Legal regulation of lending to individuals in Republic of Kazakhstan: problems and ways of improvement

The article explores the state and prospects of legal regulation of consumer lending in the Republic of Kazakhstan. Given rising risks of over-indebtedness, the need for adoption of a specialized Law on Consumer Credit is substantiated. The study identifies deficiencies in legislation and formulates a scientific approach to protecting financial consumers’ rights. A systemic analysis of challenges hindering financial stability of citizens is conducted. Legal conflicts in microfinance and online lending are examined, including digital fraud risks and flaws in remote identification. Special attention is devoted to the formalistic nature of pre-trial settlement; the need for a direct legislative obligation to restructure debt in difficult life circumstances is justified. A comparative legal analysis investigates the Republic of Uzbekistan’s experience in implementing its Law “On Consumer Credit”, mandating a cashless loan provision. The key finding substantiates the need to consolidate fragmented norms into a single legislative act to increase transparency and protect citizen solvency. Scientific novelty consists in identifying regulatory gaps obstructing the safeguarding of borrowers’ interests amidst digital transformation. Practical utility is expressed in legislative recommendations designed to alleviate the public’s debt load.

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