The National Commission for Financial Markets (CNPF) last year ordered that nonbank lending organizations should return or cancel payments related to loan agreements to the value of 113.8 million lei in the case of about 12,400 loan agreements. Also, significant amounts were prescribed to be returned by creditors as a result of the Commission’s intervention in the process of examining complaints, IPN reports.

Following about 300 complaints from financial consumers, the Commission identified a number of deviations, such as limitations on payments related to loan agreements, abusive clauses, etc. As a result of checks, creditors scrapped payment obligations to the value of about one million lei.

CNPF obliged eight nonbank lending organizations to request only the reimbursement of the initial amount granted, totaling about 115 million lei, from debtors-consumers. This amount represents payments related to loan agreements - interest, commissions, fees, penalties, default interest, etc.

“The measures taken by the authority come in response to the violation of legal provisions regarding the limitation of costs and penalties resulting from loan agreements for consumers. Deviations were identified both during the inspections carried out by the supervisory authority and following complaints filed by consumers of financial services, who asked to check the way nonbank lending organizations comply with the legislation in the process of granting loans,” reads a press release of the institution.

As of July 1, 2023, CNPF has had responsible for regulating, supervising and protecting the rights of consumers of financial services in the fields of insurance, nonbank lending, capital market. As of January 1, 2024, the mandate of the institution was extended to include consumer protection in relations with banks, payment service providers and foreign exchange entities.

CNFP launched a Hotline for consumers of financial services, with the number 022 85 95 95, through which citizens can ask for clarification and explanations from specialists of the Consumer Support Department.