site.btaParliament Adopts at First Reading Law on Credit Servicers, Purchasers

The National Assembly adopted at first reading the Law on Credit Servicers and Credit Purchasers. The bill was supported by 118 deputies, with no votes against and 14 abstentions.  

In the motivation of the sponsor, the Council of Ministers, it is stated that the measures proposed in the draft law are aimed at overcoming the problems with high levels of non-performing loans through the development of a stable secondary market allowing the absorption of the surplus of non-performing loans by credit institutions, creating better conditions for the cross-border transfer of non-performing loan receivables, as well as ensuring high levels of protection of the interests of borrowers.

The report of the Parliamentary Committee on Budget and Finance notes that the existing regulatory regime for credit buyers is being improved in line with the requirements of a European directive, the range of persons who can acquire credit claims is being expanded by introducing a legal possibility for natural and legal persons acting in the course of their business to acquire such claims. The report points out that the new licensing regime introduces minimum pan-European requirements for the conduct of business and establishes clear rules and effective supervision with regard to cross-border credit servicing.