Decision No. 48/6 of 22 September 2026 regarding petition no. 4977 concerning OCN MONEDA CREDIT SRL

REPUBLIC OF MOLDOVA
NATIONAL COMMISSION OF THE FINANCIAL MARKET
77 Stefan cel Mare si Sfant Blvd., Chisinau, MD 2012, tel: (373 22) 859 401, www.cnpf.md, e-mail: office@cnpf.md DECISION 22 September 2026 No. 48/6 Regarding the petition registered with the National Commission of the Financial Market under no. 4977 on 17.06.2026, in relation to OCN "MONEDA CREDIT" SRL

On 17.06.2026, within the framework of the National Commission of the Financial Market (CNPF), the petition of Mr. [...] (debtor/consumer/borrower), with the documents attached to it, submitted by his representative, Mrs. [...], was registered (under no. 4977), through which the intervention of the CNPF is requested regarding the legal relationship mentioned below.

Regarding the subject, it should be specified that the petition of Mr. [...], submitted by his representative, Mrs [...], did not meet the requirements of Art. 45 para. (1) and Art. 46 para. (1) of the Administrative Code, in the sense that "(1) Natural persons participate in the administrative procedure personally or through their representatives." and that, "(1) In the administrative procedure participants may be represented by an authorized person. The authorizations of the representative are recorded in the power of attorney (signed holographically or by electronic signature), in the lawyer's mandate or in the representation authorization based on the electronic signature created in the Register of Representation Authorizations based on electronic signature (hereinafter - representation authorization based on electronic signature). To the extent that from the content of the power of attorney, the mandate or the representation authorization based on electronic signature does not result otherwise, these confer authorizations for all procedural actions related to the administrative procedure. [...]".

In this regard, by CNPF letter no. 05-5/2684 dated 29.06.2026, to Mrs. [...], the representative of Mr. [...], it was communicated the necessity of eliminating the identified deficiency.

As a result, on 30.06.2026, Mrs. [...], the representative of Mr. [...], submitted a copy of the Mandate series [...] dated [...] (registered at CNPF under no. 5397), the identified deficiency being thus eliminated.

I. Factual Circumstances

1. According to the materials of the administrative procedure, the legal relationship between OCN
   "MONEDA CREDIT" SRL (creditor/professional) and the debtor was established on the basis of Loan Agreement no. [...] dated [...] (Agreement).
2. The credit granting conditions, which result from the Agreement, are as follows:
   2.1. total loan amount: 100,000.00 MDL;
   2.2. interest rate: 28 percent per annum;

2.3. penalty for failure to make payments on time: 0.04 percent of the total
loan amount, for each day of delay, applicable to payments considered overdue from the due date according to the Repayment Schedule;
2.4. effective annual rate (EAR): 29.8 percent per annum;
2.5. payment method: repayment of the loan and payment of interest according
to the Repayment Schedule, through monthly payments;
2.6. total cost of the loan: 59,933.72 MDL;
2.7. total amount payable by the debtor: 159,933.72 MDL;
2.8. loan term: 24 months.

II. Procedural Circumstances
3. Given that one of the parties to the contractual relationship in question is OCN
"MONEDA CREDIT" SRL, according to the Disposition of the CNPF President no. 455 dated
06.07.2026 regarding the ex officio involvement of OCN "MONEDA
CREDIT" SRL in the administrative procedure, initiated by the petition submitted by Mrs [...], the representative of Mr. [...], and the suspension of the administrative procedure, the creditor was involved ex officio in the administrative procedure, being requested, by letter CNPF no. 05-5/2880 dated 07.07.2026, to present the relevant explanations and copies of relevant supporting documents.
4. At the same time, the administrative procedure was suspended for a period of
14 days, in this case, until 20.07.2026 inclusive.
5. Consequently, on 13.07.2026, the creditor presented the requested documents
(registered at CNPF under no. 5881).
6. Additionally, by the Disposition of the CNPF President no. 614 dated
12.08.2026 regarding the extension and suspension of the general term of the
administrative procedure, initiated by the petition of Mr. [...], submitted by the representative Mrs [...], the general term of the administrative procedure was extended by 15 days, as well as suspended until 26.08.2026, being requested, by letter no. 05-5/3531 dated 13.08.2026, to present additional explanations regarding the method of calculating the annual interest rate, related to the Agreement.
7. As a result, on 26.08.2026, the creditor presented the requested documents
(registered at CNPF under no. 7523).
8. Subsequently, by the Disposition of the CNPF President no. 784 dated
07.09.2026 regarding the suspension of the administrative procedure, initiated by
the petition of Mr. [...], submitted by the representative Mrs [...], the administrative procedure was suspended until 21.09.2026 inclusive, being requested, by letter CNPF no. 05-5/4190 dated 09.09.2026, to present additional explanations.
9. Consequently, on 21.09.2026, the creditor presented the requested documents
(registered at CNPF under no. 8495).

