Kazakhstani parliament wants to oblige microfinance organizations to do that by law
Photo: Sozavisimost from Pixabay
On December 9 the Mazhilis of the Parliament of Kazakhstan has approved a draft law that is aimed to change the regulation of microfinance companies as well as debt collectors, the Interfax-Kazakhstan news agency reported.
The bill was initiated by parliament members. We propose to change clause three of article four of the law that regulates activities of the microfinance businesses, said Mazhilis Deputy Albert Rau.
As he noted, microfinance companies must be obliged to reveal all crucial details about the loan on the first page of a contract because the problem of irresponsible lending is still there.