The costs related to a non-bank loan or financial leasing, whether it is interest, commissions, penalties, etc., could be limited so that they do not exceed the value of the original loan. The proposal is included in a draft law developed by the National Commission for the Financial Market (CNFP), IPN reports.

"If someone borrows a thousand lei, he/she shall reimburse no more than two thousand lei, irrespective of the amount of penalties, interest, commissions, etc.," Iurie Filip, CNPF deputy chair, said at a press conference. According to him, although the sector of non-bank lending organizations (OCN) follows an upward trend, there are certain risks associated with this spectacular development, the most notable one being the over-indebtedness of the population.

"Through the proposed changes, the supervisory authority suggests to introduce rules and levers to mitigate risks identified on the market, related to the unjustified costs of the loans - risks that have been noticed, including by international experts," the CNPF deputy chair said. According to him, people are more cautious, and even seek the assistance of a specialist when it comes to a more valuable credit, a mortgage credit, for instance. However, this is not the case when it comes to non-bank loans.

Alina Cebotariov, head of the General Directorate for Non-Banking Credit within the NCFM, informed that the proposed changes would allow to ease the burden on the population by introducing new responsible credit regulations, including requirements concerning the conditions and method of evaluating the client's ability to repay the non-bank credit. According to draft amendments, OCN shall report to the credit history offices, which will allow entities to protect themselves from multiple lending to dishonest people.

According to CNPF data, as of June 1, 2019, assets held by non-bank lending organizations amount to almost ten billion lei, registering a 65%-increase ​​as compared to the same period of the last year. Also, the portfolio of loans and financial leasing increased significantly, reaching almost 8.5 billion lei, with a 2/3 rise as compared to June 1, 2018. The number of beneficiaries of non-bank loans reached under 465 thousand of persons, and the average value of a loan exceeds 18 thousand lei.