November 13, 2020

Changes in the licensing of credit bureaus

From January 1, 2021, the Resolution of the Board of the Central Bank No. 3042-2 of 6.11.2020 comes into force and it amends the Regulation on the procedure for registration and licensing of credit bureaus No. 3042 of 25.07.2018.

The new version of the Regulation on the procedure for registration and licensing of credit bureaus will provide for a full list of requirements, compliance with which is required from a person who wishes to become the head of a credit bureau.

Also, the list of documents for obtaining a license by a credit bureau will exclude a document providing for consent to carry out a credit exchange with at least 10 commercial banks.

The document also prescribes the expansion of provisions of the Law of the Republic of Uzbekistan No. 71-II of 25.05.2000 “On licensing certain types of activities” applicable to the licensing of credit bureaus.