LAW OF THE REPUBLIC OF UZBEKISTAN

of April 17, 2025 No. ZRU-1058

About modification and amendments in some legal acts of the Republic of Uzbekistan in connection with enhancement of system of financial support of subjects of entrepreneurship

Accepted by Legislative house on January 14, 2025

Approved by the Senate on February 20, 2025

In recent years in the country system work on full support of development of entrepreneurship is carried out, practice of crediting of subjects of entrepreneurship and their financial support is enhanced.

So, for the purpose of provision of sufficient opportunity for support to subjects of entrepreneurship, introduction of new types of service, and also attraction directly of means of the international financial institutions form of business of the institute having powers on providing financial support to subjects of entrepreneurship and provision of guarantees according to their obligations was changed to form of joint-stock company.

At the same time, in the conditions of further development of the market relations there is big need for development of new and alternative instruments of financing of subjects of entrepreneurship, especially in expansion of the sphere of provision to subjects of entrepreneurship of the help in warranty type (guarantee), and also enhancement of the funding mechanisms under concession of monetary claim (factoring) which are alternative to bank loans.

This Law creates the legal basis for creation of the legal entities performing measures of support of subjects of entrepreneurship by provision of guarantees (guarantees) on execution of monetary commitments of the legal entities and physical persons before credit institutions and also rendering other services, stipulated by the legislation.

Besides, this Law enhances the relations connected with financing under concession of monetary claim in particular the changes and additions directed to implementation of concept of the factoring organization in legal acts, establishment of order of registration in the mortgage register of the notification on concession of monetary claim, implementation of factoring foreign currency transactions if partner of the client is the nonresident, and also strengthening of legal protection of financial agents and debtors are made.

This Law will serve expansion of possibility of use of subjects of entrepreneurship of financial services and implementation of effective instruments of financing of business, including creation of the modern legislation on financing under concession of monetary claim (factoring), development and distribution of factoring transactions.

Article 1. Part one of article 35 of the Law of the Republic of Uzbekistan of December 9, 1992 No. 736-XII "About pledge" (in edition of the Law of the Republic of Uzbekistan of May 1, 1998 No. 614-I) (Sheets of Oliy Majlis of the Republic of Uzbekistan, 1998, No. 5-6, of Art. 96; 2002, No. 1, Art. 20; Sheets of chambers of Oliy Majlis of the Republic of Uzbekistan, 2007, No. 4, Art. 156; 2009, No. 9, Art. 337; 2015, No. 8, Art. 312; 2018, No. 1, Art. 4, No. 4, Art. 224; 2019, No. 10, Art. 671; 2020, No. 1, Art. 3; 2021, appendix to No. 4; 2022, No. 11, Art. 1062; 2024, 10, 1079) to state No. to the Art. in the following edition:

"Acceptance from citizens as proof of the personal estate intended for private consumption in providing short-term microloans can be performed as business activity by the specialized organizations - the pawnshops performing activities in notifying procedure".

Article 2. Bring in part one of article 17 of the Law of the Republic of Uzbekistan of May 7, 1993 No. 841-XII "About currency control" (in edition of the Law of the Republic of Uzbekistan of October 22, 2019 No. ZRU-573) (Sheets of chambers of Oliy Majlis of the Republic of Uzbekistan, 2019, No. 10, Art. 672; 2021, No. 1, Art. 16, appendix to No. 4; 2022, No. 3, Art. 215) following amendment and change:

add with the paragraph the thirteenth the following content:

"transactions on financing under concession of monetary claim credit institutions in case partner of the client (creditor) is the nonresident";

the thirteenth and fourteenth to consider paragraphs respectively paragraphs the fourteenth and fifteenth.

Article 3. Bring in the Law of the Republic of Uzbekistan of December 21, 1995 No. 154-I "About the Central bank of the Republic of Uzbekistan" (in edition of the Law of the Republic of Uzbekistan of November 11, 2019 No. ZRU-582) (Sheets of chambers of Oliy Majlis of the Republic of Uzbekistan, 2019, No. 11, Art. 790; 2021, appendix to No. 4, No. 10, Art. 968; 2022, No. 3, Art. 217, No. 4, Art. 340; 2023, No. 11, Art. 923; 2024, No. 9, Art. 965) following changes and amendments:

1) in Article 11 part one:

the tenth to state the paragraph in the following edition:

"uses motivated judgment during the licensing of activities of banks, accounting registration of the organizations performing activities of the microfinancial organization, the factoring organizations, organizations for refinancing of mortgage and the organizations for provision of guarantees, and also regulation and supervision of activities of the banks, the organizations performing activities of the microfinancial organization, the organizations for refinancing of mortgage, the organizations for provision of guarantees, the factoring organizations, pawnshops and banking groups";

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