DEVELOPMENT OF LEGISLATION ON LOAN AGREEMENTS

Abstract

Considering that the current rules and procedures of loan contracts, business practices and legislation governing lending in the banking and financial sector do not provide for Civil code and meet the current requirements of the modern financial market, a loan contract has the following legal features: unilateral or bilateral, valid and agreed contract, contract concluded for free or for a fee. This description of a loan agreement is based on the terms and conditions of the contract and the requirements for lending and borrowing established by mutual agreement of the parties. In particular, if the parties to a loan agreement determine the lender’s obligation to pay the loan amount in the future and agree to pay the loan amount with interest, a loan agreement of this content is consensual, bilateral (mutual) and equivalent.  This credit contract is a real, unilateral and free agreement if it is made by means of a credit agreement between citizens and the loan amount is repaid without interest. The article analyses the history of the development of legislation on the legal regulation of debt contracts on the territory of Uzbekistan, the observance of contract terms in Avesto, as well as the regulation of debt relations in Islam. The author also puts forward proposals for improving national legislation by analyzing foreign legislation on the legal regulation of debt relations.