Law of the Republic of Belarus

(Unofficial translation)

 

Law of the Republic of Belarus

No. 441-Z of November 10, 2008

[Amended as of November 13, 2017]

On Credit Histories

 

Adopted by the House of Representatives on October 9, 2008

Approved by the Council of the Republic on October 22, 2008

 

The present Law is aimed at strengthening payment discipline, improving interest of natural and legal persons in due fulfillment of obligations before the National Bank of the Republic of Belarus (hereinafter – National Bank), banks, non-bank financial credit organizations of the Republic of Belarus the open joint-stock company "Development Bank of the Republic of Belarus" (hereinafter – banks), microfinancing, leasing organizations reducing credit risks and improving effectiveness of the work of banking system of the Republic of Belarus.

 

CHAPTER 1

GENERAL PROVISIONS

Article 1. Main Terms Used in the Present Law and Their Definitions

For the purposes of this Law the following main terms and their definitions are used:

credit transaction –  a credit contract, contract containing conditions of overdraft crediting, loan contract, including a micro loan contract, (hereinafter – loan contract), contract of financial lease (leasing), contract of financing against monetary claim assignment (factoring) (hereinafter - factoring contract), contract stipulating monetary claim assignment when performing a factoring operation, contracts of pledge, guarantee, suretyship, concluded with banks, microfinancing, leasing organizations, the National Bank, on which a credit history subject acts as credit recipient under the credit contract, contract containing conditions of overdraft crediting, borrower under the loan contract, lessee  under the contract of financial lease (leasing), creditor under the factoring contract, debtor under the factoring contract under an open factoring, and also on monetary claims acquired by the bank upon performance of a factoring operation (hereinafter – debtor under an open factoring or factoring operation), pledgor under the contract of pledge, guarantor under the contract of guarantee, surety under the contract of suretyship;

credit history – data being stored at the National Bank the content of which is determined by Articles 6 and 7 of the present Law and which characterize the credit history subject and his/her fulfillment of assumed obligations on credit transactions or monetary obligations toward the factor under a factoring contract or by a bank that acquired monetary claims upon performance of a factoring operation;

record of credit history – data included into the credit history, characterizing one credit transaction of the credit history subject, including its fulfillment of assumed obligations according to that credit transaction or of monetary operations toward the factor under a factoring contract or by a bank that acquired monetary claims upon performance of a factoring operation;

credit history subject – a natural person, including individual entrepreneur, as well as a legal person of the Republic of Belarus not being a bank or a foreign legal person (hereinafter, unless otherwise determined by the present Law – legal person), foreign organization not being a legal person according to foreign law, which conclude (have concluded) with a bank, microfinancing, leasing organization, the National Bank a credit transaction, with the exception of the party from which the bank acquired monetary claims under a contract stipulating assignment of the monetary claim when performing a factoring operation, or which are a debtor under an open factoring or factoring operation, and in relation to which the credit history is being formed;

credit history user – a natural or legal person, foreign organization not being a legal person according to foreign law, as well as state bodies of the Republic of Belarus (hereinafter – state bodies) and other persons not possessing, in accordance with legislative acts, the right to obtain the data constituting a bank secret, which have got a written consent of the credit history subject to submission by the National Bank of the latter’s credit report and have applied to the National Bank with a request for obtaining the credit report of that credit history subject;

source of credit history formation – a bank, a microfinancing, leasing organization, being a party to a credit transaction and submitting the data included in a credit history to the National Bank, as well as the National Bank – on credit transactions concluded with a credit history subject;

credit report –a document which contains information formed by the National Bank on the basis of the data included in the credit history (including results of mathematical processing of the data) and which the National Bank provides to users of credit histories, subjects of credit histories and other persons having the right to obtain mentioned information in accordance with the present Law and other legislative acts;

indebtedness – sum of monetary obligations stipulated by a credit transaction to be paid by a credit history subject.

Article 2. Relations Regulated by the Present Law

The present Law regulates relations connected with credit histories formation by the National Bank on the basis of the data on credit transactions submitted by the sources of credit histories formation (hereinafter – credit histories formation) and with submission of credit reports by the National Bank to users of credit histories and to subjects of credit histories (hereinafter – submission of credit reports).

The present Law does not cover relations:

arising out of credit transactions a party to which is state bodies with the exception of credit transactions being concluded by the National Bank with credit history subjects;

connected with submission by the National Bank of the data included in the credit history to state bodies and other persons possessing, in accordance with legislative acts, the right to obtain data constituting a bank secret.