III. Legal Circumstances
10. According to Art. 1 of Law no. 105/2003 (Law no. 105/2003), "consumer"
is "any natural person who intends to order or procure or who orders, procures or uses products, services for needs unrelated to business or professional activity;". This same definition is also included in Art. 3 of Law no. 202/2013 regarding consumer credit contracts (Law no. 202/2013).

11. According to Art. 3 para. (1) and para. (2) of the Civil Code, "(1) Has the quality of
    consumer any natural person who, within the framework of a civil legal relationship, acts predominantly for purposes that do not relate to business or professional activity. The natural person does not have the quality of consumer if the other party to the civil legal relationship does not have the quality of professional. (2) Has the quality of professional any natural or legal person of public or private law who, within the framework of a civil legal relationship, acts for purposes related to business or professional activity, even if the person does not have the purpose of obtaining profit from this activity."

12. In accordance with Art. 13 para. (1) and para. (2) of Law no. 105/2003, "(1) Unfair
    commercial practices are prohibited. (2) A commercial practice is unfair if:
    a) it is contrary to the requirements of professional diligence; and b) it distorts or is likely to distort, in a significant manner, the economic behavior of the average consumer to whom it reaches or to whom it is addressed or of the average member of a group, in the case when a commercial practice is addressed to a certain group of consumers."

13. In accordance with Art. 13 para. (6) lit. d) of Law no. 105/2003, "(6) A
    commercial practice is considered to be a misleading action in the case where it contains false information or, in any other way, including by general presentation, induces or is likely to induce the average consumer into error and, in any situation, determines or is likely to determine the consumer to make a transaction decision that they would not have made in another situation, even if the information is factually correct regarding one or more of the following elements: [...] lit. d) price or method of calculating the price or existence of a specific advantage regarding the price;".

14. In accordance with Art. 16 lit. a) and lit. b) of Law no. 105/2003,
    "The consumer, upon concluding contracts, has the following rights: a) to make free decisions regarding the purchase of the product and service, without having imposed in contracts abusive clauses or those that may favor the use of unfair commercial practices, of a nature to influence their choice; b) to benefit from a clear and precise drafting of contractual clauses, including those regarding main characteristics and warranty conditions, of the exact indication of the price or tariff, as well as of the exact determination of credit conditions and interest rates;".

15. Moreover, the Civil Code establishes, in Art. 10 para. (1), that "(1) Natural persons and
    legal persons participating in civil legal relationships must exercise their rights and fulfill their obligations in good faith, in accordance with the law, with the contract, with public order and with good morals. Good faith is presumed until proof to the contrary."

16. Complementarily, according to Art. 11 para. (1) of the Civil Code, "(1) Good faith
    is a standard of conduct of a party, characterized by correctness, honesty, openness and taking into account the interests of the other party in the legal relationship."

17. According to Art. 26 para. (1) of Law no. 202/2013 regarding consumer credit
    contracts, "(1) The supervisory authority regarding the respect of legislation in the field of consumer credit contracts is the National Commission of the Financial Market."

18. Under the conditions of Art. 329 para. (1) of the Civil Code, "(1) In contracts with
    consumers, abusive clauses are null, as well as clauses through which one derogates from legal provisions from which it is prohibited to derogate to the detriment of the consumer (nullity of protection).".

