LAW OF THE REPUBLIC OF BELARUS

of April 1, 2024 No. 362-Z

About change of the Law of the Republic of Belarus "About credit stories"

Accepted by the House of Representatives on February 28, 2024

Approved by Council of the Republic on March 20, 2024

Article 1. Bring in the Law of the Republic of Belarus of November 10, 2008 No. 441-Z "About credit stories" the following changes:

1. State preamble in the following edition:

"This Law is directed to strengthening of payment discipline, increase in interest of physical persons and legal entities in proper execution of obligations to sources of forming of credit stories, decrease in credit risks and increase in overall performance of financial credit system of the Republic of Belarus.".

2. In Article 1:

state paragraph two in the following edition:

"credit deal - the credit agreement, the agreement containing conditions of overdraft crediting, the loan agreement, including the agreement of microloan (further if other is not determined, - the loan agreement), the agreement of finance lease (leasing), the agreement of financing under concession of monetary claim (factoring) (further - the agreement of factoring), the agreement providing concession of monetary claim when making factoring transaction, agreements of pledge, guarantee, guarantees, imprisoned (prisoners) with banks, the non-bank credit and financial organizations of the Republic of Belarus, "Development Bank of the Republic of Belarus" open joint stock company (further - banks), the microfinancial organizations, other legal entities who according to legal acts have the right to perform microfinancial activities (further - the specialized organizations), the leasing organizations, National Bank, other organizations, determined according to legal acts, or by means of online borrowing service, the agreement containing condition about delay or payment by installments of payment of goods (works, services), imprisoned (prisoner) with the legal entities realizing goods (works, services) on the terms of delay or payment by installments of payment (further - the agreement of commercial loan) on which the subject of credit history acts as the borrower according to the credit agreement, the agreement containing conditions of overdraft crediting, the borrower according to the loan agreement, the leasing recipient under the agreement of finance lease (leasing), the creditor under the agreement of factoring, the debtor under the agreement of factoring, and also on monetary claims by the acquired bank when making factoring transaction (further - the debtor on factoring or factoring transaction), the buyer of goods (works, services) in the agreement of commercial loan, the pledger under the agreement of pledge, the guarantor under the agreement of guarantee, the guarantor according to the guarantee agreement;";

to exclude from paragraphs of the third and fourth word "in case of open factoring";

the fifth to state the paragraph in the following edition:

"the subject of credit history - physical person, including the individual entrepreneur, and also not being bank the legal entity of the Republic of Belarus, including the microfinancial, specialized, leasing organizations, or the foreign legal entity (further if other is not determined, - the legal entity), the foreign organization, not being the legal entity on foreign law which conclude (concluded) with bank, the microfinancial, specialized, leasing organizations, National Bank, the legal entity realizing goods (works, services) on the terms of delay or payment by installments of payment, other organization determined according to legal acts or by means of online borrowing service credit deal, or are the party on such credit deal, except for the party at which the bank acquires monetary claims under the agreement, providing concession of monetary claim when making factoring transaction, or are debtor on factoring or factoring transaction and concerning which credit history is created;";

to add the paragraph of the sixth with the words "for the purpose of, specified in the consent of the subject of credit history";

to state the paragraph of the seventh in the following edition:

"source of forming of credit history - bank, the microfinancial, specialized, leasing organizations, the legal entity realizing the goods (the works, services) on the terms of delay or payment by installments of payment, other organization determined according to legal acts which are the party on credit deal and representing to National Bank of the data, being the part of credit history, National Bank including in structure of credit history of the data on the credit deals concluded with the subject of credit history, the operator of service of online borrowing representing to National Bank of the data, being part of credit history on the credit deals concluded by means of online borrowing service, except for credit deals, data on which are represented by other sources of forming of credit stories, and also the legal entity, the acquired right to claim on credit deals at other sources of forming of credit stories;".

3. To state the paragraph of the sixth Article 3 in the following edition:

"providing the bank and protected by the law other secret.".

4. Article 4 in paragraph six:

exclude the words "without the consent of subjects of credit stories";

after the word "microfinancial" to add the paragraph with the words "and specialized";

"provisions and attraction of microloans" shall be replaced with words words "implementation of microfinancial activities and attraction of money".

