Tashkent, Uzbekistan (UzDaily.com) — Owners of mortgage notes will now be able to transfer them to third parties online. This mechanism is introduced by a new law amending and supplementing several legislative acts.

The document aims to simplify the use of mortgage notes as collateral and implements an electronic mortgage note system within mortgage relations. The amendments, adopted by the Legislative Chamber of the Oliy Majlis in September 2024, were approved by the Senate in December of the same year. The President of Uzbekistan signed the law on 12 February.

According to the law, modifications to electronic mortgage notes will be made through additional agreements via the Unified Portal of Interactive Government Services. The process for transferring rights to such notes to third parties has been defined: the corresponding record will be registered in the new owner's deposit account, with their rights confirmed by an official statement from this account.

Previously, transferring mortgage notes required the physical presence of both parties at cadastral authorities to register rights under the pledge agreement. The new procedure eliminates these additional costs and significantly speeds up the registration process.

Additionally, the law grants organizations engaged in refinancing mortgage loans the right to issue bonds exceeding their own charter capital. This measure will expand their financial capabilities and facilitate investment attraction.