Legal framework regulating work of non-bank crediting organizations to be improved in Moldova

Chisinau, 27 February /MOLDPRES/ - The parliament today adopted, in the final reading, a draft law aimed at improving the legal framework which regulates the work of the non-bank crediting organizations (OCN).   

The document provides for limiting the total costs of the non-bank loan or financial leasing for a term of up to 2 years, in a size which is not to exceed the value disbursed according to the concerned contract. For the loans worth up to 50,000 lei, provided to private people, the document proposes prohibiting the renegotiation of the contractual clauses which leads to the increase in the initial pecuniary obligation of the debtor and to a continuous overpayment.      

The new law sees also exclusion of derogations related to the acceptance of the repayable funds from public and admitting subordinated loans – loans provided through a single operation of OCN holders or banks, non-bank financial societies, non-commercial organizations or people described as qualified investors in accordance with the legislation on the capital market, amounting to 600,000 lei and with a payment term of at least three years.

The draft law also establishes pecuniary sanctions, which are ‘’efficient, proportional and with discouraging character’’ against OCN. At the same time, the non-bank crediting organizations will be obliged to report to at least one of the offices of credit histories, which, for their part, will be obliged to exchange information between them.