The bill will be submitted for consideration at its first reading during a plenary session of Parliament.
The legislative initiative, developed by the National Commission for the Financial Market (CNPF), takes into account the European Commission’s recommendations on further harmonizing the regulatory framework with European consumer protection legislation.
The new law aims to increase transparency, provide consumers with more effective information, and ensure fair access to basic financial services.
According to the text of the bill, before concluding a contract to open a payment account, the provider will be required to provide the consumer with a document containing clear information about applicable fees and charges. The standardized form will comply with the information disclosure requirements established by the European Commission. Customers will also receive free annual information on the fees charged by payment service providers to help them more easily assess the cost of the services they use. Until now, service providers have published on their websites the general terms and conditions, rates, and fees for services intended for retail customers.
To ensure transparency and access to affordable financial services, the CNPF will create a webpage containing information about the services offered by various payment service providers, including the fees charged. This will allow consumers to compare offers and choose the most advantageous options.
The draft law also contains provisions designed to make it easier to switch payment accounts. To guarantee the rights of all consumers, banks will be required to offer payment accounts with basic services. The document provides for sanctions against service providers found to be in violation, and the CNPF will be able to issue written warnings, impose fines, or take enforcement measures depending on the violations identified.
Once adopted, the new legislative provisions will take effect 12 months after their publication in the Official Gazette, with the exception of the chapter on switching accounts, which will take effect 24 months after publication. Certain articles will take effect on the date of the Republic of Moldova’s accession to the European Union.
