CNPF has ordered 8 non-bank credit organizations to cancel consumers’ payment obligations of about 115 million lei in 2023.
The National Financial Market Commission (CNPF) announced this, noting that this amount represents payments related to credit contracts, in particular, interest, commissions, fines, penalties for late payments, etc. The measures taken are a response to the violation of the legal provisions concerning the limitation of costs and penalties arising from consumer credit contracts. Deviations from the law were identified both within the framework of control measures conducted by the supervisory authority and as a result of notification of consumers of financial services who requested to check non-bank credit organizations' compliance with the law when granting loans. As a result of the inspections, CNPF obliged non-bank credit organizations to return or cancel payments on loan agreements in the amount of about 113.8 million lei for about 12400 loan agreements. Also, significant amounts were ordered to be returned by creditors following the CNPF intervention in the process of examining applications. As a result of about 300 appeals from consumers of financial services, CNPF found the following deviations: limitations of payments under loan agreements, abuses, etc. As a result of the inspections, creditors canceled payment obligations worth about 1 million lei. As it is noted, following the inspections carried out by CNPF on the basis of consumers' appeals, some non-bank credit organizations initiated the examination of complaints and the verification of credit agreements directly with the beneficiaries, without a relevant decision of the authority. It should be noted that from July 1, 2023 CNPF is responsible for the regulation, supervision and protection of the rights of consumers of financial services in the field of insurance, non-bank credit, capital market, and from January 1, 2024 the mandate of the institution was expanded to include consumer protection in relations with banks, payment service providers and foreign exchange offices. In order to provide specialized advisory support, as well as to facilitate the dialogue with beneficiaries of financial services, CNPF has launched a telephone line for consumers of financial services at the number 022 85 95 95, where citizens can get clarifications, specifications from the specialists of the Consumer Service Department. In addition, CNPF provides specialized assistance and information on the legislation regulating consumer rights directly at its office. // 26.01.2024 - InfoMarket.