Legislation on bank secrets may establish other rules than those provided for by the present Law for relations arising while collecting, storing, submitting data that constitutes state secrets, or at the access thereto, as well as for other relations arising while handling with state secrets, while credit histories formation, using the data included in the credit history and at the submission of credit reports.

 

Article 3.Basic Principles of Credit Histories Formation and Submission of Credit Reports

Basic principles of credit histories formation and submission of credit reports are:

fullness, truthfulness and data actuality;

obligatoriness and uniformity of credit histories formation;

submission of credit reports on a compensatory basis with the exception of the cases established by the present Law;

ensuring bank secret and protection of other protected information.

Article 4. Functions of the National Bank in the Field of Carrying out Activities Connected with Credit Histories Formation and Submission of Credit Reports

The National Bank, in the field of carrying out activities connected with credit histories formation and submitting credit reports:

exercises processing of the data included in the credit history, received from sources of credit histories formation, forms and keeps credit histories for all subjects of credit histories;

submits credit reports to users of credit histories, to subjects of credit histories and to other persons possessing the right to obtain mentioned information in accordance with the present Law and other legislative acts;

adopts normative legal acts in the cases provided for by the present Law and by other legislative acts;

concludes respective treaties;

uses data included in the credit history without the consent of subjects of credit histories for the purposes of exercising supervision of activities of banks, control over the observance by microfinancing organizations of the legislation regulating the order of granting and attracting of micro loans, control over the observance of the legislation on leasing activity, and other functions of the National Bank provided for by legislative acts;

exercises other functions established by the present Law and other legislative acts.

Article 5. Prohibition of Demanding Submission of a Credit Report

State bodies and officials, with the exception of courts, authorized law enforcement bodies and other persons in the cases provided for by legislative acts, legal and natural persons are not entitled to demand submission of a credit report from the credit history user and from the credit history subject, received by them at the National Bank.

 

CHAPTER 2

DATA BEING INCLUDED IN THE CREDIT HISTORY, CHANGING AND/OR ADDING THEREOF. KEEPING OF CREDIT HISTORIES

 

Article 6. Data Included in the Credit History

A credit history includes the following data about a credit history subject (if available):

about a natural person: surname, proper name, patronymic, citizenship, gender, identification number, date, month, year of birth, place of residence, identity document of a foreign citizen or of a stateless person, its series, number, date of issue, and for a credit history subject being an individual entrepreneur – also registration number in the Unified State Register of Legal Persons and Individual Entrepreneurs (hereinafter – state register), account number of the payer, his/her main kind of activity;

about a legal person and a foreign organization not being a legal person according to foreign law: name, place of location, registration number in the state register (for a foreign legal person and foreign organization not being a legal person according to foreign law – data about their establishment (registration) from the document confirming the status thereof), account number of the payer, its main kind of activity, and for legal persons of the Republic of Belarus that have arisen as a result of reorganization of one or several legal persons: also name, registration number in the state register and account number of the payer of the reorganized legal person/persons, form and date of reorganization.

In regard to obligations of a credit history subject (for every record of the credit history) the credit history includes the following data (if available):

about a credit contract: number and date of the conclusion of the contract, sum and name of credit currency (while opening a credit line – limit size of non-recurring debt of the credit recipient), term of reimbursement (repayment) of the credit; mode of securing execution of obligations according to the contract; sum of indebtedness on credit, sums of overdue payments on reimbursement (repayment) of the credit, payment of interest and payment for using the credit, as well as the dates to which the said data relate; the date of contract termination; date of termination of the contract; data about the group (groups) of risk on which the bank has classified the asset and/or exposure to credit risk not reflected on balance-sheet liabilities of the bank, including commitment of the bank to grant monetary means on a return base, commitment of the bank to make payments on guarantee obligations and other commitments (hereinafter - conditional commitment), or a part thereof in accordance with the requirements of the legislation on formation and use of special reserves covering probable losses on assets and transactions not reflected in the balance sheet, data about writing off of the sum of indebtedness at the expense of the special reserve covering probable losses on assets and transactions not reflected in the balance sheet, and also dates to which the given data related;

