The persons who in the past were managers or owners of nonbank lending organizations that were struck off the Register will not be able to hold such posts in new lending organizations. The Government endorsed a legislative proposal to amend the framework that regulates the activity of nonbank lenders, IPN reports.

A new qualification criteria – reputation – will be used in the case of the member of the executive board or the manager of the branch or secondary office. This refers to good faith, integrity and professionalism.

Besides constituting branches or secondary offices, of which the National Commission for Financial Markets is notified, the nonbank lending organizations will be able to liquidate local offices. The Commission will be authorized to close a nonbank lender for a period of up to two years.

The article concerning mandatory auditing was modified. This way, the individual financial situations of nonbank lenders will be audited also for other purposes, not only for than those stipulated by law. This audit could be conducted separately or concomitantly with the audit of the financial situations by the same or by another audit entity. The lenders will be obliged to present the auditor’s report on the annual financial situations to the National Commission for Financial Markets.