It is proposed to provide sanctions for violation of the Law No. 122/2008 on credit history bureaus. In this regard, the Code of Offenses should be supplemented with Art. 3104, according to which their amount for officials will be from 200 to 500 UU, and for legal entities – from 300 to 600 UU.
The National Commission on Financial Market will ascertain the offenses. It will also consider and qualify them. The corresponding draft law has been developed by the National Bank of Moldova.
Requirements to the quality of information will become stricter
In addition, according to the draft, credit history bureaus will be able to provide confidential information concerning the subject of credit history to the bodies or persons authorized to request it. These include criminal prosecution bodies (with the permission of a judge), judicial authorities, tax authorities, special services and supervisory bodies. But within the limits stipulated by the legislation.
It is expected that these and other amendments, which the NBM proposes to introduce in some normative acts, will increase the efficiency of the bureau’s activity and improve the credit issuance process.
The authors also propose to expand the sources of credit history formation. According to the draft, the obligation to provide information to the bureau shall be established for any legal entity or individual engaged in entrepreneurial or professional activity, which provides it with information that is part of the credit history.
The list of sources of credit histories would be supplemented by
The list includes banks, insurance/reinsurance companies, savings and loan associations, non-bank credit organizations, providers of collective financing services, e-money issuers, payment companies and postal service providers, utility and telecommunication service providers, assignees of claims arising from credit agreements, as well as legal entities selling real estate in installments.
The services of the bureau will be available to individuals and legal entities engaged in entrepreneurial or professional activities that grant loans or supply goods and services on credit, the Organization for the Development of Entrepreneurship (ODA), and the Ministry of Labor and Social Protection.
The document also stipulates the requirements for the bureaus’ authorized capital (at least 10 million lei) and for ensuring cyber security, as well as the security of the information they possess, granting them the right to obtain information on the pledge (mortgage) of movable and immovable property, the NBM’s regulation of tariffs for their services, etc. The document also stipulates the requirements for the bureaus’ authorized capital (at least 10 million lei) and for ensuring cyber security, as well as the security of the information they possess.
It is proposed that these amendments will enter into force after six months from the date of their publication. The amendments shall be approved by the Parliament.
