of June 21, 2007 No. 139-XVI
About savings and loan associations
The parliament adopts this organic law.
(1) the Purpose of this law is protection of the rights and legitimate interests of members of savings and loan associations.
(2) the Subject of this law is relations management, the faces following from realization of the right to free consolidation by means of creation of savings and loan associations.
(1) This law is applied to savings and loan associations.
(2) operation of the laws and other regulations regulating activities of banks and public associations does not extend To savings and loan associations.
For the purpose of this law the following basic concepts are determined:
risk management - the process concentrated on the analysis of profile of risk of association by means of which administrators shall reveal, estimate, register and perform systematic monitoring of the risks capable to influence accomplishment of the planned tasks and realization of achievements and also to develop measures for minimization of probability of origin and/or impact of the risks connected with the performed activities;
the administrator - the member of council, the member of audit committee, the chief executive, the chief accountant, the head of department, the member of credit committee, and also other persons authorized by the legislation or the charter of savings and loan association solely or together with other persons to assume liabilities from name and at the expense of association;
the central national association of savings and loan associations (further - the central association) - savings and loan association which founders and members are all savings and loan associations, guided in the activities by this law;
savings and loan association (further - association) - the non-profit organization with special legal status created on a voluntary basis by the physical persons and legal entities united by community of the principles, accepting savings deposits from the members, issuing them loans, and also providing them other financial services according to category of the obtained license;
supervision body - National Bank of Moldova;
institutional reserve - own funds which the association shall have and support according to this law and regulations of supervision body;
savings deposit - the sum of money granted on association by her member based on the written agreement, for certain term or poste restante, with percent or without them, subject to return at the scheduled time or on demand;
fund of liquidity - the fund created from means of the associations accepting savings deposits from the members and also from financial resources of associations, free for investment, in the amount of and the procedure established by supervision body for the purpose of centralized providing associations with quick assets;
fund of stabilization - the fund of money centralized for the purpose of assistance to associations, created, managed and used according to regulations of supervision body;
stabilization measure - the measure applied by supervision body to association for the purpose of elimination of the revealed violations and shortcomings, and also improvement of the situation.
(1) the Purpose of association is assistance of legal activities of her members in their aspiration to improve the social and economic conditions by means of provision of services, specified in Article 7.
(2) Activities of association are performed on the basis of the following principles:
a) voluntariness of merging of physical persons and legal entities on the basis of territorial, professional, religious community or community of interests and free refusal of it according to the legislation;
b) participation of members of association, personal or through the representative, in governing bodies and control according to the legislation;
c) the equal personal non-property rights of members of association regardless of the size of their share, including availability at each member of association of only one voice in governing bodies;
d) equal access for members of association to services in acceptance of savings deposits, issue of loans and to other services provided according to the legislation, category of the obtained license, the charter and politicians of association;
e) risk minimization of association;
f) observance of requirements of responsible crediting.
(3) the Number of members of association shall be at least 50.
(4) the Term of activities of association is not limited if the charter does not provide other.
(5) the annual profit Got by association is aimed first of all at providing the requirement to institutional reserve established according to Article 33, and then on replenishment of reserves of association according to this law, regulations of supervision body and the charter of association.
(1) the phrase "Asociatia de Economii li imprumut" ("Savings and loan association") or abbreviation of "A.E.I" shall include Full name of association without fail. ("CCA").
(2) Governing bodies of association perform the activities in its location.
(1) Governing bodies of association are:
a) general meeting of her members;
b) council;
c) chief executive.
(2) Control facility of association is the audit committee.
(1) Depending on category of the obtained license the association can provide to the members the following services:
1) issue of loans;
2) acceptance of the following types of savings deposits:
a) urgent;
b) poste restante;
3) rendering services in loans;
3-1) rendering insurance intermediary services as the agent bankashurans;
4) provision of consultations;
5) rendering other services - from written consent of supervision body.
(2) the Association can invest the money which is not used for issue of loans only in bank deposits, government securities and/or fund of liquidity, according to the legislation and the investment policy approved by council.
(3) When implementing the activities determined in parts (1) and (2), the association shall observe requirements and the restrictions set by supervision body.
(4) the Association has no right to provide other financial services or other services, to allow violations of licensed conditions, and also to perform business or productive activity in addition to the obtained license determined in and which is directly following from it.
(1) the Supervision body establishes the regulations of financial precaution applied to all licensed associations for the purpose of protection of interests of their members, preventions, control and risk management of associations and all system.
(2) Associations shall respect the rules of financial precaution established by supervision body on each category of the obtained license and the requirements containing, at least, in the relation:
a) institutional reserve;
b) the maximum limits on issue of loans;
c) liquidities, compliance of repayment periods and interest rates for receivables and obligations;
d) estimates and classifications of assets and forming of loan loss provisions;
e) payment and maintenance of the minimum level of investments and fees respectively in fund of liquidity and in fund of stabilization;
f) establishments of internal procedures and operational accounting of identification, registration and risk management;
g) estimates of creditworthness of the member debtor - the physical person intending to use or using services of savings and loan association for the needs which are not connected with business or professional activity;
h) instruments of prevention and decrease in systemic risks and tools of macroprudential policy.
(3) All transactions on issue of loans and acceptance of savings deposits shall be documented by the relevant agreements signed by the parties which are accurately reflecting the amounts, terms, interest rates and other necessary conditions according to provisions of the legislation and the corresponding politicians of association.
(3-1) To the conclusion of the agreement of the loan the savings and loan association shall carry out assessment of creditworthness of the member debtor - the physical person according to the regulations of financial precaution approved by supervision body.
(3-2) In case of assessment of creditworthness of the member debtor - physical person the savings and loan association estimates its capability to undertake certain agreement obligation of the loan which he will be able to execute together with already undertaken obligations according to loans.
(3-3) Purpose of assessment of creditworthness of the member debtor - physical person is:
a) prevention of any delays when implementing payments, non-return of loans or delays of implementation of the mortgage right;
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