Tashkent, Uzbekistan (UzDaily.com) — The Central Bank of the Republic of Uzbekistan has prepared a draft of amendments and additions to the “Regulation on Minimum Requirements for the Activities of Commercial Banks in Interactions with Consumers of Banking Services.” The draft has been published for public discussion on the portal regulation.adliya.uz.

The proposed changes are aimed at strengthening consumer protection, enhancing transparency in banking operations, and preventing unfair practices in the lending sector.

Notably, the draft introduces a standardized “Information Sheet” form, which will enable customers to access complete and accurate details about the terms of credit card issuance and allow them to compare offers from different banks.

One of the key provisions in the document is a proposed ban on including clauses in loan agreements that require borrowers to maintain a fixed account balance or a specific transaction turnover over any period of time.

Additionally, banks would be required to notify borrowers via SMS when their loan application is accepted for review. The draft also mandates greater transparency in procedures related to the substitution or release of collateral, depending on the amount of outstanding principal debt.

The proposal further requires banks to notify borrowers if the creditor’s rights are transferred to an insurer through the process of subrogation. It also provides for the possibility of out-of-court enforcement of pledged property after the loan is repaid—provided this condition is mutually agreed upon and does not contradict existing legislation.

The development of this draft regulation is aimed at increasing transparency and accountability in the banking sector, safeguarding the interests of borrowers, and fostering a fairer financial services market.