LAW OF THE REPUBLIC OF MOLDOVA

of November 1, 2018 No. 227

About modification of some legal acts

Art. I. - In the Law on financial institutions No. 550/1995 (repeated publication: The official monitor of the Republic of Moldova, 2011, Art. No. 78-81, 199), with subsequent changes to make the following changes:

1. In Item d) parts (1) Article 38-5 of the word "The law on guaranteeing deposits of physical persons in bank system No. 575-XV of December 26, 2003;" shall be replaced with words "The law on guaranteeing deposits in bank system No. 575/2003;".

2. In Article 38-7:

add Article with part (1-1) following contents:

"(1-1) Transaction on sale of bank, transfer of assets and transfer of obligations of bank is financed by Fund of guaranteeing deposits in bank system in the amount of, not exceeding the amount of the guaranteed deposits.";

in part (to add 26) after the words "requirement concession" with words ", concession of credit agreements";

add Article with parts (29-1)-(29-4) of the following content:

"(29-1) Sale of receivables are at a discount performed with observance of the following conditions:

a) the decision on sale of receivables shall consider opportunities and methods of return of debts, and also financial position of the debtor, results of estimates of benefits and shortcomings of the corresponding methods of return of debts;

b) for each method of return of receivables it is necessary to estimate the staticized net amount of receipts depending on characteristics of receivables: size, repayment period, interest rate, availability and cost of pledge or other guarantees of ensuring compensation, rate of return of debts;

c) in departure from part provisions (4) article 5 of the Law on estimative activities No. 989/2002 the bank will require carrying out by the certified appraiser of assessment of receivables which are subject to sale if their main amount (balance) exceeds one million lei. If after two addresses to the certified appraisers the bank could not achieve evaluating receivables, those can be offered for sale and are sold for lack of the corresponding assessment;

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