LAW OF THE KYRGYZ REPUBLIC

of July 24, 2013 No. 163

About restriction of usurious activities in the Kyrgyz Republic

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

This Law determines the basic principles of state policy in the field of restriction of usurious activities in the Kyrgyz Republic and the legal basis of establishment of restriction.

Article 1. Coverage of this Law

Operation of this Law extends to creditors - physical persons and legal entities irrespective of the patterns of ownership issuing loans and the credits on credit under percent, performing financing with markup, falling under determination of usurious activities, except for credits/financing, provided according to the Law of the Kyrgyz Republic "About consumer loan".

Article 2. Legislation of the Kyrgyz Republic on restriction of usurious activities and sphere of its application

1. The legislation of the Kyrgyz Republic on restriction of usurious activities is based on the Constitution, the Civil code, this Law and other regulatory legal acts of the Kyrgyz Republic.

2. The regulations of the legislation of the Kyrgyz Republic concerning questions of restriction of percentage rates / markups judicially shall not contradict this Law.

Article 3. Purpose of this Law

The purpose of this Law is consumer protection - borrowers by means of ensuring fair determination of the size of interest rates of loans and credits, markup on financing.

Article 4. The main terms and concepts used in this Law

For the purpose of this Law the following concepts are used:

1) high percent / markup - value of percentage rate / markup (in annual, nominal percentage rate), equal or exceeding maximum permissible percent / markup;

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