Ulaanbaatar
Law on leasing to be amended
PoliticsUlaanbaatar /MONTSAME/ At its meeting on Monday, the cabinet discussed and backed in principle a concept of a draft amendment to the law on leasing, and then obliged the Finance Minister B.Bolor to formulate the draft amendment and to present it to the cabinet.
Adopted in 2006, the law on leasing forms a legal environment for the leasing service, together with some clauses of the civil law. Although this law determines the leasing, properties to be purchased on leasing, the third subject, and their legal responsibilities, it still has no potential to contribute to widening of the leasing service at the market. The law should be accorded with interests of participants in the leasing service, and regulations in the leasing should be upgraded.
In addition, the draft amendment must determine in detail the relations of leasing as well as the leasing contract, abolish some ambiguous clauses which do not determine specific objectives, and refine upon the regulation for transferring duties and rights to other subjects.
It is considered the draft amendment will make the legal environment for leasing service more flexible and will contribute to broadening the adequacy and effectiveness of the leasing service in Mongolia.
