Decision on Applying a Coercive Fine to FINANCECASA SRL for Non-Execution of CNPF Decisions

REPUBLIC OF MOLDOVA NATIONAL FINANCIAL MARKET COMMISSION 77 Stefan cel Mare si Sfant Blvd., Chisinau, MD 2012, tel: (373 22) 859 401, www.cnpf.md, e-mail: office@cnpf.md

DECISION 20 January 2026 No. 3/2

On the application of a coercive fine to "FINANCECASA" SRL for non-execution of certain decisions of the National Financial Market Commission

In fact, during the year 2024, with respect to "FINANCECASA" SRL, the National Financial Market Commission (CNPF) adopted the following decisions, which remained unexecuted:

1. Decision No. 35/4 dated 23.07.2024 regarding the petition registered with the National Financial Market Commission under No. 1961 on 15.03.2024, with respect to "FINANCECASA" SRL (Decision No. 35/4/2024);
2. Decision No. 39/2 dated 20.08.2024 regarding the petition registered with the National Financial Market Commission under No. 5719 on 24.07.2024, with respect to "FINANCECASA" SRL;
3. Decision No. 43/9 dated 23.09.2024 regarding the petition registered with the National Financial Market Commission under No. 6152 on 14.08.2024, with respect to "FINANCECASA" SRL (Decision No. 43/9/2024);
4. Decision No. 43/10 dated 23.09.2024 regarding the petition registered with the National Financial Market Commission under No. 6336 on 23.08.2024, with respect to "FINANCECASA" SRL (Decision No. 43/10/2024);
5. Decision No. 51/6 dated 05.11.2024 regarding the petition registered with the National Financial Market Commission under No. 7046 on 25.09.2024, with respect to "FINANCECASA" SRL;
6. Decision No. 51/7 dated 05.11.2024 regarding the petition registered with the National Financial Market Commission under No. 7200 on 02.10.2024, with respect to "FINANCECASA" SRL (primarily unexecuted decisions).

Subsequently, on 27.01.2025, Decision No. 5/6 was adopted regarding the petition registered with the National Financial Market Commission under No. 8864 on 12.12.2024, with respect to "FINANCECASA" SRL (Decision No. 5/6/2025).

Through the majority of the primarily unexecuted decisions, as well as through Decision No. 5/6/2025, "FINANCECASA" SRL (creditor) was primarily prescribed to apply Art. 15 para. (9) or, as applicable, para. (9¹) of Law No. 202/2013 on consumer credit contracts (Law No. 202/2013).

According to the primarily unexecuted decisions No. 43/9/2024 and No. 43/10/2024, "FINANCECASA" SRL was obliged to present the consumer with information regarding payments made and their allocation, as well as a copy of the credit contract.

Furthermore, through Decision No. 35/4/2024, "FINANCECASA" SRL was ordered to apply Art. 15 para. (9) or, as applicable, para. (9¹) of Law No. 202/2013 with respect to 14 credit contracts concluded.

Subsequently, on 06.02.2025, the CNPF initiated, ex officio, an administrative procedure regarding the verification of the execution by "FINANCECASA" SRL of the primarily unexecuted decisions, which concluded on 04.03.2025 with the adoption of Decision No. 12/3 regarding the repeated prescription of "FINANCECASA" SRL to execute the CNPF decisions No. 35/4/2024, No. 39/2/2024, No. 43/9/2024, No. 43/10/2024, No. 51/6/2024, and No. 51/7/2024 (Decision No. 12/3/2025).

According to point 1 of Decision No. 12/3/2025, the creditor was repeatedly prescribed to execute the primarily unexecuted decisions within 15 days from the date of adoption.

Regarding the subject matter, having established the non-presentation, within the granted term, of information regarding the measures taken by "FINANCECASA" SRL, the CNPF, on 13.11.2025, initiated, ex officio, an administrative procedure aimed at verifying the execution by the creditor of decisions No. 5/6/2025 and No. 12/3/2025 (and, implicitly, the primarily unexecuted decisions).

