Moldova's National Commission for Financial Markets has completed a thematic review of the banking and payments sector covering 10 banks and eight nonbank payment service providers, and found multiple breaches of consumer protection rules in consumer credit and payment services contracts. The review focused on how lenders calculated and applied interest and total credit cost in mortgage-backed consumer loans, and whether payment service framework contracts complied with legal requirements, including the prohibition on abusive clauses. The authority identified contract terms that exceeded the legal cap on consumer liability for unauthorized transactions after a lost or stolen card, setting the limit at MDL 2,500 instead of the maximum MDL 500. Some providers also charged complaint investigation fees of EUR 1 to EUR 35 per transaction in cases that could include unauthorized payments, even though such investigations are a legal obligation. In lending, certain institutions used incorrect interest calculation formulas, including treating leap year 2024 as 365 days rather than 366, and were ordered to recalculate amounts and return improperly charged interest on 645 mortgage contracts. One bank was told to stop using a promotional rate for the full life of a loan when calculating the effective annual interest rate, which understated the total cost of credit. Other findings included unlawfully shortening the period for reporting unauthorized transactions from the legal 13 months to between three days and two months, charging consumers all remaining monthly fees when closing a service package early, granting banks overly broad rights to block cards or banking apps, and displaying cash transfer fees without stating the unit of charge. Most entities have already informed the authority that they amended framework contracts and corrected the deficiencies identified. The authority also ordered firms to review cases where the noncompliant clauses were applied and reimburse consumers where financial harm occurred, and said repeat unfair commercial practices or abusive clauses will lead to severe sanctions.
National Commission for Financial Markets2026-06-18
Moldova's National Commission for Financial Markets orders refunds on 645 mortgage contracts after finding consumer protection breaches at banks and payment firms
Moldova's National Commission for Financial Markets found consumer protection breaches in a thematic review of 10 banks and eight nonbank payment service providers. The findings covered overstated liability for unauthorized transactions, unlawful complaint fees, incorrect mortgage interest calculations, misleading cost disclosures, shortened dispute deadlines and abusive service terms. The authority ordered refunds on 645 mortgage contracts, broader case reviews and consumer reimbursement where losses occurred.