The MPs gave a first reading to the bill that limits costs related to financial leasing or nonbank loans repayable in at most two years. These costs could not exceed the value disbursed in accordance with the lending agreement. In the case of loans of at most 50,000 lei provided to private individuals, the modification of the contract clauses to increase the payment obligations of consumers is banned, IPN reports.
The nonbank lending organizations will be obliged to present reports to at least one credit bureau. For their part, the credit bureaus will be obliged to exchange information between them. To ensure increased transparency of lending costs, the nonbank lending organizations will have to publish the instruments for assessing the total cost of the loan on their websites.
Also, the capital requirements for these organizations will be raised from 300,000 to 1 million lei. The nonbank lending organizations will be banned from attracting reimbursable funds from the public, but will be allowed to take out subordinated loans, similar to the practice used in the banking sector.
In Moldova, there are about 160 nonbank lending organizations whose assets exceed 10 billion lei. The loan portfolio totals 9 billion lei, 7.5 billion lei of which are loans, while 1.5 billion lei was released under leasing agreements. 80% of all the loans were raised by private individuals.
