According to the law, the Civil Code introduces general provisions on financing for the assignment of a monetary claim (factoring) in favor of another person.

The assignment of a monetary claim becomes effective against third parties after the registration of the notification of the assignment of a monetary claim in the collateral registry.

The procedure for meeting the requirements of financial agents under factoring agreements has been established.

If the same client makes more than one assignment of the same monetary claim or part of it, the claims of financial agents are satisfied in the order of priority.

Also, according to the addendum to the Law "On Licensing, Licensing and Notification Procedures", the following types of activities (actions) are included, for which a permit is required:

implementation of the organization's activities to provide guarantees.

carrying out the activities of a factoring organization.

In addition, the list of activities to be carried out in the order of notification of authorized bodies includes:

notification of the acquisition of a share in the authorized fund (authorized capital) of a non-bank credit institution;

notification of the opening or closing of a branch of a factoring organization.

The Law comes into force on the day of its official publication.