RESOLUTION OF NATIONAL BANK OF THE REPUBLIC OF MOLDOVA

of June 5, 2019 No. 158

About approval of Regulations about credit activities of non-bank payment service providers

Based on the item m) parts (1) Art. 5, parts (1) Art. 11 and item c) parts (1) Art. 27 and parts (2) Art. 49/1 of the Law No. 548/1995 of of o National Bank of Moldova (pereopublikovan: The official monitor of the Republic of Moldova, 2015, Art. No. 297-300, 544), with subsequent changes, and parts (3) and (4) the Art. 25, the item b) parts (2) the Art. 93, the item c) parts (1) Art. 94 and parts (6) the Art. 7, Art. 16/1 and Art. 86 of the Law No. 114/2012 of on payment services and electronic money (The official monitor of the Republic of Moldova, 2012, Art. No. 193-197, 661), with subsequent changes, DECIDES: Executive committee of National Bank of Moldova

1. Approve Regulations about credit activities of non-bank payment service providers it (is applied).

2. The societies issuing electronic money to which the license according to provisions of the Law No. 114/2012 on payment services and electronic money before approval date of the Law No. 208/2018 on modification of some legal acts intending to provide payment services, specified in the item 4 parts was granted (1) Art. 4 of the Law No. 114/2012 on payment services and electronic money, the internal procedures connected with credit activities according to these Regulations will provide at the same time to National Bank of Moldova the original of the license for renewal, and also.

Approved by the Resolution of Executive committee of National Bank of the Republic of Moldova of June 5, 2019, No. 158

Regulations about credit activities of non-bank payment service providers

Part 1 General provisions

1. The regulations about credit activities of non-bank payment service providers (further - regulations) are applied to non-bank payment service providers which subject is regulation of credit activity (loans), connected with payment services (further - the credit), specified in Items 4) and 5) to part (1) Art. 4 of the Law No. 114/2012 on payment services and electronic money (further - the law), in accordance with the terms of parts (3) and (4) the Art. 25, parts (2) Art. 78 and parts (11) Art. 88 of the law.

2. Provisions of these regulations are applied properly and to branches with the location in the Republic of Moldova of the non-bank payment service provider with the location abroad licensed according to Art. 17 and Art. 84 of the law. The non-bank payment service provider has no right to perform activities for loan granting by means of agents.

3. These regulations establish the principles which shall be applied, and requirements which shall be executed by the non-bank payment service provider in the course of implementation of the credit activities connected with accomplishment of payment transactions in case funds are covered with credit line for the user of payment services and/or the credit card issue and regulate:

1) loan granting conditions;

2) classification of the credits and percent on them, determination, creation and regulation of specific reserves for credit risk;

3) requirements of the reporting;

4) supervision of credit activities of the non-bank payment service provider.

4. For the purpose of these regulations the used determinations have the following values:

the receiver - the user of payment services who obtains the credit connected with payment services;

creditworthness of the receiver - capability of the receiver to repay the credit according to the credit agreement, including percent and the accompanying payments in time;

total cost of the credit - all payments, including percent, commission charges, duties and other types of charges which the consumer shall pay in connection with the credit agreement;

overdue loan - the credit on which payment for the purpose of return was not received more than 30 days from the payment date established in the agreement in time. If the credit becomes overdue, its balance also it is considered overdue;

tied credit with payment services - the loan granted to the receiver by the non-bank payment service provider only in connection with accomplishment of payment transaction according to Items 4) and 5) of part (1) Art. 4 of the law;

the prolonged credit - the credit which has terms of compensation of payment established according to the agreement are prolonged on the basis of the supplementary agreement. For qualification of the credit as prolonged, the agreement shall be signed to qualification of the credit as "overdue" according to the payment due date provided in the initial agreement. Determination of condition of the credit as overdue is performed on the basis of the initial agreement and according to the concept "overdue loan";

the renegotsiirovanny credit - the uncompensated credit (the initial credit) on which later, within the supplementary agreement, conditions of implementation of overdue payments were changed;

disclosure of information - submission of information connected with credit activities, the non-bank payment service provider of the public by means of various means (the press, bulletin board or the web page of the non-bank payment service provider, etc.);

the repayment schedule of the credit - information on the amounts and terms (periods) of payments of the consumer on the credit agreement which will be approved between the non-bank payment service provider and the consumer and is integral part of the credit agreement with the consumer;

loan interest rate - the interest rate expressed as the fixed percent or floating, which is applied annually to the amount of the obtained credit;

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