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Moldova is introducing new rules to assess the creditworthiness of the loan recipient and limits the total amount of borrowing.

Moldova is introducing new rules to assess the creditworthiness of the loan recipient and limits the total amount of borrowing.

This is provided for by the relevant bill, which was passed by the parliament in the second reading. The matter concerns amendments to the Law on the activity of banks and the Law on non-banking credit organizations aimed at strengthening protection of credit consumers. The main provisions of the draft law are aimed at regulating the principles of evaluating the creditworthiness of a loan recipient and limiting the interest rate and other additional expenses related to the loan agreement. According to the document, the interest rate on the loan agreement will be limited to a maximum size of 50%, and other additional costs (commissions, fees, fines, late payment interest and any other types of payments), which are included in the total cost of credit, excluding interest, for one credit day shall not exceed 0.04% of the total loan amount. Thus, the total cost of the loan will not exceed the total amount of the loan. The bill also requires lenders to properly evaluate the creditworthiness of consumers using all available information. Otherwise, borrowers could be exempted from paying interest, fees or other charges to the lender by repaying only the original loan amount. // 08.04.2022 - InfoMarket

News on the subject

Currency exchange offices in Moldova may be obliged to videotape the exchange process and the maximum penalty for violation of currency legislation may be increased.
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Moldova will introduce new rules for displaying the effective annual rate in advertisements and will oblige banks to increase the size of these letters and numbers 3 times.
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Moldovan banks’ total assets in 2021 increased by 14.2% (+14.7 billion lei), amounting to 118.5 billion lei.