III. CNPF Assessment
19. Analyzing the contractual clauses, the information from the documents presented by
the creditor and the debtor, in light of the requirements of Law no. 105/2003, of Law no. 202/2013 and of the Civil Code, in particular, in relation to the regulatory framework, stated above, the CNPF reveals the following:
19.1. Ab initio, the establishment of the professional quality possessed by
OCN "MONEDA CREDIT" SRL in relation to the consumer is claimed.
In accordance with the information from the State Register of Legal Persons, OCN "MONEDA CREDIT" SRL has, as its main object of activity, inter alia, the activity of granting non-bank credits, being registered in the Register of authorized non-bank lending organizations.
19.2. Violation of the obligation to present the standard form "Standard Information
regarding Consumer Credit" (Pre-contractual Information), provided for in Art. 5 para. (2) lit. c) of Law no. 202/2013 According to Art. 5 para. (2) of Law no. 202/2013, the creditor has the obligation to provide the consumer, prior to concluding the credit contract, the necessary information, so that they can evaluate, in an appropriate manner, the nature and financial implications of the offered credit. The legislator did not institute only a general obligation of information regarding content, but established a concrete and standardized method of providing pre-contractual information. Thus, according to Art. 5 para. (2) lit. c) of the same law, the creditor is obliged to provide the consumer with pre-contractual information "through the form presented in Annex no. 1". Therefore, the legal obligation has two components, which must be analyzed cumulatively: on the one hand, the existence and completeness of the pre-contractual information, and, on the other hand, the provision of this information through the standard form, expressly provided for by law. In this case, in the materials presented by the creditor, the standard form "Standard Information regarding Consumer Credit", provided for in Annex no. 1 to Law no. 202/2013, was not identified, nor any other objective evidence, which would confirm that it was provided to the consumer prior to the conclusion of the Agreement. The statement in point 2.5 of the Agreement, according to which the borrower confirms that Pre-contractual Information was brought to their knowledge and that a copy of it was issued to them, cannot substitute the form provided for expressly by law nor does it constitute, in the absence of the document itself or other evidence, sufficient proof of its provision. Moreover, according to Art. 27 para. (2) of Law no. 202/2013, "(2) Creditors must be able to prove that they have respected the information requirements provided for by this law." Thus, the creditor's burden does not consist merely in declaring compliance with the obligation of information, but in the ability to effectively demonstrate the fulfillment of this obligation. Consequently, in the absence of the standard form, provided for in Annex no. 1 to Law no. 202/2013, and proof of its provision to the consumer prior to the conclusion of the Agreement, it is found that the creditor failed to respect the obligation provided for in Art. 5 para. (2) lit. c) of the same law.
19.3. Non-compliance with Law no. 202/2013 regarding the completeness and
presentation of information included in the Agreement Contrary to Art. 10 para. (3) lit. g) of Law no. 202/2013, "total amount payable by the consumer" and "effective annual rate" are not highlighted in bold, as expressly provided by the legal norm. Therefore, a failure to respect the formal requirements provided for in Art. 10 para. (3) lit. g) of Law no. 202/2013 is found. Moreover, the Agreement bears the name "Loan Agreement", and in its content the terms "loan", "lender" and "borrower" are used. Given the nature of the legal relationship, established between OCN "MONEDA CREDIT" SRL and the consumer, and the fact that its object is the granting of a credit within the professional activity of the creditor, the use of terminology specific to the loan contract is of a nature to create an unclear legal presentation of the contractual relationship, of the rights and obligations of the parties. In this context, the use of terminology that does not clearly reflect the nature of the legal relationship should be assessed in light of the obligation of transparency and the principle of good faith, consecrated by Art. 10, Art. 11 and Art. 775 para. (1) of the Civil Code. Also, according to Art. 10 para. (3) lit. r) of Law no. 202/2013, the credit contract must provide for the consumer's right to early repayment, the procedure for early repayment and, if applicable, information regarding the creditor's right to compensation and the method of determining it. The Law recognizes the consumer's right to extinguish, at any time, total or partial, the obligations deriving from the credit contract and the right to reduce the total cost of the credit, related to the remaining period. From the examination of the Agreement, it does not result the existence of a contractual clause, which regulates, in an express, clear and complete manner, the consumer's right to early repayment and the procedure for exercising this right. In this context, point 2.3.3 of the Agreement regulates the right of the creditor to request early repayment of the loan in certain situations of non-performance by the debtor. This provision cannot be equated with informing the consumer about their own right to early repayment of the credit. Moreover, the Agreement does not contain clear information regarding the procedure that the consumer must follow to effect early repayment and, if applicable, regarding the existence, conditions and method of determining any possible compensation due to the creditor. Under these conditions, a failure to respect the requirements of Art. 10 para. (3) lit. r) of Law no. 202/2013 is found.
19.4. Non-compliance with Art. 15 para. (101) of Law no. 202/2013 (in the version
