Tashkent, Uzbekistan (UzDaily.com) - The law signed by the President of Uzbekistan introduced changes and additions to some legislative acts.

According to the amendments made to the Civil Code:

If the amount of the payment made is insufficient to fulfill the obligations under the microloan or loan allocated to the borrower - an individual or a borrower -

business entity, then the borrower’s debt will be repaid in the following order:

proportionately - overdue principal debt and overdue interest payments;

accrued interest for the current period and outstanding principal for the current period;

penalty (fine);

other expenses of the creditor related to debt repayment.

Also, when a court decision is made to collect debt on a loan, the accrual of interest, as well as penalties in the prescribed manner, in relation to the recovered amount of the loan specified in the court decision is stopped.

In addition, according to the amendments made to the law “On non-bank credit organizations and microfinance activities”, the maximum microloan size has been increased from 50 to 100 million soums.