Changes and amendments introduced to legislative acts on mortgage and protection of rights of financial services consumers and investors
On 10 February 2011, new Law No. 406-IV of the Republic of Kazakhstan On Changes and Amendments Introduced to Certain Legislative Acts on Mortgage and Protection of Rights of Financial Services Consumers and Investors published in the newspaper Kazakhstanskaya Pravda on 15 February 2011 (the Law On Protection of Rights of Financial Services Consumers and Investors). This Law has been developed to improve the system of protection of financial services consumer rights, grant citizens social guarantees in the area of mortgage lending as well as increase responsibilities of the executives of joint stock companies.
The Law On Protection of Rights of Financial Services Consumers and Investors introduced changes and amendments to a number of laws, namely the Civil Code, the Code of Administrative Offences, the Law on Bank and Banking Activity (the Banking Law), on Joint Stock Companies (the Law on JSCs), on Securities Market, on Mortgage of Immovable Property, on Registration of Immovable Property and Transactions with them, on Microcredit Organisations, on Credit Societies, On Credit Agencies and Development of Credit Records, On Valuation Activities, on the Procedures of Consideration of Applications from Individuals and Legal Entities.
The Banking Law and the Law on JSCs were significantly amended in part of protection of rights of financial services consumers and protection of investors’ rights, respectively. The Law On Protection of Rights of Financial Services Consumers and Investors shall become effective in ten (10) calendar days after its first official publishing, i.e. on 25 February 2011. The Law expressly establishes that certain provisions (basically, the provisions which provided for amendments to the Banking Law) are applicable to relations arising out of previously concluded loan agreements. Banks and organisations carrying out certain types of bank transactions shall bring their activity in compliance with the requirements of the Law On Protection of Rights of Financial Services Consumers and Investors within six (6) months after its effective date, i.e. 25 August 2011.
For more detailed information on the Law On Protection of Rights of Financial Services Consumers and Investors, please contact Elena Lee at +7 727 258 48 90 or info@mwp.kz.
The Law On Protection of Rights of Financial Services Consumers and Investors introduced changes and amendments to a number of laws, namely the Civil Code, the Code of Administrative Offences, the Law on Bank and Banking Activity (the Banking Law), on Joint Stock Companies (the Law on JSCs), on Securities Market, on Mortgage of Immovable Property, on Registration of Immovable Property and Transactions with them, on Microcredit Organisations, on Credit Societies, On Credit Agencies and Development of Credit Records, On Valuation Activities, on the Procedures of Consideration of Applications from Individuals and Legal Entities.
The Banking Law and the Law on JSCs were significantly amended in part of protection of rights of financial services consumers and protection of investors’ rights, respectively. The Law On Protection of Rights of Financial Services Consumers and Investors shall become effective in ten (10) calendar days after its first official publishing, i.e. on 25 February 2011. The Law expressly establishes that certain provisions (basically, the provisions which provided for amendments to the Banking Law) are applicable to relations arising out of previously concluded loan agreements. Banks and organisations carrying out certain types of bank transactions shall bring their activity in compliance with the requirements of the Law On Protection of Rights of Financial Services Consumers and Investors within six (6) months after its effective date, i.e. 25 August 2011.
For more detailed information on the Law On Protection of Rights of Financial Services Consumers and Investors, please contact Elena Lee at +7 727 258 48 90 or info@mwp.kz.