Moldovan official journal roundup for 20 March

Chisinau, 19 March /MOLDPRES/- The promulgation decree and the law regulating the work of the non-bank credit organizations (OCN) will be published in the Official Journal of Moldova on 20 March.

The document sees the limitation of the total costs of non-bank credit or financial leasing for consumers for a term of up to 2 years, not exceeding the amount disbursed under the contract. The purpose of this measure, based on the experience of other states, is to mitigate the risk of over-indebtedness of the population by applying excessive costs of consumer loans.

The law also includes the exclusion of derogations related to the acceptance of repayable funds from the public and the admission of subordinated loans - loans granted in a single operation by the holders of OCN and / or banks, non-banking financial companies, non-commercial organizations and / or persons considered as qualified investors in line with the legislation on capital market, amount exceeding 600,000 lei and a maturity period of at least three years.  Thus, it is proposed that OCN only operate with its own capital, but not from the public. At the same time, they will be required to report to at least one of the credit history bureaus which in turn will be required to exchange information between them.

Source: www.monitorul.md