RESOLUTION OF THE NATIONAL COMMISSION ON THE FINANCIAL MARKET OF THE REPUBLIC OF MOLDOVA

of October 15, 2024 No. 47/1

About approval of the Regulations on the requirements of responsible crediting applied to service providers of collective financing

Based on Item (3) Article 5 and Item (3) article 30 of the Law on services of collective financing No. 181/2023 (Official monitor of the Republic of Moldova, 2023, No. 272-273 Art. 470) National commission on the DECIDES: financial market

1. Approve Regulations on the requirements of responsible crediting applied to service providers of collective financing it (is applied).

2. This resolution becomes effective from the date of publication in the Official monitor of the Republic of Moldova.

Approved by the Resolution of the National commission on the financial market of the Republic of Moldova of October 15, 2024 No. 47/1

Regulations on the requirements of responsible crediting applied to service providers of collective financing

Chapter I. General provisions

1. The regulations on the requirements of responsible crediting applied to service providers of collective financing (further - the Provision) are directed to regulation of requirements to assessment of creditworthness of potential debtors consumers before placement of the offer of collective financing of consumer loan on platform of collective financing (further - platform).

2. Requirements of this provision do not extend to the consumer loans which are completely guaranteed on all effective period money (the deposit - guarantee) in bank.

3. For the purposes of this Resolution the concepts determined in the Law on credit agreements with consumers No. 202/2013, the Law on services of collective financing No. 181/2023, and also the following concepts are used:

1) consumer loan - the returnable financing concluded by the debtor consumer by means of the service provider of collective financing according to the Law 181/2023;

2) ratio of payments on the credits to the income (further - SPKD) - the ratio between debt servicing and average earnings of the debtor consumer expressed as a percentage as it is specified in Chapter III;

3) debt servicing - the amount of monthly maintenance expenses of total debt of the debtor consumer as it is specified in Chapter III;

4) average earnings of the debtor consumer - the average monthly net income of the debtor consumer used for determination of its creditworthness in case of application for the credit as it is specified in Chapter III.

5) the confirmed income - actually gained income which can be documented from the official sources which are at the disposal of public authorities, banks, non-bank financial societies and/or bureau of credit histories in the country or abroad, including money transfers which can be documented, and also the income confirmed based on the source documents of particular treatment provided in the Order of the Government No. 294/1998 about accomplishment of the Presidential decree of the Republic of Moldova No. 406-II/1997.

Chapter II. Principles of responsible crediting. Assessment of creditworthness of the debtor consumer

4. Before placement of the offer of collective financing of consumer loan on platform the service provider of collective financing (further - the supplier) shall:

1) to estimate creditworthness of the debtor consumer based on information from the official sources documenting the confirmed income of assumed financial liabilities and the provided guarantees, and also other available information on the consumer debtor which can affect creditworthness of the debtor consumer, according to this Provision;

2) to be based mainly on the principle of return of consumer loan from the confirmed income of the debtor consumer, but not on recovery by enforcement at the expense of personal guarantees, real or others, established in case of issue of consumer loan, or on change in value of pledged property, or on other assets of the debtor consumer;

3) to be convinced that their capability to fulfill the agreement obligations of consumer loan is not based on expectation of increase in its source of the income;

4) to carry out estimates objectively, based on information used for creditworthness assessment and in view of stability of the income of the debtor consumer, its credit history, objective factors connected with deterioration in the income, and any existing financial liabilities known to the supplier;

5) to provide scheduling of repayment of consumer loan with the regular and rather equal payments decreasing or, if necessary, corresponding frequency of the income of the consumer, without payment deferral are closer to the term of its repayment, in order to avoid concentration of payments and excessive debt of the debtor consumer.

5. Assessment of creditworthness of the consumer debtor consumer is assessment by the supplier of capability of the debtor consumer to assume specific agreement obligation of consumer loan which it could execute together with other already assumed financial liabilities and guarantees.

6. The decision of the supplier on placement of the offer of collective financing of consumer loan on platform shall be based on the weighed assessment of capacity to act of the debtor consumer from which it is possible to draw conclusion on its capability to extinguish the total amount which is subject to payment during the term of the agreement of consumer loan.

7. In case of personal guarantees, the supplier shall provide acquaintance of the guarantor at least, about the provisions of the Civil code concerning obligations of the guarantor.

8. In case of assessment of creditworthness of the debtor consumer the supplier shall provide collection and assessment of information about:

1) the confirmed income of the debtor consumer (including the salaries, unemployment benefits, pensions, deposit interests or to other debt instruments, the income from lease/leasing, etc.), variety, stability, possible income behavior in the future, on the basis of objectively known factors;

2) obligations of the debtor consumer according to the existing credit agreements, in total with payment obligations which can arise in connection with the offer of collective financing of consumer loans, and also about other financial liabilities of the debtor consumer based on sufficient information including from the debtor consumer and, if necessary, based on consultations of the corresponding database;

3) credit stories of the debtor consumer, outstanding credit obligations and improper execution other information the current or last financial liabilities of the debtor consumer, including obligations in the form of financial sanctions (offenses, criminal, etc.);

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