LAW OF THE REPUBLIC OF BELARUS

of February 17, 2025 No. 62-Z

About consumer loan and consumer microloan

Accepted by the House of Representatives on January 10, 2025

Approved by Council of the Republic on January 30, 2025

Chapter 1. Basic provisions

Article 1. The main terms used in this Law and their determinations

For the purposes of this Law the following main terms and their determinations are used:

the agreement on cooperation - the agreement signed between the loan provider (creditor) and the legal entity, the individual entrepreneur, determining procedure and conditions of their interaction and cooperation in case of the conclusion of the agreement of consumer loan or the agreement of consumer microloan (further - the agreement of consumer loan (the agreement of consumer microloan));

the agreement of consumer loan - the credit agreement based on which provision of consumer loan is performed;

the agreement of consumer microloan - the loan agreement based on which provision of consumer microloan is performed;

the applicant - the physical person expressing intention to sign the agreement of consumer loan (the agreement of consumer microloan);

the commercial microfinancial organization - the legal entity registered in the Republic of Belarus in the form of economic society or the unitary enterprise and having the right according to legal acts to perform microfinancial activities in the form of provision of microloans on the security of the personal estate intended for personal, family or home use;

the credit for financing of the real estate - the loan granted by bank to physical person on construction (reconstruction) or acquisition of premises and other real estate;

creditworthness of the applicant (borrower) - capability of physical person in full and in time to fulfill the agreement obligations of consumer loan properly in accordance with the terms of such agreement and requirements of the legislation;

obligatory paid services - the services rendered for a fee which it is integral are connected with provision of consumer loan or consumer microloan (further - consumer loan (consumer microloan)) and accomplishment of terms of the contract of consumer loan (the agreement of consumer microloan) (proprietary insurance, value assessment of objects of the civil laws for the purpose of ensuring obligation fulfillment, execution of the transactions connected with ensuring obligation fulfillment);

payment under the agreement of consumer loan (the agreement of consumer microloan) - the money paid according to agreement obligations of consumer loan (the agreement of consumer microloan) (on return (repayment) of consumer loan (consumer microloan), interest payment for use of it (in case of collection of percent));

solvency of the applicant (borrower) - capability of physical person in full and in time to fulfill the agreement obligations of consumer microloan properly in accordance with the terms of such agreement and requirements of the legislation;

indicator of debt load - percentage ratio of the amount of monthly payments of the applicant and the size of its average monthly income;

indicator of security of the credit - percentage ratio of credit amount and project cost (objects) of the real estate, accepted as a deposit as ensuring obligation fulfillment, and (or) the amount of other ensuring obligation fulfillment according to the agreement;

consumer loan - the loan granted to physical persons for personal, family, house and other needs;

consumer microloan - the loan granted by the commercial microfinancial or specialized organizations to physical persons under the agreement of consumer microloan money in the amount which is not exceeding 15 000 basic sizes on one borrower on the date of the conclusion of such agreement for personal, family, house and other needs;

consumer crediting (consumer microfinancing) - activities for provision of consumer loans (consumer microloans);

system of remote servicing - set of the technologies applied for the purpose of implementation of consumer crediting (consumer microfinancing) with use of program and (or) technical means and technologies and providing interaction of agreement parties of consumer loan (the agreement of consumer microloan) including document transfer in electronic form (including electronic documents);

the specialized organization - the legal entity, the right which is not the microfinancial organization and having according to legal acts to perform microfinancial activities based on the notification on intention to perform microfinancial activities.

Article 2. The coverage of this Law and the relation regulated by this Law

1. This Law governs the relations in the field of consumer crediting (consumer microfinancing), connected:

with informing on consumer crediting (consumer microfinancing);

with the actions preceding the conclusion of agreements of consumer loan (agreements of consumer microloan) including with assessment of creditworthness (solvency) of the applicant;

with the conclusion of agreements of consumer loan (agreements of consumer microloan), change of conditions of such agreements, features of return (repayment) of consumer loans (consumer microloans).

2. The legislation regulating activities of banks, non-bank credit and financial organizations, commercial microfinancial and specialized organizations is applied to the relations between the loan provider (creditor) and the borrower (borrower) arising in case of consumer crediting (consumer microfinancing), who is not settled by this Law.

Operation of this Law extends:

on loan granting on financing of the real estate taking into account the features established by part two of Item 3 of Article 10 and item 4 of article 19 of this Law, and also other legal acts;

on consumer microloans as with charge (payment) of interest for using consumer microloans, and without charge (payment) of interest for using by them, including the online borrowings provided by means of services, within implementation of microfinancial activities by the commercial microfinancial and specialized organizations.

3. Operation of this Law does not extend to provision of consumer loans (consumer microloans) to individual entrepreneurs.

Article 3. Legal regulation of the relations in the field of consumer crediting (consumer microfinancing)

1. The relations in the field of consumer crediting (consumer microfinancing) are governed by the legislation on consumer crediting (consumer microfinancing), and also the international treaties of the Republic of Belarus and other international legal acts containing obligations of the Republic of Belarus.

2. The legislation on consumer crediting (consumer microfinancing) is based on the Constitution of the Republic of Belarus and consists of this Law and other acts of the legislation.

3. If the international treaty of the Republic of Belarus establishes other rules, than those which contain in this Law then are applied rules of the international treaty.

4. Features of legal regulation of the relations regulated by this Law can be established by the president of the Republic of Belarus.

Article 4. The subjects having the right to sign the agreement of consumer loan (the agreement of consumer microloan) with physical persons and to make the decision on provision of consumer loan (consumer microloan)

1. Provision of consumer loan to physical persons (further - the borrower) is performed by the banks and the non-bank credit and financial organizations having special permission (license) for implementation of banking activity regarding implementation of banking activity on placement of borrowed funds of physical and (or) legal entities into accounts and (or) in deposits (deposits) on its own behalf and at own expense on the terms of recoverability, the paid nature and urgency (further - the loan provider), based on the agreement of consumer loan.

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