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LAW OF THE REPUBLIC OF MOLDOVA

of March 16, 2018 No. 1

About non-bank credit institutions

(as amended of the Law of the Republic of Moldova of 27.02.2020 No. 23)

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 department / auxiliary office of non-bank credit institution;

supervisory authority – the National commission on the financial market;

the vygodopriobretayushchy owner - physical person which eventually has or controls directly or indirectly the property right or control in the authorized capital or voting power of non-bank credit institution;

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;

the owner - the founder, the shareholder/member of non-bank credit institution provided by physical persons and/or legal entities including vygodopriobretayushchy owners;

subordinated loan - the loan granted by one transaction by owners of non-bank credit institution and/or banks, non-bank financial societies, non-profit organizations and/or persons who are considered as skilled investors according to the legislation on the capital market, in the amount of, exceeding equivalent of 600 000 lei and which in total corresponds to the following criteria:

a) it is not provided;

b) the repayment period constitutes at least three years. If the repayment period is not determined, the loan is subject to return at exclusive discretion of non-bank credit institution, however not earlier than three years from the date of issue;

c) the provisions regulating subordinated loan do not contain, obviously or implicitly, instructions on the fact that subordinated loans will be or can be ahead of schedule extinguished by non-bank credit institution in others, than liquidation of non-bank credit institution, cases;

d) in case of liquidation of non-bank credit institution it is settled after execution of debt obligations in relation to all creditors of non-bank credit institution;

financial leasing - set of the relations arising for the purpose of and within the conclusion of the agreement of leasing according to which transfer to the leasing recipient, at the time of expiration of the contract, the property right to the thing which is object of leasing is directly provided;

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 which is not department has no separate balance and performs some or all types of activity of non-bank credit institution according to the domestic situation approved for this purpose;

the public - any physical person or legal entity which is not recognized as the skilled investor in sense of the legislation on the capital market. Do not enter this category: state, bodies of the central, regional and local public government, governmental agencies, banks, non-bank financial societies, non-profit organizations and other similar societies.

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