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LAW OF THE REPUBLIC OF MOLDOVA

of May 29, 2008 No. 122-XVI

About bureau of credit histories

(as amended on 27-02-2020)

For the purpose of creation of conditions for forming, processing, storage and provision of bureau of credit histories of information characterizing execution by debtors of the obligations according to credit agreements, considering need of increase in security of creditors and debtors due to general decrease in credit risks, for the purpose of increase in efficiency of activities of the banks and other societies granting the loans in sense of this law

The parliament adopts this organic law.

Chapter I General provisions

Article 1. Subject of the law

(1) This law determines concept and structure of credit history, the basis, procedure for forming, storage and use of credit stories, regulates the work of bureau of credit histories connected with it, establishes features of creation, liquidation and reorganization of bureau of credit histories, and also the principles of their interaction with sources of forming of credit stories, users of credit stories, the ministries, other central administrative authorities, bodies of local public authority.

(2) This law governs the relations arising during the forming of credit stories, provision of credit reports, creation, functioning and the termination of activities of bureau of credit histories, implementation of activities of sources of forming of credit stories for submission of information which is part of credit history, the information security containing in credit history and other relations including arising between:

a) persons providing to subjects of credit stories the credits it agrees to the credit agreements signed with them, on the one hand, and the specified subjects of credit stories – with another;

b) bureau of credit histories and sources of forming of credit stories;

c) bureau of credit histories and users of credit stories;

d) bureau of credit histories and subjects of credit stories;

e) bureau of credit histories and competent public authority.

Article 2. The used concepts

In this law the following concepts are used:

competent public authority – the National commission on the financial market;

the database of bureau of credit histories – the information resources of bureau of credit histories based on the information systems and processes conforming to requirements of the legislation;

bureau of credit histories – the legal entity of private law in the form of limited liability company or joint-stock company registered according to the legislation, rendering according to this law services in forming, processing and storage of credit stories, and also in provision of credit reports and the accompanying services;

consent – the unambiguous and unconditional manifestation of free will expressed in written or electronic form which the physical person which is the subject of credit history agrees to processing according to this law of information containing in its credit history;

the credit agreement – the agreement providing loan granting by one agreement party to other its party;

the credit – any obligation to lend money with condition of its repayment, interest payment and other related payments, and also any other obligation following from execution of agreements of mediation in insurance; any prolongation of repayment period of debt; any obligation to sell property, to perform works or to render services with payment deferral condition, including based on leasing; any guarantee issued; any obligation to acquire debt obligation or other rights on payment implementation. In sense of this law are not the means credit, provided by investors and received by issuers within bond issue or other loan financial instruments;

eksternalization – transfer of function on forming, processing and storage of credit stories, and also on provision of credit reports and rendering the corresponding services by one bureau of credit histories to other bureau of credit histories of the Republic of Moldova;

credit history – information which contents are determined by this law and which characterizes execution by the debtor of the assumed liabilities according to the credit agreement and is stored in bureau of credit histories;

participants of information exchange are subjects of credit stories, sources of forming of credit stories, bureau of credit histories, users of credit stories;

the official of bureau of credit histories – person allocated according to this law, constantly or temporarily, with the rights and obligations on implementation of actions of administrative and administrative nature and/or access to the database of bureau of credit histories;

processing of credit history – any transaction or set of the transactions which are carried out over information containing in credit history, such as collection, record, the organization, accumulating, storage, recovery, adaptation, extraction, consultation, use, disclosure by means of transfer, distribution or provision of other access, group or combination, blocking, deleting or destruction;

the credit report – the document which contains information which is part of credit history and which the bureau of credit histories provides at the request of the user of credit history and other persons having the right to the specified information according to this law;

the subject of credit history – physical person, including the individual entrepreneur, or the legal entity who applies for the loan or is the party of the credit agreement and also person acting as the guarantor of execution of contractual commitments (the guarantor, ipotekodatel / the pledger, the mortgage guarantor) concerning whom credit history is created;

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