New rules for enforced repayment of microloans approved
The Decree of the President of the Republic of Belarus of 21 January 2016 No. 1 introduced amendments in the order of levying enforcement on and realization of movable personal or household property pledged to a microfinancial organization, established by the Decree of the President of the Republic of Belarus of 1 March 2010 No. 3. According to the amendments a microfinancial organization is entitled to levy enforcement of repayment of microloans on pledged movable personal or household property the value of which does not exceed 100 base units, upon expiration of one month after the deadline for repayment of a microloan, without recourse to the court.
The Decree was officially published in Russian on the National Legal Internet Portal of the Republic of Belarus on 23 January 2016, and its main provisions enter into force in three months after the official publication.