LAW OF THE REPUBLIC OF MOLDOVA

of July 11, 2012 No. 164

About modification and amendments in some legal acts

The Parliament adopts this organic law.

Art. I. - Article 32 of the Law on financial institutions No. 550-XIII of July 21, 1995 (repeated publication: 2011, 7881, the Art. 199), with subsequent changes to state the official monitor of the Republic of Moldova to No. in the following edition:

"Article 32. Loan granting

(1) Loan granting is performed according to the domestic situations of bank which are not contradicting the law and containing at least loan granting conditions to applicants (clients, heads and employees of bank), powers, obligations and structure of internal division of bank as which management of the transactions connected with loan granting (credit committee), procedure for decision making about loan granting, crediting limits, procedure for providing the credits enters.

(2) In activities for loan granting the bank shall observe restrictions and the requirements concerning concentration of risks (risk exposure) and other precautionary measures established by this law and regulations of National Bank.

(3) the Bank free of charge provides to the applicant information on loan granting conditions which shall contain at least:

a) interest rate, procedure for charge and interest payment, and also condition in case of which the interest rate before complete repayment of the loan can be changed;

b) the payments and other expenses connected with the credit (the commission payments, charges, other remunerations and penalties (penalty fee) which are directly connected with the credit agreement) and also objective criteria based on which they can be changed;

c) the number, the amount of parts of the credit and other obligations connected with repayment of the loan;

d) conditions and expenses in case of early repayment of the loan;

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