about a contract containing conditions of overdraft crediting: number and date of concluding the contract, overdraft limit, name of credit currency, date of establishing the overdraft limit, period of revolving of the credit line, term of reimbursement (repayment) of credit, mode of securing execution of obligations on the contract; data about the sum of indebtedness on the credit, sums of overdue payments for reimbursement (repayment) of credit, payment of interest and payment for using credit, as well as the dates to which the said data relate; the date of contract termination; data about the group (groups) of risk on which the bank has classified the asset and/or conditional commitment, or a part thereof in accordance with the requirements of the legislation on formation and use of special reserves covering probable losses on assets and transactions not reflected in the balance sheet, data about writing off of the sum of indebtedness at the expense of the special reserve covering probable losses on assets and transactions not reflected in the balance sheet, and also dates to which the given data relate;

about contract of loan: number and date of concluding the contract, sum, name of currency and term of repayment of the loan, mode of securing execution of obligations under the contract, sum of indebtedness on the loan, sums of overdue payments on loan repayment, payment of interest for using it, as well as the dates to which the said data related; the date of contract termination;

about a contract of pledge: number and date of concluding the contract, kind of pledge, value of the subject of pledge, term of executing the obligation secured by the pledge; data about sum and name of the currency of pledgee’s demands to the pledger, sum of satisfaction derived by the pledgee from the value of pledged property, as well as the dates to which the said data relate; date of termination of the contract of pledge;

about a contract of guarantee: number and date of concluding the contract, term for which the guarantee is granted, sum and name of the currency of the obligation the execution of which is secured by the guarantor; data about sum and name of the currency of demands of the source of credit history formation made toward the guarantor, about the sum paid by the guarantor, as well as the dates to which the said data relate; the date of guarantee termination; in case if the guarantee is granted on a credit transaction: data about the credit history subject for securing the execution of obligations of which the guarantee has been granted, data about the credit transaction included in the credit history for securing the execution of obligations under which the guarantee has been granted;

about a contract of suretyship: number and date of concluding the contract, term for which the suretyship is granted, sum and name of the currency of the obligation the execution of which is secured by the suretyship, liability of the surety (joint and several or subsidiary); data about sum and name of the currency of demands of the source of credit history formation made toward the surety, about the sum paid by the surety, as well as the dates to which the said data relate; the date of suretyship termination; in case if the suretyship is granted for securing a credit transaction: data about the credit history subject for securing the execution of obligations of which the suretyship has been granted, data about the credit transaction included in the credit history for securing the execution of obligations under which the suretyship has been granted;

about a contract of financial lease (leasing): number and date of concluding the contract, name of the currency of obligations, availability in the contract of the condition on executing the monetary obligations by the lessee in Belarusian rubles in a sum equivalent to a certain sum in foreign currency, availability in the contract of a condition on buy-out of the leasing item, price of the contract including the totality of leasing payments stipulated by the contract and repurchase value of the leasing item, repurchase value of the leasing item (if the contract stipulates a condition on the buy-out of the leasing item), value of the leasing item, term of temporary possession and use of the leasing item, mode of securing of the execution of obligation under the contract; data about the sum of indebtedness on paying leasing payments and repurchase value of the leasing item, sums of overdue leasing payments and repurchase value not paid within the established time limit, and also the dates to which the given data related; date of the contract termination; data about the group (groups) of risk on which the bank has classified the asset and/or conditional commitment, or a part thereof in accordance with the requirements of the legislation on formation and use of special reserves covering probable losses on assets and transactions not reflected in the balance sheet, data about writing off of the sum of indebtedness at the expense of the special reserve covering probable losses on assets and transactions not reflected in the balance sheet, and also dates to which the given data relate;

about the factoring contract in the creditor's credit history: number and date of concluding the contract, sum and name of the currency of monetary means being granted (upon conclusion of the contract on a series of monetary obligations – limit of monetary means to be granted simultaneously), data about the notification of the debtor about transfer of creditor's rights  to the factor (open or confidential factoring), availability of the right of regress toward the creditor, time limit for return of monetary means granted, mode of securing the executions of obligations under the contract; data about the sum of indebtedness on monetary obligations to be paid to the factor under confidential factoring, sums of overdue payments on monetary obligations to be paid to the factor under the confidential factoring, on payment of remuneration under confidential factoring, as well as the dates to which the given data relate; data about the sum of indebtedness monetary claims on reimbursement under contracts with the right of regress, presented to the creditor, on sum of overdue payments of the creditor on paying monetary claims on reimbursement under contracts with the right of regress, as well as the dates to which the given data relate; date of the contract termination; data about the group (groups) of risk on which the bank has classified the asset and/or conditional commitment, or a part thereof in accordance with the requirements of the legislation on formation and use of special reserves covering probable losses on assets and transactions not reflected in the balance sheet, data about writing off of the sum of indebtedness at the expense of the special reserve covering probable losses on assets and transactions not reflected in the balance sheet, and also dates to which the given data relate (for confidential factoring);