In this regard, through letter No. 04-5/4455 dated 13.11.2025, the CNPF communicated to the creditor, at the email address info@rapidfinance.md, about the initiation of the administrative procedure and requested the presentation, by 27.11.2025, of information regarding the execution of decisions No. 5/6/2025, No. 12/3/2025, and, implicitly, the primarily unexecuted decisions, indicating the measures taken by it.

In this context, it is revealed that, within the term set by the CNPF, the creditor did not present the requested information.

Under the conditions of the lack of information demonstrating the contrary, the CNPF concluded on the non-execution by "FINANCECASA" SRL of decisions No. 5/6/2025, No. 12/3/2025, and, implicitly, the primarily unexecuted decisions.

Consequently, it should be noted that decisions No. 5/6/2025, No. 12/3/2025, and the primarily unexecuted decisions represent individual administrative acts, within the meaning of Art. 10 para. (1) of the Administrative Code, namely: "(1) An individual administrative act is any disposition, decision, or other official measure undertaken by a public authority to regulate an individual case in the field of public law, with the aim of producing immediate legal effects, through the creation, modification, or termination of public law legal relations.", as well as unfavorable acts, under Art. 11 para. (1) lit. a) of the same law.

By their nature and legal effects, decisions No. 5/6/2025, No. 12/3/2025, and the primarily unexecuted decisions are mandatory and enforceable, under the conditions provided by law.

In this context, under the conditions of Art. 179 of the Administrative Code, "An obligation based on an individual administrative act or an administrative contract, aimed at handing over a good, performing another action, tolerating, or inaction, can be realized through the following coercive measures: realization by substitution, coercive fine, and direct exercise of coercion (direct coercion).".

Based on the nature of the obligations prescribed to "FINANCECASA" SRL by Decision No. 5/6/2025 and by the primarily unexecuted decisions, it should be recorded that the execution of these individual administrative acts can be realized, in the order provided by Book Two, Title VII, Chapter III of the Administrative Code, only through the application of the coercive measure in the form of a coercive fine.

For its part, Art. 185 para. (1) and para. (3) of the Administrative Code provides that, before coercive measures are applied, the debtor is summoned regarding the possibility of using coercive measures, with a reasonable term for execution established in the summons.

Additionally, in the case of a summons with a fine, the amount of the fine is indicated.

According to Art. 181 para. (4) of the Administrative Code, "(4) The amount of the coercive fine is at least 20 and at most 10,000 conventional units. One conventional unit constitutes 50 lei. In setting the coercive fine, the economic interest of the debtor in non-performance of the obligation concerning them will also be taken into account."

Thus, in accordance with Art. 185 of the Administrative Code, on 02.12.2025, the CNPF adopted Decision No. 58/9 regarding the summons for execution by "FINANCECASA" SRL of certain decisions of the National Financial Market Commission (Decision No. 58/9/2025), according to which the creditor was summoned to execute the obligations provided in the decisions mentioned in point 1 of the aforementioned Decision, within 10 working days from the date of its communication.

In this regard, through the Disposition of the CNPF President No. 1205 dated 04.12.2025 regarding the suspension of the administrative procedure, initiated ex officio on 13.11.2025, with respect to "FINANCECASA" SRL, the administrative procedure was suspended until 18.12.2025 inclusive.

Subsequently, on 15.12.2025, within the CNPF, the Preliminary Request, submitted by "FINANCECASA" SRL, was registered (under No. 10072), by which the annulment of CNPF Decision No. 58/9 of 02.12.2025 is requested (Preliminary Request).

Regarding the case, in the Preliminary Request, "FINANCECASA" SRL confirmed the receipt of Decision No. 58/9/2025 on 08.12.2025, through the State Enterprise "Poșta Moldovei".

Consequently, through the Disposition of the CNPF Vice President No. 1244 dated 23.12.2025 regarding the extension of the administrative procedure, initiated ex officio on 13.11.2025, with respect to "FINANCECASA" SRL, the term of the administrative procedure was extended by 15 days.

Furthermore, in accordance with Art. 94 of the Administrative Code, through CNPF letter No. 04-5/4928 dated 19.12.2025 (sent to the email address info@rapidfinance.md), "FINANCECASA" SRL was notified of the right to be heard on 24.12.2025, at 10:30, regarding the facts and circumstances relevant to the act to be issued, with the request to confirm participation or refusal to participate in the hearing procedure by 23.12.2025, at 16:00, to the CNPF email addresses office@cnpf.md and liubovi.vacariuc@cnpf.md.

