In Kazakhstan, a voluntary ban on borrowing does not guarantee a complete halt to loan issuance. Even after activating the Stop-Credit service, banks and microfinance organizations can still provide certain types of financing. The Agency for Regulation and Development of the Financial Market (ARDFM) issued this reminder, according to infohub.kz.
The service allows citizens to independently impose restrictions on obtaining bank loans and microloans. When the ban is in effect, the lender must refuse to issue funds, except in cases expressly provided for by law.
In particular, banks may provide consumer loans for the purchase of goods and payment for services. For this, the funds must go directly to the seller's or supplier's account, and the borrower must confirm receipt of the purchase or service rendered.
Another exception concerns refinancing. Having Stop-Credit does not prevent a new loan if it is intended to repay existing debt at the same bank.
Furthermore, the restriction does not apply to loans within the established payment card limit if their amount does not exceed 150 monthly calculation indices (MCI). In the agency's published clarification, this amount is stated as 648,750 tenge.
Banks are also entitled to issue targeted loans to pay off tax arrears, fines, and debts under enforcement proceedings. In such cases, the money must be transferred directly for the corresponding purpose.
Similar exceptions apply to microfinance organizations. Even with the ban activated, a citizen can obtain a microloan for the purchase of goods or services with direct transfer of funds to the supplier, refinance debt within the same MFO, or arrange financing to pay off taxes, fines, and debt under enforcement proceedings.
A separate rule is established for pawnshops. The Stop-Credit service does not apply at all to microloans they provide.
The ARDFM also reminded of creditors' liability for violating the established ban. If a bank or MFO issues a loan despite the active restriction and outside the exceptions provided by law, the organization must take measures established by legislation to write off the debt.
In addition, the creditor must ensure the correction of the borrower's credit history and the return of funds that were collected from them under such a loan.
The regulator emphasized that the existence of exceptions to the Stop-Credit mechanism does not exempt financial organizations from complying with other legislative requirements when lending to clients.
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