LAW OF THE KYRGYZ REPUBLIC

of July 24, 2013 No. 162

About introduction of amendments and changes in some legal acts of the Kyrgyz Republic

Accepted by Jogorku Kenesh of the Kyrgyz Republic on June 20, 2013

Article 1. Bring in part II of the Civil code of the Kyrgyz Republic (Sheets of Jogorku Kenesh of the Kyrgyz Republic, 1998, No. 6, the Art. 226) the following amendments:

1. Add Article 725 with items 4 and 5 following contents:

"4. The loan agreement shall be signed in notarial form if its amount exceeds at least settlement indicator by five hundred times.

5. Non-compliance with notarial form of the loan agreement attracts its invalidity. The creditor has no right to require interest payment according to the loan agreement according to which the notarial form is not observed.".

2. Add Article 726 with Item 6 of the following content:

"6. If in the loan agreement usurious interest rates are established, then the court considers them within the maximum permissible percent determined in the procedure established by the law.".

Article 2. Bring in the Law of the Kyrgyz Republic "About the microfinancial organizations in the Kyrgyz Republic" (Sheets of Jogorku Kenesh of the Kyrgyz Republic, 2002, No. 9, the Art. 412) the following change:

to state Item 3 of Article 5 in the following edition:

"3. The size of commission fee and payment for services is independently established by the microfinancial organizations according to the agreement signed with the client.

The size of rate of percent is established by the microfinancial organizations independently taking into account requirements of the legislation of the Kyrgyz Republic about usury restriction.".

Article 3. This Law becomes effective after fifteen days from the date of official publication.

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