LAW OF THE REPUBLIC OF MOLDOVA

of March 16, 2018 No. 1

About non-bank credit institutions

The Parliament adopts this organic law.

Chapter I. General provisions

Article 1. Subject and purpose of the law

(1) the Subject of this law is regulation of conditions of access to non-bank credit activities, establishment of legal status and features of creation and activities of non-bank credit institutions, providing conditions for protection of the rights and legitimate interests of creditors, donors, clients, and also founders, shareholders and members of non-bank credit institutions.

(2) the Purpose of this law is ensuring development of the region of non-bank crediting, including by means of prevention of excessive risks within system, and also expansion of access of physical persons and legal entities to financial sources.

Article 2. Legal basis

Non-bank credit institutions do not fall under action of the regulations regulating activities of banks and savings and loan associations.

Article 3. Basic concepts

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

the administrator – the member of council, the member of executive body, the head of department / auxiliary office of non-bank credit institution;

supervisory authority - National Bank of Moldova;

the vygodopriobretayushchy owner - physical person which eventually has or controls directly or indirectly the property right or control in the authorized capital or voting power of non-bank credit institution;

the client – person who uses or used services of non-bank credit institution, or person with whom the non-bank credit institution agreed about provision of services on non-bank crediting even if the corresponding service was not rendered;

the credit (the non-bank credit) – the obligation to lend money with condition of their return, interest payment and/or other accompanying payments; prolongation of repayment period of debt; the obligation to acquire debt obligation or other rights to implementation of payment by non-bank credit institution;

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