Ministry of Economy and Finance Proposes Introducing Consumer Leasing in Uzbekistan

Tashkent, Uzbekistan (UzDaily.uz) — The Ministry of Economy and Finance of Uzbekistan has prepared a draft law aimed at improving the regulatory framework for leasing services. The document has been published for public discussion on the portal for draft normative legal acts.

One of the key innovations introduced by the document is the concept of consumer leasing, which will allow leasing property to individuals for personal, family, and other non-business needs. According to the draft law, consumer leasing will apply exclusively to non-consumable property.

The proposed amendments also seek to remove the requirement from the Civil Code and the Law "On Leasing" that leased assets be used strictly for entrepreneurial purposes.

The draft law clarifies the definition of a lessee. Lessees may include individuals, individual entrepreneurs, and legal entities taking possession and use of leased property for a fee under a lease agreement.

For leasing contracts concluded with individuals or individual entrepreneurs, the document will require specifying the legal and property status of the leased asset, the party holding the asset on its balance sheet, as well as the procedure for calculating depreciation and the entity responsible for tracking it.

Under the proposed rules, leasing organizations will only be permitted to commence operations after notifying the Ministry of Economy and Finance. The Ministry will maintain a state register of leasing organizations, establish requirements for asset classification and quality evaluation, and receive powers to set maximum interest rates and other fee caps.

In addition, the Ministry of Economy and Finance will monitor leasing companies' activities, enforce compliance with legislation, and hold authority to suspend their operations or apply to court for the suspension, resumption, or termination of their activities.

The draft law also proposes establishing minimum charter capital requirements for leasing organizations: at least 2 billion soums by 1 April 2027, and 3 billion soums by 1 January 2029.

Public consultation on the draft law will run through 5 August.