about a factoring contract under open factoring in the creditor's credit history: number and date of concluding the contract, sum and name of the currency of the monetary claim being assigned to the factor (upon concluding the contract on a series of monetary obligations: limit of monetary means to be granted simultaneously), availability of the right to regress toward the creditor, term of execution by the debtor of the monetary claim being assigned to the creditor; data about the sum of indebtedness on the monetary claim assigned to the factor, as well as the dates to which the said data relate; the date of contract termination; data about the group (groups) of risk on which the bank has classified the asset and/or conditional commitment, or a part thereof in accordance with the requirements of the legislation on formation and use of special reserves covering probable losses on assets and transactions not reflected in the balance sheet, data about writing off of the sum of indebtedness at the expense of the special reserve covering probable losses on assets and transactions not reflected in the balance sheet, and also dates to which the given data relate;

about a contract stipulating assignment of the monetary claim upon performance of a factoring operations in the creditor's credit history: number and date of concluding of the contract, sum and name of the currency of the monetary claim being assigned to the factor (upon concluding the contract on a series of monetary obligations: limit of monetary means to be granted simultaneously), availability of the right to regress toward the creditor, term of execution by the debtor of the monetary claim being assigned to the bank; data about the sum of indebtedness on the monetary claim assigned to the bank, as well as the dates to which the said data relate; the date of contract termination; data about the group (groups) of risk on which the bank has classified the asset and/or conditional commitment, or a part thereof in accordance with the requirements of the legislation on formation and use of special reserves covering probable losses on assets and transactions not reflected in the balance sheet, data about writing off of the sum of indebtedness at the expense of the special reserve covering probable losses on assets and transactions not reflected in the balance sheet, and also dates to which the given data relate.

The credit history includes information about all changes of the data included therein.

The credit history of a legal person of the Republic of Belarus reorganized in the form of take-over or in the form of a newly arisen legal person as a result of reorganization includes records of the credit histories of reorganized legal persons which have terminated their activities.

Article 7. Additional Data Included in the Credit History

A credit history also includes the data about sources of formation of the credit history, about requests of ’ users of credit history, about applications of credit histories subjects for receiving a credit report and about applications of credit histories subjects for changing and/or adding the data included in the credit history.

Article 8. Changing and/or Adding the Data Included in the Credit History

Adding and/or changing the data included in the credit history is carrying out in the cases and in the order determined by the National Bank.

Data included in the credit history and in the opinion of the credit history subject being untrue, are subject to inspection by the National Bank upon the former’s application or, on the instructions of the National Bank, by the source of credit history formation that has submitted those data to the National Bank. The term of such inspection must not exceed thirty days from the day of receipt of the application of the credit history’s subject for changing and/or adding the data included in its credit history. For the period of inspection, a note “Data are being checked” shall be made in the credit history.

The credit history subject shall be informed by the National Bank about results of consideration of the application for changing and/or adding the data included in the credit history, within the five days following the day of finishing the inspection. If the data have been recognized as true, the credit history subject shall be given an answer exposing grounds for the refusal to satisfy the demands made in the application.

The credit history subject is entitled to appeal against the refusal of the National Bank, and in the instance when the inspection was held on the instruction of the National Bank by the source of credit history formation – refusal of the source of credit history formation, to change and/or add the data included in the credit history, in its opinion being untrue, in court.

The data included in the credit history, recognized as untrue on the results of inspection are subject to changing and/or adding within the five days following the day of finishing the inspection.

Article 9. Keeping by the National Bank of Credit Histories and Records of Credit History, Annulment Thereof

The order and terms of keeping by the National Bank of credit histories and records of credit history, as well as the order of annulment thereof are determined by the National Bank. In that case term for keeping every record of the credit history may not be less than five years form the day of receipt of the last data according to the respective credit transaction.

Upon the expiration of the established term of keeping, the National Bank annuls the record of credit history. After all records of a credit history included therein were annulled, the credit history is to be annulled.