5. In Article 6:

in part two:

paragraphs two and third to state in the following edition:

"about the credit agreement - number and date of the conclusion of the agreement, the amount and the name of loan currency (when opening credit line - the extreme size of one-time debt of the borrower), the loan granting term (term of renewability of credit line), term of return (repayment) of the credit, method of ensuring obligation fulfillment under the agreement, availability in the contract of condition on loan granting for refinancing of the credit; data on outstanding amount on the credit, the amounts of overdue payments on return (repayment) of the credit, interest payment for use of it, and also dates to which there correspond these data; date and basis of termination of the contract; the data on assessment determined by National Bank bank of risk on asset and (or) obligations of bank which are not reflected in balance sheet accounts (further - contingent obligation) or their parts, and also date to which there correspond these data;

about the agreement containing conditions of overdraft crediting - number and date of the conclusion of the agreement, overdraft limit, the name of loan currency, date of establishment of overdraft limit, term of renewability of credit line, term of return (repayment) of the credit, method of ensuring obligation fulfillment under the agreement, availability in the contract of condition on loan granting for refinancing of the credit; data on outstanding amount on the credit, the amounts of overdue payments on return (repayment) of the credit, interest payment for use of it, and also dates to which there correspond these data; date and basis of termination of the contract; the data on assessment determined by National Bank bank of risk on asset and (or) contingent obligation or their part, and also dates to which there correspond these data;";

in paragraph four:

shall be replaced with words the word "terminations" "and the termination basis";

add the paragraph with the offer of the following content: ". In case of non-return by the borrower of the amount of the microloan provided with pledge of the personal estate intended for personal, family or home use which is transferred to ownership (pledge) to the pawnbroker, in time, established by the agreement of microloan the amounts which are not returned timely are not subject to reflection in credit history as the amounts of overdue payments on loan repayment, interest payment for use of it";

in paragraphs eight and the eleventh words "terminations of the contract; the information about group (groups) of risk on which the bank classified asset and (or) contingent obligation or their part according to requirements of the legislation on forming and use of special reserves of covering of possible losses for the assets and transactions which are not reflected in balance of data on write-off of outstanding amount at the expense of special reserve on covering of possible losses by the assets and transactions which are not reflected in balance" shall be replaced with words "and the basis of termination of the contract; the data on assessment determined by National Bank bank of risk on asset and (or) contingent obligation or their part";

the ninth and tenth to state paragraphs in the following edition:

"about the agreement of factoring in credit history of the creditor - number and date of the conclusion of the agreement, the amount and the name of currency of the provided money (in case of the conclusion of the agreement on number of monetary commitments - the extreme size of one-timely provided money), data on the notification of the debtor on transition of the rights of the creditor to factor (the open or hidden factoring), availability of the right of the return requirement (regress) to the creditor, term of return of the provided money, method of ensuring obligation fulfillment under the agreement; data on outstanding amount on the monetary claims imposed to the creditor about compensation under the contract with the right of the return requirement (regress), the amount of overdue payments on payment by the creditor of monetary claims about compensation under the contract with the right of the return requirement (regress), and also date to which there correspond these data; date and basis of termination of the contract; the data on assessment determined by National Bank bank of risk on asset and (or) contingent obligation or their part, and also dates to which there correspond these data;

about the agreement of factoring in credit history of the debtor - number and date of the conclusion of the agreement, the amount and the name of currency of the monetary claim yielded to factor (in case of the conclusion of the agreement on number of monetary commitments - the extreme size of one-timely yielded requirements), data on the notification of the debtor on transition of the rights of the creditor to factor (the open or hidden factoring), availability of the right of the return requirement (regress) to the creditor, completion date by the debtor of the monetary claim yielded to factor, the information about the subject of credit history who is the creditor who yielded right to claim against the debtor; data on outstanding amount on the monetary claim yielded to factor, the amount of overdue payments on the monetary claim yielded to factor, and also dates to which there correspond these data; date and basis of discharge of the debtor; the data on assessment determined by National Bank bank of risk on asset and (or) contingent obligation or their part, and also dates to which there correspond these data;";

add part with the paragraph of the following content:

