CONCERNING MICRO-FINANCIAL ORGANISATIONS 

AMENDMENTS AND ADDITIONS INTRODUCED BY:
1)  Law No. 177 of 7th March 2014 of the Republic of Kazakhstan Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan on Issues of Rehabilitation and Bankruptcy, Taxation. (Article 21). Effective date n/a;
     2) Law No. 203 of 16th May 2014 of the Republic of Kazakhstan Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan on Issues of the Permissive System. (Articles: 3, 14, 31-1 introduced). Effective date n/a; and  
      3) Law No. 206 of 10th June 2014 of the Republic of Kazakhstan Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan on Issues of Counteraction to Legislation (Laundering) of Income Gained in a Criminal Way, and Financing of Terrorism. (Articles: 7, 27). Effective date n/a

This Law regulates the public relations connected with conducting of activities associated with the granting of micro-credits, establishes special considerations in the legal status, formation, activity of micro-financial organisations, and also defines special considerations in the state regulation of micro-financial organisations, control and supervision of their activities.

The following fundamental definitions are used in this Law:

1) accounting registration * the entry of a micro-financial organisation in the register of micro-financial organisations in accordance with Article 14 of this Law;

2) credit dossier * documents and data formed by the micro-financial organisation with respect to each borrower;

3) borrower * a natural person or legal entity which has concluded with the micro-financial organisation an agreement on the grant of the micro-credit;

4) purpose-oriented micro-credit * a micro-credit granted on conditions of its use by the borrower for certain purposes in accordance with the concluded agreement on the grant of the micro-credit;

5) micro-credit * money allocated by the micro-financial organisation to the borrower in the national currency of the Republic of Kazakhstan in amounts and through the procedure defined by this Law, on conditions of pay, fixed term and repayment;

6) register of micro-financial organisations * a single list of micro-financial organisations;

7) micro-financial organisation * a legal entity which is a commercial organisation, whose official status is determined by the state registration at the justice authorities and by the passing of the accounting registration, which carries out activity associated with the granting of micro-credits, and also additional types of activity allowed by this Law;

8) applicant * a natural person or legal entity that presents an application to the micro-financial organisation for receipt of a micro-credit;

9) authorised body * the National Bank of the Republic of Kazakhstan.

1.  The legislation of the Republic of Kazakhstan concerning micro-financial organisations shall be based on the Constitution of the Republic of Kazakhstan, and it shall consist of the Civil Code of the Republic of Kazakhstan, this Law and other regulatory legal acts of the Republic of Kazakhstan.

2.  The laws of the Republic of Kazakhstan ‘Concerning Business Partnerships’ and ‘Concerning Limited Liability and Additional Liability Partnerships’ shall apply to micro-financial organisations with respect to part that is not regulated by this Law.

3.  If an international treaty ratified by the Republic of Kazakhstan establishes other rules than those which are contained in this Law, then rules of the international treaty shall apply.