The law “On introduction of changes and amendments to some legislative acts of Uzbekistan” was passed by Legislative Chamber on 9 November 2012 and approved by Senate on 5 December 2012. It came into force on 4 January 2013.

According to amendments, the law “On credit unions” was abolished. “Credit union” notion was excluded from legislation, including laws “On central bank of Uzbekistan” and “On microfinancing”, as well as Tax Code.

The law “On credit unions” was adopted on 4 April 2012. According to the document, credit union is a credit organization, created by legal entities and individuals based on voluntary and equal membership to provide loans and render financial services.