According to the new decision, banks in Uzbekistan that offer credit products deemed misleading may face limitations or bans on certain financial operations for up to six months.
The Ministry of Justice officially registered the Central Bank Administration's decision to amend some regulatory legal acts. This occurred on September 30th.
The document establishes a requirement for the mandatory placement of warnings about financial risks in advertising materials and contracts related to loans. Banks are obliged to inform consumers that failure to meet loan obligations may lead to financial losses.
These warnings must occupy at least 10 percent of the area in print and electronic advertising, as well as a specified portion of time in audio and video advertising. Furthermore, on the first page of the loan agreement, before the main text, a warning must be placed occupying no less than 30 percent of the main surface area.
If a consumer is offered a credit product recognized as misleading, the Central Bank has the right to restrict or prohibit the bank from conducting certain financial operations or expanding its infrastructure for a period of six months. This decision will come into force one month after official publication.