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(Aug 29, 2008) On August 20, 2008, the lower chamber of the Belarus legislature approved the Credit History Law, which obligates all banks and credit institutions operating in Belarus to inform the National Bank of Belarus about borrowing and repayment records of banks' individual clients. The Law establishes the procedure under which all institutions interested in obtaining personal credit reports will purchase that information from the National Bank. Government agencies are exempt from the necessity to buy this information and will be granted free access to confidential banking data. Individuals are allowed to purchase their credit reports for review and to request that inaccurate information be corrected. The promulgation of this Law is expected to occur in the fall of 2008. (Syarhei Karalevich, Credit Histories Bill Will Be Debated at Fall Session, BELAPAN NEWS AGENCY, Aug. 20, 2008, Emerging Markets database, available at http://www.securities.com.)

Author: Peter Roudik More by this author
Topic: Banks and financial institutions More on this topic
Jurisdiction: Belarus More about this jurisdiction

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Last updated: 08/29/2008