The proposed amendments provide for a comprehensive modernisation of the rules governing the lending market. The range of data providers is being expanded. The list of organisations required to submit information to credit bureaux is being significantly extended. At the same time, for legal entities and sole traders, data will be transferred without their prior consent in order to speed up the process.
Credit reports will be more detailed. Databases will be supplemented with comprehensive information on all loans granted, outstanding debts and financial guarantees provided. At the same time, individuals, as well as representatives of small and medium-sized enterprises, will be able to access their own credit histories much more easily and quickly to monitor their data. Access to other people’s records will only be permitted with the borrower’s prior consent.
The cost of credit bureau services will now be strictly regulated to prevent unjustified price gouging of consumers. To ensure the financial stability of the bureaux themselves, the minimum authorised capital is being raised to 10 million lei (this provision will come into force two years after the law is passed), and companies’ equity must cover at least 30 per cent of their assets.
According to the official explanatory note for the draft on the Government Consultation Platform, ‘these measures are coordinated within the framework of Moldova’s National Programme for Accession to the European Union and are designed to protect citizens from excessive debt burdens, whilst ensuring that banks and non-bank institutions have access to an objective picture of the risks’.
This story was translated with the assistance of artificial intelligence.The translation was also reviewed by the Logos Press editorial team.
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