Under the new law, clients of savings and loan associations will enjoy the same transparency and protection rules as those who borrow from banks or microfinance companies. The relevant provisions will come into force on January 1, 2026.
The amendments to the law also concern how lenders must inform consumers before signing a contract. Even if a loan is arranged online or over the phone, pre-contractual information must be as clear and complete as when signing a contract directly at the office of a financial institution.
It also introduces an obligation for creditors to have appropriate policies and procedures in place that require them to make reasonable efforts to restructure a consumer’s debts prior to initiating enforcement proceedings.
As of 31.12.2024, there were 206 savings and loan associations and 135 non-bank credit organizations operating in the Republic of Moldova. Last year, the aggregate growth of their assets amounted to 15.3%, and their total volume reached 18,802.2 million lei.
In August this year, the National Bank of Moldova imposed sanctions on 41 responsible persons of savings and loan associations, including directors, chief accountants and board members. The total amount of fines amounted to 618,732.49 lei. The violations concerned transactions with affiliated persons, accounting, transparency, compliance with financial stability norms and organization of internal control.
