New law empowers citizens to prevent unauthorized credit issuance

On March 4, Shavkat Mirziyoyev signed a law amending the "Law on Credit Information Exchange," which grants individuals the ability to impose and remove self-restrictions on credit agreements. The amendments, approved by the Legislative Chamber in January and the Senate in February, aim to prevent the issuance of loans without the individual's knowledge or consent.

The self-restriction can be introduced to prevent the issuance of loans without the knowledge or consent of the individual. Applications for its introduction or removal can be submitted directly to a credit bureau, through the state services center, or via the Unified Portal of Interactive Public Services.

Upon receiving a request, the credit bureau must immediately add the applicant to the registry of individuals prohibited from entering into credit agreements. The service is provided free of charge, and the exact procedure for its implementation will be outlined by the Cabinet of Ministers.

Banks, microfinance organizations, and other credit institutions are prohibited from issuing loans to citizens without verifying whether the person is included in the self-restriction registry. They will be held accountable for legal consequences arising from issuing loans without the knowledge or participation of the individual.

Access to information about citizens from the self-restriction registry will be provided free of charge.

The law also sets a minimum charter capital requirement of 2 billion UZS for credit bureaus. Additionally, it outlines measures and sanctions that the Central Bank may impose on them, including:

- Violating consumer rights related to credit bureau services;
- Failing to comply with the requirements of the law on credit information exchange;
- Obtaining a license through fraudulent documents.

The Central Bank has the authority to issue an order to a credit bureau to rectify violations or impose a fine of up to 5,000 BCU (1.875 billion UZS). When applying sanctions, factors such as the nature, scale, duration, frequency, consequences, and reasons for the violations, as well as the potential for corrective action, will be considered.

The law will take effect three months after its publication, on June 6. The provision regarding fines for credit bureaus will come into force on July 1, 2026.

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