Regarding the subject matter, it should be noted that "FINANCECASA" SRL did not confirm participation in the hearing within the established term and, consequently, the creditor's representative did not appear on the date and time indicated in the citation.

Complementarily, taking into account the Preliminary Request submitted by "FINANCECASA" SRL, in order to ensure the comprehensibility and transparency of the administrative procedure, through the Disposition of the CNPF Vice President No. 2 dated 02.01.2026 regarding the suspension of the administrative procedure, initiated ex officio on 13.11.2025, with respect to "FINANCECASA" SRL, the administrative procedure was suspended until the issuance of the Decision on the Preliminary Request.

In this context, it needs to be recorded that the Preliminary Request was rejected by CNPF Decision No. 2/2 dated 13.01.2026 regarding the Preliminary Request submitted by SRL "FINANCECASA" against Decision No. 58/9 of 02.12.2025 of the National Financial Market Commission regarding the summons for execution by "FINANCECASA" SRL of certain decisions of the National Financial Market Commission.

As a consequence, given the factual circumstances exposed above, the CNPF establishes that the summons provided for in point 1 of Decision No. 58/9/2025 was not executed within the established term.

Furthermore, the creditor was warned that, in case of non-execution of the obligation provided for in point 1 of Decision No. 58/9/2025, the CNPF will apply a coercive fine in the amount of 1,050 conventional units, equivalent to 52,500 MDL, due upon expiration of the term indicated in point 1 of the aforementioned Decision.

In this context, Decision No. 58/9/2025 contains the necessary reasoning for establishing the amount of the fine to be applied in case of non-execution.

Thus, it is appreciated, reiterating, that the coercive measure in question is one suitable to achieve the goal and is necessary in relation to it, as it aims to execute an obligation established by law, and that specific method of execution of individual administrative acts has a legal source.

Regarding the reasonable character, in accordance with Art. 29 para. (3) of the Administrative Code, which provides that "(3) The measure undertaken by public authorities is reasonable if the interference produced by it is not disproportionate in relation to the pursued goal.", it should be specified that the coercive fine in the amount of 1,050 conventional units, equivalent to 52,500 MDL, pursues the goal of emphasizing the enforceable character of the individual administrative act, satisfying that criterion, being proportional to the infringed rights of the consumer of credit services.

Given the above recorded, on the basis of Art. 4 para. (24), Art. 8 lit. b), Art. 9 para. (1) lit. d), Art. 18 para. (3), Art. 20 para. (1), para. (6), and para. (7), and Art. 22 para. (3) of Law No. 192/1998 on the National Financial Market Commission, Art. 181 and Art. 186 para. (1) of the Administrative Code, and points 16 and 19 of the Regulation on the organization and functioning of the National Financial Market Commission (Decision No. 57/11/2022),

The National Financial Market Commission DECIDES:

1. A coercive fine in the amount of 1,050 conventional units, equivalent to 52,500 MDL, is applied to "FINANCECASA" SRL.
2. The coercive fine in the amount of 52,500 MDL must be transferred by "FINANCECASA" SRL to the IBAN account MD52TRGAAA14336101000000, Ministry of Finance – State Treasury, tax code 1006601000037, within 7 days from the communication of this Decision.
3. Regarding the measures taken to execute this Decision, "FINANCECASA" SRL will inform the CNPF within 30 days from the date of communication of this decision.
4. Control over the execution of this Decision is placed under the responsibility of the Credits/Deposits Directorate within the Consumer Protection Supervision Department and the Legal Department.
5. This Decision may be contested by submitting a preliminary request to the CNPF (MD-2012, Chisinau, 77 Stefan cel Mare si Sfant Blvd.), within 30 days from the date of communication.
6. This Decision enters into force on the date of adoption, is communicated to the recipient in accordance with legislation, and is published on the official website of the CNPF (www.cnpf.md).

Dumitru BUDIANSCHI, PRESIDENT