The National Authority for Consumer Protection (ANPC) has started inspections of NFIs.
- ” The General Directorate for Market Control and Supervision – Banking, Non-Banking Products and Services and Credit Administrators Directorate, through the Financial Products and Services Service, has launched a thematic control action at national level, with the main objective of verifying the respect of consumer rights and interests by non-banking financial institutions (NFIs), including pawnshops that grant loans against collateral ,” ANPC announced.
To date, 573 NFIs have been checked, of which 326 with violations. 256 fines totaling 1.47 million lei and 216 warnings have been applied;
Measures ordered by ANPC
• Cessation of unfair commercial practices and remedying deficiencies;
• Restitution of illegally collected amounts;
• Correction of contractual documents to align with legal provisions.
For contracts concluded before 11.11.2024, consumers may request a cap on interest rates, APR or the total cost of the loan, in accordance with Law no. 243/2024. The request is made in writing to the IFN, which is obliged to reduce these costs by additional act, if the legal conditions are met.