Law Amendments Provide Tighter Requirements for Fast Credit Companies

Business » FINANCE | June 26, 2014, Thursday // 12:43| Views: | Comments: 0
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Bulgaria: Law Amendments Provide Tighter Requirements for Fast Credit Companies File photo.

Proposed amendments to the Non-bank Financial Institutions Act provide a BGN 1 M capital requirement for the fast credit companies, reports 

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.

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