The Central Bank has released a draft code of conduct for credit market participants for public discussion. The document provides for greater transparency, standards of ethics, and protection of consumer rights in the market.
According to the project, the "Trust Sign" system will be implemented through the FinTech Association. This sign means that credit services are transparent and comply with the requirements of the law, for which a business entity must be a member of the Association.
Also, each credit institution should provide complete and understandable information about all products, payment procedures, commissions, and fines on its official website. Before concluding a contract with the client, the service provider shall openly provide the following information: the cost of a one-time payment, the total amount after all markups and fees, a specific payment schedule, various commissions and fines, the full cost of the service, expressed as a percentage of the equivalent per year, the procedure for early termination of the contract, the consequences of late payment, the "Trust Sign" number, and contact information for inquiries.
The use of gambling and misleading phrases in advertising is prohibited. In particular, such definitions as "0 percent," "free," "suitable for everyone" are not used. This requirement was introduced to familiarize the client with specific conditions and to avoid being led astray by excessive promises.
An age restriction has also been established: loan services are provided only to persons over 18 years of age. The initial limit is set at 2 million soums. If the client wants to increase the limit, their debt burden should not exceed 50 percent. The sum of all interest and fees should not exceed half of the principal debt per year.
The debt collection process is carried out in strict accordance with legal and human criteria: methods such as threats, pressure, and encroachment on honor and dignity are strictly prohibited. A client with overdue debt will not be provided with new credit sales services. Credit organizations will also introduce specific mechanisms for working with delays: Soft-Collection (reminder and communication), Hard-Collection (within the framework of strict measures, within the framework of current legislation), Legal-Collection (with the participation of judicial and legal bodies).
Anti-fraud measures will also be strengthened. New clients will be registered biometrically, and information and cybersecurity departments will operate in the organizations. Constant information exchange with credit bureaus will be established, and automated criteria will be used to assess the client's history.
The project is currently under public discussion. After considering the proposals and comments, it is planned to gradually implement the requirements into practice. Officials emphasize that the new rules will strengthen the atmosphere of trust in credit sales and make the relationship between the client and the organization open and orderly.
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