Legislative Chamber of Oliy Majlis of Uzbekistan passed the law on 19 July 2012 and Senate approved it on 30 August 2012. The law came into force on 25 September 2012.

The document consists of four chapters and 29 articles. The law will create favourable conditions for private sector and stimulate business initiatives, which will serve for further development of market relations in Uzbekistan.

The document sets guarantees for private proprietors. The document sets that right for private property is termless and it forbids to set ownership term.

It forbids obtrusion of unprofitable conditions to property owners, including demand to transfer property, financial resources or other property rights, infringement to activities of business entities.

It also bans to review and abolish results of privatization and sets norm on inviolability of private property.

The document also sets the courts will rehabilitate violated rights of private proprietors. The draft law says that those, who caused damage to private property, will fully compensate damage.