From The Washington PostBy Cornel Ban and Kevin GallagherDecember 17, 2014 Cornel Ban...
Law No. 124 of 2002 on Microfinance Organizations in the Kyrgyz Republic (consumer protection-related)
(amended through 2009)
Law No. 124 of 2002 on Microfinance Organizations in the Kyrgyz Republic establishes that the relationship between client and micro-credit organization is formalized through a credit agreement or loan agreement. Such agreement shall be based on principles such as transparency and good faith. In addition, microfinance organizations shall provide detailed consultations and information on micro-credit services, credit conditions, terms, and fees.
Amendments to this law, which contain consumer protection provisions, were made in February 2010 by the legislature and are pending signature by the President of Kyrgyz Republic. An older English language version of this law from 2002 can be found under “Other Language Versions”.
DISCLAIMER: Due to the fact that an English translation was unavailable for this law, information for this summary has been taken from secondary sources and not from review of the actual legal text.