Members of the Mazhilis at a plenary session on March 20 approved a bill in the second reading that proposes to prohibit banks from providing loans to individuals without the consent of their spouses. The bill, initiated by Parliament members, aims to minimize risks in lending and protect borrowers' rights.
The main objectives of the bill include reducing the risks of citizen indebtedness, regulating problematic debt, and safeguarding consumers of financial services. It introduces a ban on providing unsecured consumer loans to individuals with overdue debts exceeding 90 days, as well as on accruing interest after 90 days of default on existing consumer loans.
To protect borrowers' rights, restrictions are placed on the assignment of claims to debt collection agencies for up to 24 months from the occurrence of default. Additionally, collectors are required to facilitate debt settlement procedures for acquired loans of individuals.
The bill prohibits evictions from primary residences during the heating season for families with minors or individuals with disabilities. It also increases the amount of funds protected in a borrower's bank account during debt collection and shortens the debt settlement period from 18 to 12 months.
Furthermore, the proposal includes a ban on providing bank loans and microloans without biometric client identification. It prohibits microfinance organizations and debt collectors from engaging with affiliated private bailiffs and notaries.
The bill streamlines the bankruptcy process for individuals by expanding the list of creditors, including those in liquidation without the required financial services license.
Following the initial reading, additional provisions were added, such as requiring spousal consent for bank loans, with specific terms to be defined by the competent authority.
On March 5, 2024, Kazakhstan announced changes to credit regulations for banks and microfinance institutions, proposing limits of 5 million and 2 million tenge, respectively.
