Ministry of Economy and Finance Proposes Introducing Consumer Leasing in Uzbekistan
A new draft law prepared by the Ministry of Economy and Finance proposes introducing consumer leasing for individuals and establishing regulatory oversight for leasing organizations.
Ministry of Economy and Finance Puts Forward Plan to Introduce Consumer Leasing in Uzbekistan
Tashkent, Uzbekistan (UzDaily.uz) – Uzbekistan’s Ministry of Economy and Finance has drafted legislation designed to enhance the regulatory framework governing leasing services. The proposed bill is now accessible for public review and discussion on the portal dedicated to draft normative legal acts.
A significant new feature within the document is the introduction of "consumer leasing." This provision would enable the leasing of property to individuals for personal, family, or other non-commercial uses. As per the draft, consumer leasing would be exclusively applicable to non-consumable goods.
The suggested revisions also aim to eliminate the current stipulation in the Civil Code and the Law "On Leasing" that mandates leased assets be utilized solely for entrepreneurial endeavors.
Furthermore, the draft law refines the definition of a lessee to include individuals, individual entrepreneurs, and legal entities who acquire possession and use of leased property for a fee under a lease agreement.
For leasing agreements entered into with individuals or individual entrepreneurs, the document will necessitate the inclusion of details regarding the leased asset's legal and property status, the party responsible for holding the asset on its balance sheet, the method for calculating depreciation, and the entity tasked with tracking it.
Under the proposed regulations, leasing organizations would only be authorized to begin operations after providing notification to the Ministry of Economy and Finance. The Ministry would be responsible for maintaining a state register of leasing organizations, defining requirements for asset classification and quality assessment, and would be empowered to set maximum interest rates and other fee limitations.
Additionally, the Ministry of Economy and Finance would oversee the operations of leasing companies, ensure adherence to legal provisions, and possess the authority to suspend their activities or petition a court for the suspension, resumption, or termination of their operations.
The draft law also puts forth minimum charter capital requirements for leasing organizations: 2 billion soums by April 1, 2027, and 3 billion soums by January 1, 2029.
The public consultation period for this draft law will conclude on August 5.