of April 12, 2019 No. 45
About guarantee funds in the Kyrgyz Republic
Accepted by Jogorku Kenesh of the Kyrgyz Republic on March 7, 2019
This Law determines legal and economic basis of creation and activities of guarantee funds in the Kyrgyz Republic.
1. In this Law the following concepts and terms are used:
1) guarantee fund - the legal entity created in the form of joint-stock company, who underwent the procedure of accounting registration in National Bank of the Kyrgyz Republic (further - National Bank) and performing warranty activities;
2) the client - the legal entity or physical person which is engaged in individual labor or business activity, received commercial financing, budget crediting in the financial and credit organization / international financial institution, or the physical person - the citizen of the Kyrgyz Republic, the received mortgage financing or financing within the state program / project which part is provided with guarantee;
3) ceased to be valid;
4) ceased to be valid;
5) obligations of the client - the obligations which arose within the financing received from the financial and credit organization / international financial institution and conforming to requirements of this Law;
6) guarantee - the obligation of guarantee fund to the financial and credit organization / international financial institution to bear responsibility for execution of part of obligations on principal debt of the client under agreements of financing within the amount of the provided guarantee;
7) warranty activities - the activities promoting increase in availability of financing to clients and directed to decrease in part of credit risks of the financial and credit organizations / international financial institutions by provision of guarantees;
Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info
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