"about the agreement of commercial loan - number and date of the conclusion of the agreement, the amount, the name of currency and term of return of the provided payment by installments (delay) of payment of goods (works, services), method of ensuring obligation fulfillment under the agreement; data on outstanding amount on the provided payment by installments (delay) of payment of goods (works, services), the amounts of overdue payments on it, interest payment for its provision, and also dates to which there correspond these data; date and basis of termination of the contract.";

add Article with part of the following content:

"Credit history of the heir of the subject of credit history joins data on credit deals according to which obligations passed to the heir in case of inheritance acceptance, and execution of undertaken obligations by it on credit deals on condition of availability of the judgments which took legal effect or the agreements signed with sources of forming of credit history by the heir according to which the last assumed obligation fulfillment on credit deals.".

6. In Article 8:

in word part two "bank or" shall be replaced with words "bank and (or)";

in part three of the word "current of five days following behind day of completion of check" shall be replaced with words "the term specified in part two of this Article".

7. State Article 10 in the following edition:

"Article 10. Submission to National Bank of the data which are part of credit history

The banks, the microfinancial, specialized, leasing organizations, other organizations determined according to legal acts shall represent to National Bank the data which are available for them being part of credit history on all credit deals on which they are the party, and operators of services of online borrowing - on all credit deals concluded by means of online borrowing service, except for credit deals, data on which are represented by other sources of forming of credit stories.

The National Bank includes in structure of credit history the data which are available for it being part of credit history on all credit deals on which it is the party.

The legal entities who acquired the right to claim on credit deals at other sources of forming of credit stories, data on which were represented to National Bank for inclusion in structure of credit history, shall represent to National Bank the data which are available for them being part of credit history on all credit deals on which right to claim was yielded to them by other sources of forming of credit stories.

The legal entities realizing goods (works, services) on the terms of delay or payment by installments of the payment having the right to represent the data which are available for them to National Bank being part of credit history. At the same time such data are represented without the consent of the subject of credit history on condition of fulfillment of requirements, determined by National Bank. In case of submission to National Bank such source of forming of credit history of data it shall represent data on all subjects of credit history and all credit deals in full, determined by this Law. Data are represented based on the agreement of information exchange signed between National Bank and source of forming of credit history and which is the agreement of accession which conditions are determined by National Bank. The National Bank has the right to terminate such agreement unilaterally in case of violation of the requirements determined by National Bank.

The National Bank has the right to request the documents confirming reliability of the provided data which are part of credit history from source of forming of credit history.

Representation by source of forming of credit history in National Bank of the data which are part of credit history, according to the procedure, provided by this Law, is not violation of the bank and protected by the law other secret.

The source of forming of credit history shall specify in the contract providing right to claim concession on credit deal for availability in credit history of information concerning the transferred obligation.

The source of forming of credit history shall inform subjects of credit story about submission of data on credit deals to National Bank in case of the conclusion of such transactions.".

8. In Article 12:

state part one in the following edition:

"The Ministry of Internal Affairs at the request of National Bank provides it the stipulated in Article 6 these Laws the information about the physical person - the subject of credit history (in the presence), compliance, necessary for verification, of the data provided to National Bank by source of forming of credit history according to this Law, without written consent this physical person according to the procedure by it, determined by the legislation.";

in part two:

exclude the words "Republic of Belarus";

add part with words ", according to the procedure, determined by the legislation".

9. In Article 13:

in part one of the word "and to subjects" shall be replaced with words ", to subjects of credit stories and heirs of subjects";

the fourth to state part in the following edition:

"The consent of the subject of credit history to provision of the credit report is drawn up according to the procedure and in form, the determined National Bank. At the same time in the form of consent the name of the user of credit history, the purpose of receipt of the credit report by the user of credit history, date of registration of consent and term of its action which is established by National Bank depending on the purposes of receipt of the credit report shall be without fail specified. The user of credit history has the right to receive the credit report of the subject of credit history only for the purpose of, determined by National Bank. Receipt of the credit report for the purpose of, not specified in the consent of the subject of credit history, is considered receipt of the credit report without consent.";

after part four to add Article with parts of the following content:

"The consent of the subject of credit history to provision to the user of credit history of the credit report can be withdrawn by the subject of credit history according to the procedure, determined by National Bank, except as specified the conclusions of credit deal between the user of credit history and the subject of credit history during action of term of consent, availability at the time of registration of consent of the operating credit deal concluded between the user of credit history and the subject of credit history, or the operating monetary claim on which rights are yielded to the user of credit history under the agreement of factoring or factoring transaction under which the subject of credit history is debtor.

