Tashkent, Uzbekistan (UzDaily.com) —  The second plenary session of the Senate reviewed and approved the Law "On Amendments and Additions to Certain Legislative Acts of the Republic of Uzbekistan in Connection with the Further Development of the Mortgage Lending Market."
The law introduces amendments to several regulatory acts, such as the "Mortgage Law," "Securities Market Law," and "Insolvency Law." These changes are aimed at improving the procedures for securing rights under mortgage agreements, their registration, and transfer to third parties.
During the discussion, senators emphasized that the current practice requires the personal presence of the parties when formalizing a mortgage deed, as well as their mandatory visit to registering authorities, which creates significant difficulties as the number of mortgages increases. To address this issue, the law includes provisions allowing mortgages to be formalized online or through public service centers. Furthermore, the concept of an electronic mortgage deed is introduced, which will significantly reduce both time and financial costs.
The law also includes a mechanism for more active engagement of mortgage refinancing organizations with financial market capital. In particular, these organizations will be allowed to issue bonds whose value may exceed their equity capital. This will create additional resources to ensure liquidity and stability in the mortgage lending system.
Senators noted that the new provisions promote the circulation of mortgage deeds, expand opportunities for mortgage refinancing, and help form a modern market infrastructure in the mortgage lending sector.
Following the discussion, the law was unanimously approved.