applicable on the date of conclusion of the Agreement) regarding the term for requesting forced execution At point 2.4 of the Agreement, the second dash provides that, "In the event of registration of an overdue sum with an age greater than 45 days, the Borrower will be entitled to declare the early maturity of the loan and related payments, requesting through the court forced execution of the loan and related payments.", or, according to Art. 15 para. (101) of Law no. 202/2013 (in the version applicable on the date of conclusion of the Agreement), "The creditor is entitled to transfer to a third person the right to collect claims related to the credit contract and to request forced execution of the unpaid part of the total value of the credit, including by addressing the court, only in the case where the term of any overdue payments exceeds 90 days from the due date of these.". Therefore, establishing in the Agreement a term of 45 days, to the extent that this allows the creditor to exercise the right to request forced execution before the expiration of the legal term of 90 days, establishes, to the detriment of the consumer, a term smaller than that provided by the mandatory legal norm. In this context, point 2.4 of the Agreement, in the part allowing the exercise of the right to request forced execution before the completion of the legal term of 90 days, is not in conformity with the provisions of Art. 15 para. (101) of Law no. 202/2013. In this part, the contractual clause derogates, to the detriment of the consumer, from the mandatory legal norm, the provisions of Art. 329 para. (1) of the Civil Code being applicable, regarding nullity of protection.
19.5. Application of unfair commercial practices in relation to consumers
On the one hand, according to point 1.3 of the Agreement, the total cost of the loan constitutes 59,933.72 MDL, and the total value of the loan agreement is indicated in the amount of 159,933.72 MDL. On the other hand, point 1.4 lit. a) of the Agreement establishes an interest rate of 28 percent per annum, and the EAR is indicated in the amount of 29.87 percent. Moreover, the Repayment Schedule, which constitutes an integral part of the Agreement, indicates, under the row "Total", related to the column "monthly rate", the same value of 159,933.72 MDL. From the examination of the way the Repayment Schedule was constructed, it results that the value of payment obligations inscribed in it does not correspond to the application of the interest rate of 28 percent expressly provided for by the Agreement, being determined by the use of an interest rate of 50 percent, or, by applying the interest rate related to the credit of 28 percent, the total amount payable constitutes 131,649.23 MDL, with 28,284.49 MDL less than the sum of 159,933.72 MDL provided for in the Agreement. Therefore, the Agreement contained, simultaneously, on the one hand, an interest rate of 28 percent and an EAR of 29.87 percent, and, on the other hand, a total cost, a total payable value and a Repayment Schedule, determined by using a parameter that did not correspond to the interest rate related to the credit, agreed by the consumer. Correlatively, the application of an interest rate in the amount of 50 percent would determine the reflection of an EAR, which exceeds 60 percent. The information regarding the cost of the credit did not thus present, as a whole, a coherent and conforming image with the economic conditions agreed upon. In this context, the fact that the interest rate, related to the credit of 28 percent was mentioned correctly at point 1.4 lit. a) of the Agreement, is not of a nature to eliminate the misleading character of the practice. Art. 13 para. (6) of Law no. 105/2003 covers including situations where the information, even if correct in a certain aspect, by its general presentation induces or is likely to induce the consumer into error, or, the consumer was presented, within the same contractual relationship, incompatible information regarding the essential elements of the price of the credit: the interest rate, indicated in the Agreement, on the one hand, and the total cost, total payable value and amount of installments, calculated at another rate, on the other hand. Moreover, the Repayment Schedule does not constitute purely illustrative information, but the document on the basis of which the amount and due date of periodic obligations of the consumer are individualized. Thus, the indication and application of monthly installments, calculated on the basis of an interest rate, provided differently from that provided for by the Agreement, are capable of creating in the consumer the representation that the sums provided for in the Repayment Schedule are due
according to contractual conditions, although these did not result from the application of the interest rate, related to the credit, of 28 percent. Under these circumstances, the presentation and application to the consumer of a total cost of the credit, of a total payable value and of a Repayment Schedule, calculated by using a parameter different from the interest rate, related to the credit, expressly provided for in the Agreement, represents the provision of erroneous information regarding the price and the method of calculating it, of a nature to induce the average consumer into error and likely to determine them to adopt a transaction decision, which they would not have otherwise adopted. Thus, the elements of a misleading action, provided for in Art. 13 para. (4) lit. a) and para. (6) lit. d) of Law no. 105/2003 are met.
20. Regarding the violations committed by OCN "MONEDA CREDIT" SRL,
found in light of the provisions of Law no. 202/2013, it should be specified that these non-conformities are of a nature to attract the contraventional liability of the creditor. Moreover, according to the provisions of the Contraventional Code, the attraction of contraventional liability is conditioned by the respect of the general term of prescription, established at 12 months from the date of commission of the act. Given that, since the date of signing the Agreement, more than 12 months have passed, the term of prescription, provided for by law, has been exceeded. Therefore, the CNPF is in the legal impossibility to dispose of the application of any sanctions contraventional in this case.
21. From the considerations exposed above, on the basis of Art. 1 para. (1), Art. 4 para. (21)
lit. c), Art. 8 lit. t), Art. 18 para. (3), Art. 20 para. (1), para. (6) and para. (7) and Art. 22 para. (3) of Law no. 192/1998 regarding the National Commission of the Financial Market, Law no. 202/2013 regarding consumer credit contracts, Law no. 105/2003 regarding consumer protection, Civil Code, Administrative Code and Regulation regarding the organization and functioning of the National Commission of the Financial Market (Decision CNPF no. 57/11/2022), the National Commission of the Financial Market DECIDES:

