Kazakhstan Parliament passes law tightening loan requirementsThe Majilis of Kazakhstan's Parliament has endorsed the Senate’s amendments to laws aimed at minimizing lending risks, protecting borrowers' rights, and regulating the financial market.The document has been sent to the head of state for approval.The legislation prohibits loans to citizens with overdue loans for more than 90 days and mandates spousal consent for new loans. It also halts interest accrual on consumer loans after a 90-day delay and provides deferments for those in compulsory military service.Moreover, the revised laws define “consumer loan” and establish limits on online microloans. Special conditions for online microloans with a duration of up to 45 days and a value of up to 50 monthly calculation indices (MCI) have been abolished. Instead, a maximum annual effective interest rate will be determined by regulatory legal acts.Additionally, the law imposes a moratorium on assigning loans to collectors until May 2026 to prompt banks and microfinance organizations to address debts. Furthermore, banks and microfinance organizations are barred from providing electronic loans to individuals without biometric identification.The introduction of the "Stop Credit" service allows individuals to voluntarily restrict their access to credit via the "electronic government" web portal at no cost.These amendments also involve changes related to the funding of the Agency for Regulation and Development of the Financial Market, extending deferment for military personnel for up to 60 days following military service, considerations for senior positions within financial organizations, and obligations of collection agencies to provide debt settlement information to credit bureaus. (ICE ALMATY)

Fonte notizia: INTERFAX