ANALYSIS OF THE ACTUAL LEGISLATION OF THE REPUBLIC OF KAZAKHSTAN IN THE PART OF REGULATION OF ONLINE CREDIT ISSUES
Keywords:
monetary policy, credit, Internet, online lending, civil law, loan agreement, remuneration, entrepreneurship, refinancing rateAbstract
The authors examined the issues of regulating online lending as a type of loan agreement within the framework of legal monitoring in this article.
It should be noted that legal entities that provide loans through the Internet do not refer to banks or organizations that carry out certain types of banking operations.
The relevance of the topic under consideration is due to the fact that today such online companies are widely spread in Kazakhstan and set unreasonably increased interest rates, which in terms of annual interest can reach 900%.
In connection with the above, the authors studied the norms of the Civil Code of the Republic of Kazakhstan, legal literature, as well as foreign experience in regulating public relations that arise when online companies provide loans, and developed the relevant conclusions and recommendations.
In particular, during the analysis the authors concluded that despite the discretion in determining the amount, timing and order of payment of a loan agreement, the Civil Code of the Republic of Kazakhstan provides for the possibility of determining by the legislation the amount of remuneration under loan agreements (for example, the maximum annual effective interest rate determined by the National Bank of the Republic of Kazakhstan).
In this regard, in order to protect the rights and legitimate interests of individuals and legal entities, the authors suggested that in the current legislation certain restrictions on the amount of remuneration under loan agreements, by analogy with bank loans, microcredits, etc.
In this case, in the absence of instructions on the amount of remuneration in the loan agreement, authors suggest using foreign experience, in particular the experience of the Russian Federation, according to which this amount is determined by the rate of bank interest (refinancing rate) existing at the location or residence of the lender on the day of payment of the debt.
