Moldovan parliament retains vote on law of non – banking lending organisations

Chisinau, 16 March /MOLDPRES/ – The MPs maintained today their vote on law on non – bank lending organisations returned to Parliament by Head of State, Igor Dodon.

The law revoked by Legislature aims at developing non – bank lending sector and financial leasing, including preventing excessive risks into system, increasing access to financial resources for individuals and businesses.

The document provides conditions for defending rights and legitimate interests of creditors, donors, clients, as well as founders, associates and shareholders of non – bank lending organisations.

The law provides for particularities of establishment and activity of non – bank lending organisations, including types of basic professional activities permitted by them. Particularly, it is provided procedure of issuing of prior notice before registering within State Register (RS) of legal entities and subsequently registering into register of authorised non – bank lending organisations held by National Commission for Financial Market (CNPF).

Also, minimum admissible share capital requirement was set at 5 per cent of assets value. The document also provides for an obligatory audit if assets’ balance sheet value exceeds MDL 25 million.

According to amendments, non – bank lending organisations, like other professional participants in securities market, have to pay a regulatory payment of up 0.1 per cent of average year balance of balance of non – bank loans and registered financial leasing, but not over MDL 200 thousand.

Currently, more than 130 microfinance organisations operate on domestic market.

(Reporter A. Zara, editor L. Alcaza)