The law was approved at the Eighth session of the Senate of Oliy Majlis of Uzbekistan, which kicked off in Tashkent on 23 March 2012.

The press service of the Senate said these laws are directed at harmonizing some norms of legislative acts with the law of Uzbekistan “On exchange of credit information”.

The law of Uzbekistan “On exchange of credit information” was adopted in 2011.

President of Uzbekistan Islam Karimov signed a law "On exchange of credit information" on 4 October 2011. Legislative Chamber of Oliy Majlis of Uzbekistan passed the law on 11 August 2011 and Senate approved it on 26 August 2011.

The law is directed at creating effective system of credit information exchange and providing information on state of credit deals, execution of responsibilities on them, and other information, which will help to determine solvency, financial state, paying capacity, payment discipline and other qualities of credit information subjects.