Regulatory Alerts2025-01-01
Decision on Minimum Measures for Due Unpaid Liabilities and Voluntary Settlement
The Council of the Central Bank of Montenegro issued this Decision to mandate minimum measures creditors must undertake before initiating enforcement proceedings against consumers with due unpaid liabilities. It requires creditors to establish early warning mechanisms, maintain contact with struggling borrowers, and offer specific relief options such as repayment extensions, interest rate reductions, or debt write-offs. The regulation further outlines strict timelines for processing relief requests, establishes an internal commission for handling consumer complaints, and mandates detailed record-keeping of all measures applied.
Share