In case of right to claim concession on credit deal on which data were represented to National Bank for inclusion in structure of credit history, the consent of the subject of credit history to provision of the credit report it is considered this to the legal entity who acquired the right to claim on credit deal.

The source of forming of credit history which yielded right to claim on credit deal to other person shall transfer it the consent of the subject of credit history to provision of the credit report.";

in part five:

after the words "The Credit Report Is Provided" to add part with words to "users of credit history";

exclude the words "or subject of credit history";

from part six the second offer to exclude;

the seventh after words of "information services" to add part with words "to the subject of credit history or his heir, and also";

after part seven to add Article with part of the following content:

"The National Bank determines the size and procedure for introduction of remuneration for provision of the credit report to the subject of credit history or his heir, completion date of the obligation by provision of the credit report, procedure for return of money by National Bank in case of non-execution of the obligation, responsibility for non-execution of the obligation. At the same time amount of remuneration for provision of the credit report to the subject of credit history or his heir cannot exceed economically reasonable costs connected with its provision.";

the ninth to state part in the following edition:

"The credit report is provided to the subject of credit history or his heir according to the statement on receipt of the credit report of the subject of credit history without remuneration payment two times within calendar year, but no more once on paper and any number of times within calendar year for remuneration. The credit report, including on paper, requested by the subject of credit history or his heir after change of the false information which is part of credit history of the subject of credit history by results of consideration of the application or the address of the subject of credit history, is provided without remuneration payment.";

the tenth after words of "information services" to add part with the words "or with the procedure determined by National Bank".

10. State Article 14 in the following edition:

"Article 14. Restrictions on provision of the data which are part of credit history

In the credit report provided to the user of credit history, the data which are part of credit history, specified in article 7 of this Law, except for to information on requests of users of credit history, and in case of provision of the credit report of the debtor also the information about the subject of credit history who is the creditor who yielded right to claim against the debtor is not reflected. In credit reports of the guarantor, guarantor of the information about subjects of credit stories in which ensuring obligation fulfillment it is guaranteed the guarantee is provided, are not reflected.

The data on assessment by bank of risk on asset and (or) contingent obligation or their part which are part of credit history are reflected only in the credit report provided to the user of credit history being bank.

The physical person has the right to establish prohibition on provision to users of credit history of its credit report irrespective of, its credit history is created or is absent.

In case of establishment of prohibition on provision to users of credit history of the credit report the user of credit history who requested the credit report receives the message on prohibition of physical person on provision to users of credit history of the credit report. In this case the credit report is not provided to the user of credit history, except for availability case in credit history for date of request of the credit report of the operating credit deal concluded between the user of credit history who requested the credit report and the subject of credit history, or the operating monetary claim on which rights are yielded to the user of credit history who requested the credit report under the agreement of factoring or factoring transaction under which the subject of credit history is debtor.

The procedure for establishment and removal by physical person of prohibition on provision to users of credit history of the credit report is determined by National Bank.".

11. Add Article 15 with paragraphs of the following content:

"establishments of prohibition on provision to users of credit history of the credit report provided by part three of article 14 of this Law;

in other cases determined by National Bank.".

Article 2. Credit history joins data on credit deals according to which right to claim was yielded by source of forming of credit history after entry into force of this Law.

The consent of the subject of credit history to the provision of the credit report which is drawn up before entry into force of this Law is valid for the purposes of receipt of the credit report, determined by National Bank, during the effective period established by consent.

Article 3. To National Bank in nine-months time:

provide reduction of acts of the legislation in compliance with this Law;

take other measures for realization of provisions of this Law.

Article 4. This Law becomes effective in the following procedure:

Articles 1 and 2 - in nine months after official publication of this Law;

other provisions - after official publication of this Law.

 

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