The new rules require banks, microfinance institutions, and credit unions to comply with the updated Consumer Credit Law. The terms regarding interest rates and fees on loans must now align with the norms established by banking legislation and the regulations of the National Bank.
Furthermore, the Civil Code clarifies that buyers under sales contracts may pay interest on the cost of goods, but only in accordance with the existing norms of consumer credit legislation. Special rules have been introduced for Islamic financial instruments such as murabaha, ijara, and istisna, regulating the procedure for calculating markup and payments.
The Law on the Limitation of Usurious Activities has also undergone significant changes. It now covers all legal and natural persons providing loans or financing at interest, except for those falling under the consumer credit law.
The National Bank will publish the weighted average interest rate every six months, adding 12 percent, after which this rate will become the maximum allowable. Any excess beyond this limit will be considered usury.
Banks and financial organizations that violate the norms of consumer credit legislation may face serious consequences—a fine of 65,000 soms, which corresponds to 650 calculated indicators.
