The repayment period does not exceed 12 months.
Uzbekistan has established new requirements for contracts for the provision of fixed-term payment services. According to them, the consumer's obligation to pay on a fixed-term basis should not exceed 12 months from the date of conclusion of the contract.
According to the Presidential Decree “On Measures to Improve the Provision of Fixed-Term Payment Services to the Population”, fixed-term payment service agreements must meet a number of requirements.
In particular, it was determined that the price of the fixed-term payment service object should not exceed 250 times the base calculation amount. The agreement should also separately indicate the commission (surcharge) payments of the fixed-term payment service operator and other payments included in the final cost of the goods, work or service.
The total amount of all payments under the fixed-term payment service, except for the principal debt, including brokerage fees, late payment fees, fines, penalties and other liability measures, should not exceed half of the fixed-term payment amount per year.
The consumer has the right to pay the fixed-term payment amount in full or in part at any time ahead of schedule without additional fines, penalties and commissions.
In addition, the maximum period of consumer obligations under a fixed-term payment service agreement has been set at 12 months from the date of conclusion of the agreement.
At the same time, from January 1, 2027, consumer credit agreements with a value of up to 3 times the MNB and information on the status of their execution will not be required to be submitted to credit bureaus.