Law Amendments Provide Tighter Requirements for Fast Credit Companies
Proposed amendments to the Non-bank Financial Institutions Act provide a BGN 1 M capital requirement for the fast credit companies, reports Expert.bg.
The amendments are tabled by the MPs Rumen Gechev (Bulgarian Socialist Party) and Yordan Tsonev (Movement for Rights and Freedoms).
They provide that all non-bank credit institutions who give loans to private citizens, must be joint stock companies and have a starting capital of at least BGN 1 – of clear origin.
The amendments will not apply to investment brokers, pawn shops, banks and companies who give loans only to legal entities.
The institution, issuing licenses to the fast credit companies would be the state Financial Supervision Commission.
The fines for operating without a license would start from BGN 50 000.
- » Bulgarian Household Deposits Rise 7% Y/Y as of End-July 2016
- » FDI in Bulgaria Down 18.7% Y/Y in H1 2016
- » Bulgaria's C-Bank Publishes Stress Tests Report
- » Stress Test Shows Bulgarian Banks Are Stable - C-Bank
- » Bulgaria's Budget Surplus Revenues 'to Be Invested in Poorer Regions'
- » Bulgaria’s Gross Foreign Debt Dips 1.3% Y/Y in May 2016