Tashkent, Uzbekistan (UzDaily.com) -- In order to regulate relations in the field of creation, implementation of activities of non-bank credit organizations and microfinance activities, the Central Bank has developed a draft law "On non-bank credit organizations and microfinance activities", which is posted for discussion on the portal www.regulation .gov.uz.

The draft law was prepared jointly with experts from the World Bank on the basis of best foreign experience and regulates the procedure for the creation and implementation of activities of non-bank credit organizations, which include microfinance and microcredit organizations, pawnshops, mortgage refinancing organizations, and factoring organizations.

The draft law also establishes a licensing procedure (registration), requirements and conditions for non-bank credit institutions to carry out their activities, including norms for protecting the rights of consumers of their services, as well as the powers of the Central Bank.