Financial services consumers of Moldova will receive a higher level of protection – CNPF
As noted by the National Commission Financial Market (CNPF), a bill raising the level of consumer protection and strengthening the responsibility of financial service providers was recently passed by parliament in its final reading, and this is only the first step towards modernizing the protection of financial services consumers in our country. Thus, the amendments to the legislation will expand the categories of services and consumers covered by financial services consumer protection. Once the law comes into force, debt collection under consumer credit agreements will be supervised by CNPF, which will monitor compliance with restrictions on the amount of fees and other payments related to the loan (interest, fees, and the total cost of the loan, which must not exceed the amount granted). In order to eliminate unfair commercial practices and other abuses in the sale of goods on credit, CNPF will supervise how financial services are provided by intermediaries (brokerage assistants, credit intermediaries). In addition, recipients of consumer loans provided by savings and loan associations will be granted the same rights as other categories of loan consumers. Guarantors under consumer loan agreements will be subject to the provisions of the Law on Consumer Credit Agreements in the same way as borrowers. As noted by CNPF, although the main improvements in the protection of consumers of financial services should be implemented as part of the EU harmonization process (2025–2027), a number of changes have also been made to the package of amendments now adopted. In particular, lenders will be required to develop and approve internal rules for the reasonable restructuring of debts of borrowers in financial difficulties. This, together with the addition of Article 13 to the Consumer Credit Agreement Act, will provide additional protection for borrowers, especially during times of crisis. A number of additions and clarifications have also been made to the Consumer Credit Agreement Act, including with regard to the application of interest for late payment in credit agreements, which will eliminate abuses that previously occurred in its application. The obligation to include a payment schedule in the pre-contractual information has been introduced, which will enable consumers to make more informed decisions. The confusion regarding the calculation of the three-year age limit for the repair of insured vehicles using new original parts has been eliminated. With the amendment, it will be calculated from the date of first registration, not from the year of manufacture. This will eliminate unfairness towards vehicle owners whose vehicles were first registered much later than their date of manufacture. Important requirements have also been introduced to protect the rights of consumers of insurance services in order to prevent the sale of services that do not meet their needs and are not in demand. Before concluding contracts, insurers are required to assess the requirements and needs of consumers so that the contracts offered are in line with the interests, needs, and specific situation of each consumer. Before concluding insurance contracts, insurers are also required to provide beneficiaries with an information document about the insurance product (pre-contractual information). To simplify the pre-trial settlement procedure, it is now possible to fill out the form electronically. To enhance consumer protection for combined products (e.g., purchase of goods on credit with insurance components), rules have been introduced regarding the provision of information to consumers about each component of the product (cost, terms and conditions), as well as the possibility of purchasing goods or services separately. In addition, requirements have been introduced for the information to be included in advertisements for insurance services, which helps to prevent unfair advertising. Also, in order to increase the direct responsibility of service providers and simplify the complaint resolution process, a procedure for the consideration of complaints by service providers has been established. In this case, if the consumer disagrees with the result obtained from the service provider, they have the right to file a complaint with CNPF or go to court. A maximum period of 15 working days has been established within which service providers are required to respond. At the same time, in order to expand the CNPF's powers to supervise financial services in terms of consumer rights compliance, CNPF has been granted the right to conduct “test purchases.” This will enable the authority to identify violations of consumer rights that cannot be established by other means or evidence. As noted by CNP, the adopted law represents an important step in reforming the financial market, contributes to strengthening public confidence and promoting fair and responsible practices in the provision of financial services. // 17.07.2025 — InfoMarket.
