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The document ceased to be valid since October 1, 2018 according to the Law of the Republic of Moldova of March 16, 2018 No. 1

LAW OF THE REPUBLIC OF MOLDOVA

of July 22, 2004 No. 280-XV

About the microfinancial organizations

(as amended on 15-12-2017)

For the purpose of attraction of financial resources for development of the sector of small and medium scale enterprises

The parliament adopts this organic law.

Chapter I General provisions

Article 1. Subject and scope of this law

(1) This law establishes legal status and features of creation and activities of the microfinancial organizations, provides conditions for protection of the rights and legitimate interests of creditors, donors, clients, and also founders, participants and shareholders of the microfinancial organizations.

(2) Provisions of this law do not extend to financial institutions and savings and loan associations of citizens.

Article 2. Legislation on the microfinancial organizations

(1) the Legislation on the microfinancial organizations consists of the civil legislation, the tax legislation, the legislation on investments, this law, and also other regulations.

(2) action of the regulations regulating activities of financial institutions and savings and loan associations does not extend To the microfinancial organizations.

Article 3. Basic concepts

For the purpose of this law the following basic concepts are used:

the microfinancial organization - the legal entity whose main activities is microfinancing;

microfinancing - activities for provision of the microfinancial services provided by this law;

loan - the loan in the form of money granted by the microfinancial organization to physical persons and/or small, small and medium scale enterprises based on the agreement under percent or without them which shall be returned by the borrower after loan term.

Article 4. Purpose and principles of activities of the microfinancial organizations

(1) the Purpose of the microfinancial organizations is expansion of access of the population, individual entrepreneurs and small, small and medium scale enterprises to financial sources.

(2) the Principles of activities of the microfinancial organizations are:

a) ensuring financial stability in the sphere of microfinancing;

b) ensuring transparency in activities for microfinancing;

c) respect for the principle of the loyal competition.

Chapter II Microfinancial organization

Article 5. Legal status of the microfinancial organization

(1) the Microfinancial organization performs the activities based on this law and other regulations, the constituent document and the regulations.

(2) the Microfinancial organization has the right to open bank accounts for the territories of the Republic of Moldova and abroad if the law does not provide other.

(3) the Microfinancial organizations have the right to create associations for the purpose of protection of the rights and legitimate interests.

Article 6. Forms of the microfinancial organizations

(1) the Microfinancial organization can be created in the form of limited liability company or joint-stock company according to the current legislation.

(2) the Microfinancial organization can use in the name syntagma "microfinancial".

(3) use of syntagma "microfinancial" in the name of legal entities Is forbidden, not being the microfinancial organizations.

Article 7. Microfinancing

(1) Mikrofinansirovany is the permanent economic activity of the microfinancial organization consisting in rendering the following microfinancial services:

a) provision of loans and management of them;

b) guaranteeing loans and bank loans;

c) implementation of investments, equity investments.

(2) the Microfinancial organization can perform any activities for microfinancing provided by part (1), and also any other auxiliary activities necessary for implementation of microfinancing which are not forbidden by the legislation and stipulated in the constituent document.

(3) For the purpose of rendering services in microfinancing the microfinancial organization has the right to accept money in the form of investments, loans (credits), donations (grants) and sponsor's assignments from physical persons and/or legal entities in the Republic of Moldova and abroad.

(4) the Microfinancial organization shall create the reserves intended for covering of the possible losses connected with not return of loans and receivable percent.

(5) the Microfinancial organization independently establishes conditions of rendering services in microfinancing.

Article 8. Restrictions in activities

(1) the Microfinancial organization has no right:

a) perform investing activities, participate in such activities without its combination with other activities for microfinancing, stipulated in Item a) parts (1) Article 7;

b) grant loans for the purpose of acquisition of the securities issued by the most microfinancial organization;

c) perform collection of the compensated financial resources by means of public offer.

2) the Microfinancial organization has the right to set additional restrictions in the activities, having specified them in the constituent document.

Chapter III Monitoring, financial accounting and financial statements

Article 9. Monitoring of the microfinancial organizations

(1) Monitoring of activities of the microfinancial organizations is performed by the National commission on the financial market.

(2) It is excluded.

(3) the Microfinancial organization represents to the National commission on the financial market financial and specialized statements according to the current legislation.

(4) the National commission on the financial market can based on the agreement delegate to associations of the microfinancial organizations of function for collection and systematization of information from financial and specialized statements, and also other support functions.

Chapter IV Final provisions

Article 10. Final provisions

To the government in six-months time:

a) provide to Parliament of the offer on reduction of the current legislation to compliance with this law;

b) bring the regulations into accord with this law;

c) adopt the regulations necessary for accomplishment of this law.

 

Chairman of the parliament

Eugenia Ostapcuc

Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info

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