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LAW OF THE REPUBLIC OF MOLDOVA

of March 16, 2018 No. 1

About non-bank credit institutions

The parliament adopts this organic law.

Chapter I. General provisions

Article 1. Subject and purpose of the law

(1) the Subject of this law is regulation of conditions of access to non-bank credit activities, establishment of legal status and features of creation and activities of non-bank credit institutions, providing conditions for protection of the rights and legitimate interests of creditors, donors, clients, and also founders, shareholders and members of non-bank credit institutions.

(2) the Purpose of this law is ensuring development of the region of non-bank crediting, including by means of prevention of excessive risks within system, and also expansion of access of physical persons and legal entities to financial sources.

Article 2. Legal basis

Non-bank credit institutions do not fall under action of the regulations regulating activities of banks and savings and loan associations.

Article 3. Basic concepts

For the purpose of this law the following concepts are used:

the administrator – the member of council, the member of executive body, the head of affiliated enterprise of non-bank credit institution;

supervisory authority – the National commission on the financial market;

the client – person who uses or used services of non-bank credit institution, or person with whom the non-bank credit institution agreed about provision of services on non-bank crediting even if the corresponding service was not rendered;

the credit (the non-bank credit) – the obligation to lend money with condition of their return, interest payment and/or other accompanying payments; prolongation of repayment period of debt; the obligation to acquire debt obligation or other rights to implementation of payment by non-bank credit institution;

non-bank credit institution – joint-stock company or limited liability company which performs on professional basis only the types of activity provided by part (2) Article 8;

auxiliary office – the internal structural unit of non-bank credit institution located out of the central office of the organization which is not its affiliated enterprise or representation has no own balance, and performs adjacent or auxiliary organization activity.

Article 4. Purpose and principles of activities of non-bank credit institutions

(1) the Purpose of non-bank credit institutions is expansion of access of physical persons and legal entities to financial resources for increase in level of living of the population and development of business activity.

(2) the Principles of activities of non-bank credit institutions are:

a) ensuring sustainable development in the field of non-bank crediting;

b) ensuring transparency in activities for non-bank crediting;

c) observance of the rights of clients;

d) observance of rules of the loyal competition.

Chapter II. Non-bank credit institution

Article 5. Legal status of non-bank credit institution. Implementation of transactions

(1) the Non-bank credit institution performs the activities based on this law and other regulations, the constituent document and internal regulations.

(2) Non-bank credit institutions have the right to create associations for the purpose of protection of the rights and legitimate interests.

(3) When implementing non-bank credit activities non-bank credit institutions shall observe provisions of the Law on credit agreements with consumers No. 202/2013 and legislations on the prevention and anti-money laundering and terrorism financing.

(4) the Non-bank credit institution shall develop and approve, at least, the following internal regulations: about provision of services, about bases of management of activities and about mechanisms of permission of customer complaints.

(5) the Regulations about provision of services establish rules which belong, at least, to method of assessment of creditworthness of the receiver, to criteria and conditions of provision of services, including to disclosure of components of total cost of service, procedure for charge of penalty fee and interest and/or leasing rate, and also to procedure for guaranteeing repayment by the client of the obtained credit in time.

(6) Transactions on provision of services by non-bank credit institution make a reservation in contractual documents in which all conditions of the corresponding transactions are accurately stated.

(7) the Regulations about bases of management of activities of non-bank credit institution contain provisions which belong, at least, to powers and responsibility of governing bodies, including development and approval the politician, and also to risk management and going concern.

(8) the Regulations about mechanisms of permission of customer complaints contain provisions according to the Law on submission of petitions No. 190/1994 and the Marine life protection act of the rights of consumers No. 105/2003, considering requirements of the Law on credit agreements with consumers No. 202/2013, and treats, at least, persons or divisions responsible for consideration of petitions within non-bank credit institution, procedure and terms of consideration of petitions and notifications of the applicant on the approved decision.

(9) If the applicant is not satisfied with method of permission of the petition, he has the right to address to supervisory authority.

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