 

CHAPTER 3

SUBMISSION OF DATA INCLUDED IN THE CREDIT HISTORY TO THE NATIONAL BANK

 

Article 10. Obligatoriness of Submission of Data Included in the Credit History to the National Bank

Sources of credit history formation are obliged to submit to the National Bank all available data included in the credit history on all credit transactions concluded by them with the subjects of credit histories.

Submission of data included in the credit history by the sources of credit history formation to the National Bank in the order provided for by the present Law is not a breach of bank secret.

Article 11. Order and Terms of Submission to the National Bank of Data Included in the Credit History

Data included in credit history are submitted by the sources of credit history formation to the National Bank in the form of an electronic document corresponding to the requirements established by legislation. The order and the terms of submitting such data are established by the National Bank.

Article 12. Submission of Data about Subjects of Credit Histories to the National Bank by State Bodies

Ministry of Internal Affairs of the Republic of Belarus submits to the National Bank, upon the request of the latter, the data about surname, proper name, patronymic, former surnames, proper names, patronymics (if available), gender, identity number, date, month, year of birth of a natural person being a credit history subject, which are contained in the data bases of the ministry and are necessary for verifying whether the data submitted to National Bank by the source of credit history formation in accordance with the present Law correspond to them without a written consent of that natural person. The order of submitting such data is determined by the Ministry of Internal Affairs of the Republic of Belarus and the National Bank.

The Ministry of Justice of the Republic of Belarus submits to the National Bank, upon the request of the latter, the data from the state register about name, former name and registration number in that state register of a legal person being a credit history subject , as well as about surname, name, patronymic (if available) of an individual entrepreneur being a credit history subject and his/her registration number in the state register which are necessary for verifying whether the data submitted to the National Bank by the source of credit history formation in accordance with the present Law correspond to them.

The verification of data submitted to the National Bank by the sources of credit history formation is performed for all subjects of credit histories, with the exception of foreign organizations not being legal persons according to foreign law, foreign legal persons, natural persons being foreign citizens or stateless persons not having a residence permit in the Republic of Belarus.

 

CHAPTER 4

SUBMISSION OF CREDIT REPORT

 

Article 13. Conditions for Submission of Credit Report

Data included in the credit history are submitted to users of credit history and subjects of credit histories in the form of a credit report formed on the basis of those data.

A credit report is submitted by the National Bank in the form of an electronic document corresponding to the requirements established by legislation or in the form of a paper document on the terms provided for by the present Law. The order and the forms of submitting a credit report are determined by the National Bank.

A natural or legal person, foreign organization not being a legal person according to foreign law, as well as a state body and another person not possessing, in accordance with legislative acts, the right to obtain the data constituting the bank secret, which intend to get a credit report in the National Bank, are obliged, prior to applying to the National Bank, to get a written consent or consent in electronic form without use of the electronic digital signature in the instances specified by legislative acts from the credit history subject for submitting the credit report of that credit history subject.

Consent of the credit history subject for submission of credit report is formalized in the order and according to the form being determined by the National Bank. In that case, the name of the credit history user, date of drawing up the consent and the validity term thereof that can not be less then three months from the date of drawing up the consent must be specified in the form of consent.

Credit report is submitted on the basis of a contract of rendering informational services, with the exception of the cases when, in accordance with the present Article, a credit report is submitted without payment of remuneration. The contract of rendering informational services is concluded between the National Bank and the credit history user or the credit history subject and is an adhesion contract the conditions of which are determined by the National Bank.

Essential conditions of the contract of rendering informational services are amount and order of bringing in the remuneration for submitting a credit report, term of executing obligation, order of repaying monetary funds by the National Bank in the case of non-fulfillment of the obligation, liability for non-fulfillment of the obligation. At that the amount of remuneration for submitting the credit report to the credit history subject may not exceed economically justified costs connected with the submission thereof.

A credit report is submitted without conclusion of a contract of rendering informational services in the cases when in accordance with the present Article the credit report is submitted without payment of remuneration.

For a credit history user the credit report is submitted upon his/her request for receiving a credit report and for remuneration, with the exception of the cases of submitting a credit report to the credit history user being a state body to which the credit report is submitted with out payment of remuneration. At that upon the request of the credit history subject the credit history user is obliged to submit thereto the possibility to get acquaintance with his/her credit report without compensation.

For a credit history subject the credit report is submitted upon his/her application for receiving a credit report with out payment of remuneration once during a calendar year and times out of number during a calendar year for remuneration. The credit report being requested by the credit history subject after changing unreliable data included in his/her credit history, on the results of considering application of the credit history subject is submitted without payment of remuneration.