1. It is found that OCN "MONEDA CREDIT" SRL failed to respect
   Art. 5 para. (1) and para. (2) lit. c), Art. 10 para. (3) lit. g) and lit. r) and Art. 15 para. (101) of Law no. 202/2013 regarding consumer credit contracts (in the version applicable on the date of conclusion of the Loan Agreement no. [...] dated [...]).
2. It is found, as an unfair commercial practice, in the form of a misleading
   action, the presentation and application by OCN "MONEDA CREDIT" SRL, in

consumer report, a total cost of credit, a total payable value, and a Repayment Schedule, calculated using an interest rate for the credit different from the interest rate for the credit stipulated in contractual clauses, which led to the indication and demand for payment obligations in an amount higher than that resulting from the contractual clauses, contrary to Article 13 paragraph (6) letter d) of Law No. 105/2003 on consumer protection.

3. OCN "MONEDA CREDIT" SRL is prohibited from applying the incorrect commercial practice established in point 2.

4. A lawsuit is to be filed in court to request the declaration of nullity of the clause contained in the second dash of point 2.4 of the Loan Contract No. [...] dated [...] insofar as it allows for the request for forced execution prior to the expiration of the 90-day term.

5. Control over the execution of point 3 is assigned to the Credit/Deposits Directorate within the Consumer Protection Supervision Department.

6. Control over the execution of point 4 is assigned to the Legal Department.

7. This Decision may be contested by filing a preliminary request addressed to CNPF (MD-2012, Chisinau, Stefan cel Mare si Sfant Blvd., No. 77) within 30 days from the date of notification.

8. This Decision enters into force on the date of adoption and is communicated to recipients in accordance with legislation and published on the official website of CNPF (www.cnpf.md).

Dumitru BUDIANSCHI,
PRESIDENT