LAW OF THE REPUBLIC OF KAZAKHSTAN

of December 7, 2000 No. 110-II

About housing construction savings in the Republic of Kazakhstan

Chapter 1. General provisions

Article 1. The relations regulated by this Law

This Law determines the legal basis and governs the relations between subjects of system of housing construction savings connected with its functioning and also conditions, content and forms of its state stimulation.

Article 2. The basic concepts used in this Law

In this Law the following basic concepts are used:

1) preliminary housing loan - the target loan granted by housing construction savings bank to the investor within the contractual amount for the purpose of improvement of housing conditions without repayment provision of principal debt before receipt of the contractual amount on which remaining balance is settled at the expense of the contractual amount according to this Law, domestic credit policy of bank and terms of the contract of bank loan;

2) interim housing loan - the target loan granted by housing construction savings bank to the investor for the purpose of improvement of housing conditions on condition of accumulating of minimum necessary size of cumulative money on which remaining balance is settled at the expense of the contractual amount under the agreement on housing construction savings according to this Law, domestic credit policy of bank and terms of the contract of bank loan;

3) estimative indicator - the settlement size determined by housing construction savings bank by each agreement for forming of priority of payment of the contractual amounts;

3-1) special accounts for lump retirement benefits - the current bank account opened by the receiver of lump retirement benefits at the authorized operator determined by the Government of the Republic of Kazakhstan for transfer of lump retirement benefits from the single accumulation pension fund for the purpose of improvement of housing conditions and (or) payment of treatment;

4) the amount of cumulative money - the money which is actually saved up by the investor consisting of its deposits added on them remunerations by housing construction savings bank and awards of the state;

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