In case of refusal to submit credit report, for the receiving of which remuneration is paid, the monetary funds received are returned by the National Bank in accordance with a contract of rendering informational services not later than three banking days from the day of taking the decision on refusal to submit credit report.

Submission of credit reports on accordance with the present Law is not a breach of bank secret.

Other conditions for submitting credit reports not provided for by the present Law are determined by the National Bank.

Article 14. Restrictions for Submission of Data Included in the Credit History

The credit report being submitted to credit history user shall not expose the data included in the credit history, specified into the Article 7 of the present Law, with the exception of information about requests of users of credit history. Credit reports of the surety, guarantor shall not expose the data about subjects of credit histories for securing the execution of obligations of which the surety was issued, guarantee was granted.

Article 15. Grounds for Refusal to Submit Credit Report

The National Bank refuses submission of a credit report in the case:

of failure to submit and/or to present documents necessary for receiving a credit report;

of drawing up a request (an application) for receiving a credit report with a breach of prescribed form or lack therein of data determined by the National Bank ;

of lack of necessary powers of the person who has signed the request (application) for receiving the credit report.

Article 16. Terms for Submission of Credit Report and Sending Notification on Refusal to Submit Credit Report

On the basis of the documents submitted for receiving a credit report, the National Bank within three banking days following the day of arriving request (application) for receiving a credit report, unless other term settled by legislative acts, takes decision on submission of credit report or on refusal to submit credit report.

In the case of taking the decision on submission of a credit report the National Bank submits credit report within three banking days following the day of taking the decision on submission of credit report, unless other term settled by legislative acts.

In the case of taking the decision on refusal to submit credit report the National Bank notifies the person who sends the request (application) for submission of credit report within three days following the day of taking the decision on refusal to submit credit report, unless other term settled by legislative acts.

Decision on refusal to submit credit report may be appealed against in the court.

CHAPTER 5

PROTECTION OF DATA INCLUDED IN THE CREDIT HISTORY AND OF INFORMATION CONTAINED IN THE CREDIT REPORT. LIABILITY FOR BREACH OF THE LEGISLATION IN THE FIELD OF CARRYING OUT ACTIVITIES CONNECTED WITH CREDIT HISTORIES FORMATION AND CREDIT REPORTS SUBMISSION

 

Article 17. Ensuring Protection of Data Included in the Credit History and of Information Contained in the Credit Report

Sources of credit history formation ensure, in accordance with legislation, protection of data included in the credit history while submitting it to the National Bank.

The National Bank ensures, in accordance with legislation, protection of data included in the credit history when receiving, handling, forming, keeping it and submitting a credit report.

Credit history users ensure, in accordance with legislation, protection of information contained in the credit report submitted to them by the National Bank in the form of an electronic document, while receiving, keeping and using it.

Credit history users take all necessary measures for prevention of illegal dissemination of information contained in the credit report submitted to them by the National Bank in the form of a paper document to other persons.

Article 18. Prohibition of Dissemination of Information Contained in the Credit Report

Information contained in the credit report submitted by credit history user is not subject to dissemination, with the exception of the cases of submitting a credit report to the credit history subject and dissemination by him/her of the information contained in that report, unless otherwise provided for by legislative acts.

Article 19. Liability for Breach of the Legislation in the Field of Carrying out Activities Connected with Credit Histories Formation and Submitting Credit Reports

Breach of the legislation in the field of carrying out activities connected with credit histories formation and submitting credit reports entails liability established by legislative acts.

 

CHAPTER 6

FINAL PROVISIONS

 

Article 20. Transitional Provisions

The National Bank forms credit histories on all credit transactions being effective at the date of entry into force of the present Law. While forming credit histories, the National Bank is entitled to use data received from banks in accordance with legislation prior to the entry into force of the present Law.

Article 21. Measures for Implementation of Provisions of the Present Law

The Council of Ministries of the Republic of Belarus and the National Bank shall, within two months form the day of official publication of the present Law, take measures necessary for implementation of provisions of the present Law.

Article 22. Entry into Force of the Present Law

The present Law enters into force in nine months after its official publication, with the exception of the present Article and Article 21, which enter into force from the day of official publication of the present Law.

 

President of the Republic of Belarus                                                                                                                                                                                                                                                                                                                                   A. Lukashenko

 

* unofficial translation *