According to the new law, the general rules of the Civil Code regarding loans and credits now also apply to consumer loans, taking into account the specifics established for this sector. In particular, the maximum allowable interest rate will be determined based on the weighted average nominal interest rate set by the National Bank of Kyrgyzstan every six months, plus 12%.
Furthermore, this law empowers the National Bank to take measures against creditors who violate consumer rights and established norms. For such cases, liability is provided for creditors, including a fine of 650 calculation indicators (65,000 soms) for non-compliance with legislation in the field of consumer lending, according to the Code of Offenses.
