optimal growth rate of consumer lending.
The document was prepared by deputies of the lower house.
According to Majilisman Albert Rau, the problem of right and left lending in Kazakhstan is still unresolved.
According to the First Credit Bureau, as of November 1, 2020, 170 thousand entrepreneurs and 810 thousand individuals received loans from microfinance organizations. The total loan amount is more than 735 billions tenge. 38% of retail borrowers, about 310 thousand people are unable to repay their loans.
"In order to provide additional protection to citizens, deputies have developed a draft law on microfinance and collection activities. ", - said the deputy.
In addition, the bill aims to increase the responsibility of collection agencies. Majilismen propose to set the minimum amount of their authorized capital at 10 million tenge.
The deputy noted that there are grounds to introduce requirements for the authorized capital.
"For example, assets are needed for information storage, personal data protection, audio and video recording, office maintenance and more," Rau said.
According to him, the adoption of the bill will prevent the population from falling into debt.
The Majilis approved the bill in the first reading.
Photo taken from an open source.

Translated by:the national portal "Adyrna"

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