Moldova's National Commission for Financial Markets (CNPF) has published board decisions ordering nonbank lender MOGO LOANS to remedy violations identified in 28 consumer credit contracts following consumer complaints. The findings include breaches of statutory credit cost limits and unlawful or unfair terms concerning cost disclosures, early repayment and additional charges. Other clauses concerned unilateral changes to interest rates and other costs, as well as the exercise of withdrawal and contract termination rights. Remedial measures include, where applicable, refunding interest, fees, penalties and other payments collected under contracts that breached legal credit cost limits. MOGO LOANS must also review its credit portfolio to identify and correct similar violations. The CNPF will bring court actions seeking to invalidate clauses that contravene the law or were found to be unfair.
Moldova's National Commission for Financial Markets orders remedies for breaches in 28 MOGO LOANS credit contracts
Moldova's National Commission for Financial Markets identified breaches of credit cost limits and unlawful or unfair terms in 28 MOGO LOANS consumer credit contracts. It ordered corrective measures, including refunds where applicable and a portfolio review to detect similar violations. The regulator will also seek court rulings to invalidate unlawful or unfair clauses.