Credit contracts to contain information on effective annual interest in Moldova

Chisinau, 31 May /MOLDPRES/ - Credit contracts will contain information on the effective annual interest and the overall value of bills consumers are to pay. The parliament approved a draft law to this end in the final reading today.  

The initiative of completing the legislation, under which the beneficiaries of loans, provided by organizations from the nonbank sector are to be additionally protected, belongs to Parliament Speaker Andrian Candu.  

The new regulations are aimed at highlighting in the credit contracts signed the clauses dealing with the effective annual interest and the total value payable by the consumer.    

According to Candu, the pointing out of these contractual clauses will have as effect a more thorough analysis by the consumer and, respectively, the exact establishment of total costs, due to be borne as a result of the credit contract. At the same time, following the legislative amendments, decision-makers will establish the right of the control body to carry out unexpected controls of aspects concerning the violation of the provisions of the law on credit contracts for consumers in the nonbank crediting sector.  

(Reporter A. Zara, editor M. Jantovan)