Parliament adopted the law on nonbanking lending organizations in the final reading on February 8. The minimum share capital for these organizations was set at 300,000 lei, IPN reports, with reference to a press release published on the legislature’s website
The provisions on the minimal share capital will take effect gradually. Within six months of the coming into force of the law, the share capital must be at least 100,000 lei, on January 1, 2020 – at least 200,000 lei, while on January 1, 2021 – at least 300,000 lei.
The nonbanking lending organization whose assets at the end of the management period will exceed 50 million lei is obliged to perform an audit of the annual financial situations.
The law takes effect on July 1, 2018. Within six months of the publication, the Government and the supervisory authority will present proposals for adjusting the current legislation to this law to Parliament.
