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

January 6, 2026 No. 1/2

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

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

1. Decision No. 32/2 dated 02.07.2024 regarding the petition registered with the National Financial Market Commission under No. 2683 on 11.04.2024, with respect to OCN "CASH&GO" SRL;
2. Decision No. 33/2 dated 09.07.2024 regarding the petition registered with the National Financial Market Commission under No. 4158 on 30.05.2024, with respect to OCN "CASH&GO" SRL;
3. Decision No. 37/4 dated 06.08.2024 regarding the petition registered with the National Financial Market Commission under No. 4203 on 31.05.2024, with respect to OCN "CASH&GO" SRL;
4. Decision No. 40/5 dated 28.08.2024 regarding the petition registered with the National Financial Market Commission under No. 3889 on 23.05.2024, with respect to "CASH&GO" SRL;
5. Decision No. 40/6 dated 28.08.2024 regarding the petition registered with the National Financial Market Commission under No. 4157 on 30.05.2024, with respect to "CASH&GO" SRL;
6. Decision No. 43/11 dated 23.09.2024 regarding the petition registered with the National Financial Market Commission under No. 6337 on 23.08.2024, with respect to "CASH&GO" SRL (Decision No. 43/11/2024);
7. Decision No. 43/12 dated 23.09.2024 regarding the petition registered with the National Financial Market Commission under No. 6287 on 21.08.2024, with respect to "CASH&GO" SRL (Decision No. 43/12/2024);
8. Decision No. 43/13 dated 23.09.2024 regarding the petition registered with the National Financial Market Commission under No. 6151 on 14.08.2024, with respect to "CASH&GO" SRL (Decision No. 43/13/2024);
9. Decision No. 51/4 dated 05.11.2024 regarding the petition registered with the National Financial Market Commission under No. 7047 on 25.09.2024, with respect to "CASH&GO" SRL;
10. Decision No. 51/5 dated 05.11.2024 regarding the petition registered with the National Financial Market Commission under No. 7262 on 04.10.2024, with respect to "CASH&GO" SRL (primary unexecuted decisions).

Subsequently, on 27.01.2025, CNPF Decision No. 5/5 was adopted regarding the petition registered with the National Financial Market Commission under No. 8863 on 12.12.2024, with respect to "CASH&GO" SRL (Decision No. 5/5/2025).

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

According to the unexecuted primary decisions No. 43/11/2024, No. 43/12/2024, and No. 43/13/2024, "CASH&GO" SRL was obliged to present the consumer with information regarding payments made and their allocation, as well as a copy of the credit contract.

Subsequently, on 06.02.2025, the CNPF initiated, ex officio, an administrative procedure regarding the verification of the execution by "CASH&GO" SRL of the primary unexecuted decisions, which concluded on 04.03.2025 with the adoption of Decision No. 12/2 regarding the repeated prescription to "CASH&GO" SRL concerning the execution of CNPF decisions No. 32/2/2024, No. 33/2/2024, No. 37/4/2024, No. 40/5/2024, No. 40/6/2024, No. 43/11/2024, No. 43/12/2024, No. 43/13/2024, No. 51/4/2024, and No. 51/5/2024 (Decision No. 12/2/2025).

According to point 1 of Decision No. 12/2/2025, the creditor was repeatedly prescribed to execute the primary unexecuted decisions within 15 days from the date of adoption.

Regarding the subject matter, having noted the non-presentation, within the granted term, of information regarding the measures taken by "CASH&GO" SRL, the CNPF, on 13.11.2025, initiated, ex officio, an administrative procedure aimed at verifying the execution by the creditor of decisions No. 5/5/2025 and No. 12/2/2025 (and, implicitly, the primary unexecuted decisions).

In this regard, by letter No. 04-5/4453 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. 5/5/2025, No. 12/2/2025, and, implicitly, the primary unexecuted decisions, indicating the measures taken by the creditor.

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

Under the conditions of lack of information demonstrating the contrary, the CNPF concluded on the non-execution by "CASH&GO" SRL of decisions No. 5/5/2025, No. 12/2/2025, and, implicitly, the primary unexecuted decisions.

Consequently, it is noted that decisions No. 5/5/2025, No. 12/2/2025, and the primary 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 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. 5/5/2025, No. 12/2/2025, and the primary unexecuted decisions are mandatory and enforceable, under the conditions provided by law.

In this context, according to Art. 179 of the Administrative Code, "An obligation based on an individual administrative act or an administrative contract, aimed at the delivery of a good, the realization of another action, tolerance, or inaction, may be realized through the following coercive measures: realization by substitution, coercive fine, and immediate exercise of coercion (direct coercion)."

Based on the nature of the obligations prescribed to "CASH&GO" SRL by Decision No. 5/5/2025 and by the primary unexecuted decisions, it is noted 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 party 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 establishing the coercive fine, the economic interest of the debtor in the non-fulfillment 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. 58/8 regarding the summons for execution by "CASH&GO" SRL of certain decisions of the National Financial Market Commission (Decision No. 58/8/2025), 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, by the Order of the CNPF President No. 1207 dated 04.12.2025 regarding the suspension of the administrative procedure, initiated ex officio on 13.11.2025, with respect to "CASH&GO" SRL, the administrative procedure was suspended until 18.12.2025 inclusive.

Also, by the Order of the CNPF Vice-President No. 1246 dated 23.12.2025 regarding the extension of the administrative procedure, initiated ex officio on 13.11.2025, with respect to "CASH&GO" SRL, the term of the administrative procedure was extended by 15 days.

Subsequently, in accordance with Art. 94 of the Administrative Code, by CNPF letter No. 04-5/4927 dated 19.12.2025 (sent to the email address info@rapidfinance.md), "CASH&GO" SRL was notified of the right to be heard on 24.12.2025, at 10:00, 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, at the email addresses office@cnpf.md and liubovi.vacariuc@cnpf.md.

Regarding the subject matter, it is noted that "CASH&GO" 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.

Consequently, taking into account the factual circumstances exposed above, the CNPF finds that the prescription provided in point 1 of Decision No. 58/8/2025 was not executed within the established term.

At the same time, the creditor was warned that, in case of non-execution of the obligation provided in point 1 of Decision No. 58/8/2025, the CNPF will apply a coercive fine in the amount of 1,650 conventional units, equivalent to 82,500 MDL, due upon expiration of the term indicated in point 1 of the aforementioned Decision.

In this context, Decision No. 58/8/2025 contains the necessary reasoning for establishing the amount of the fine to be applied in case of non-execution.

Thus, it is repeatedly appreciated that the coercive measure in question is suitable for achieving 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) A measure undertaken by public authorities is reasonable if the interference produced by it is not disproportionate in relation to the pursued goal.", it is specified that the coercive fine in the amount of 1,650 conventional units, equivalent to 82,500 MDL, aims to emphasize the enforceable character of the individual administrative act, satisfying this criterion, being proportional to the violated rights of the consumer of credit services.

Taking into account 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 1,650 conventional units, equivalent to 82,500 MDL, is imposed on "CASH&GO" SRL.
2. The coercive fine in the amount of 82,500 MDL is to be transferred by "CASH&GO" SRL to the IBAN account MD52TRGAAA14336101000000, Ministry of Finance – State Treasury, fiscal code 1006601000037, within 7 days from the communication of this Decision.
3. Regarding the measures taken to execute this Decision, "CASH&GO" 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 assigned to the Credits/Deposits Department within the Consumer Protection Supervision Department and the Legal Department.
5. This Decision may be contested by filing a preliminary request addressed 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