Decision on the Application of a Coercive Fine to OCN MOGO LOANS SRL for Non-Compliance with Financial Market Commission Decision No. 28/3

REPUBLIC OF MOLDOVA NATIONAL COMMISSION FOR 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 13 July 2026 No. 34/1

On the application of a coercive fine to the Authorized Credit Institution (ACI) "MOGO LOANS" SRL, related to the execution of the prescription in point 3 of Decision No. 28/3 of the National Commission for the Financial Market dated 09.06.2025 on the results of the thematic inspection conducted within ACI "MOGO LOANS" SRL

1. On 09.06.2025, the National Commission for the Financial Market (CNPF/authority) adopted Decision No. 28/3 on the results of the thematic inspection conducted within ACI "MOGO LOANS" SRL (Decision No. 28/3/2025/Decision).

2. Decision No. 28/3/2025 establishes, inter alia, that: "3. It is prescribed for ACI "MOGO LOANS" SRL, within a period of 180 days, to refund all payments provided for in the credit contracts, listed in annexes no. 3, no. 4, no. 5, and no. 6 of the Inspection Act mentioned in point 1 (which include interest, commissions, fees, penalties, late interest, and any other type of payment), with the exception of the initial disbursed amount, or, if applicable, to notify the debtors targeted in the credit contracts in the aforementioned annexes that the creditor has collected only the disbursed amount.

3. It is prescribed for ACI "MOGO LOANS" SRL to provide complete pre-contractual information using the form "Standard Information on Consumer Credit", presented in annex no. 1 of Law no. 202/2013 on consumer credit contracts, while respecting the established format.

4. ACI "MOGO LOANS" SRL will inform the CNPF monthly about the measures taken to execute points 3 and 4 of this Decision, attaching confirming documents."

5. Correlatively, it should be noted that, by Decision No. 38/1 dated 08.08.2025 regarding the Preliminary Request submitted by ACI "MOGO LOANS" SRL, concerning the annulment of Decision No. 28/3 of the National Commission for the Financial Market dated 09.06.2025 on the results of the thematic inspection conducted within ACI "MOGO LOANS" SRL (Decision No. 38/1/2025), the CNPF partially admitted the Preliminary Request regarding the annulment of Decision No. 28/3/2025; specifically, the verification of the execution of the prescribed obligation will be carried out taking into account points 2–3 of the dispositive part of Decision No. 38/1/2025.

6. In this context, it should be noted that the deadline for executing Decision No. 28/3/2025 expired on 09.12.2025.

7. During the period granted for the execution of the prescriptions provided in the Decision, ACI "MOGO LOANS" SRL (creditor/participant) submitted monthly reports on the measures taken (registered at the CNPF with no. 5323 on 10.07.2025 (Report no. 1), with no. 5967 on 08.08.2025 (Report no. 2), with no. 6665 on 09.09.2025 (Report no. 3), with no. 7396 on 09.10.2025 (Report no. 4), with no. 8109 on 07.11.2025 (Report no. 5), and with no. 8844 on 09.12.2025 (Report no. 6)).

8. On 23.01.2026, ACI "MOGO LOANS" SRL transmitted a request to the CNPF regarding the correctness of the execution of Decision No. 28/3/2025 (registered at the CNPF with no. 407), in which it requested information about the CNPF's opinion regarding the progress achieved by the creditor until the expiration of the execution deadline of the Decision.

9. Also, on 26.01.2026, the CNPF initiated, ex officio, the administrative procedure regarding the verification of the execution of the prescriptions provided in point 3 of Decision No. 28/3/2025, a fact communicated to the participant at the email address info@mogo.md, by letter no. 04-5/230 dated 26.01.2026. By the same letter, the CNPF requested the creditor to present detailed explanations within 10 working days, excluding previously reported information regarding measures taken, for the execution of point 5 of Decision No. 28/3/2025, as well as the reasons for non-execution of the prescription provided in point 3 of the same Decision.

10. Subsequently, the administrative procedure, initiated ex officio, was suspended by the Order of the CNPF President no. 24 dated 26.01.2026 on the suspension of the administrative procedure, initiated ex officio by CNPF letter no. 04-5/230 dated 26.01.2026, with respect to ACI "MOGO LOANS" SRL until 09.02.2026 inclusive.

11. Also, under Art. 80 para. (1) of the Administrative Code, by the Order of the CNPF President no. 33 dated 30.01.2026 on the connection of administrative procedures, initiated based on the request of ACI "MOGO LOANS" SRL, and ex officio by letter of the National Commission for the Financial Market no. 04-5/230 dated 26.01.2026, the administrative procedures, initiated based on the request of ACI "MOGO LOANS" SRL on 23.01.2026, and ex officio on 26.01.2026, were connected.

12. Consequently, on 09.02.2026, ACI "MOGO LOANS" SRL presented the explanations and documents requested by the CNPF (documents registered with no. 783), attaching copies of notifications/resolution declarations, as well as copies of early repayment requests, related to the debtors targeted in annex no. 4 to the letter of ACI "MOGO LOANS" SRL (registered at the CNPF with no. 8813 on 08.12.2025).

13. By the Order of the CNPF President no. 73 dated 20.02.2026 on extending the general term of the administrative procedure, initiated based on the request of ACI "MOGO LOANS" SRL on 23.01.2026, and ex officio by CNPF letter no. 04-5/230 dated 26.01.2026, the term of the administrative procedure was extended by 15 days.

14. Following the finding of incomplete execution of the Decision, in the manner prescribed by it, in accordance with Art. 185 of the Administrative Code, on 24.02.2026, the CNPF adopted Decision No. 10/1 on the warning to execute by ACI "MOGO LOANS" SRL the prescriptions of Decision No. 28/3 of the National Commission for the Financial Market dated 09.06.2025 on the results of the thematic inspection conducted within ACI "MOGO LOANS" SRL (Decision No. 10/1/2026), according to which the creditor was warned to execute the prescriptions established in point 3 of Decision No. 28/3/2025 within 90 days from the date of its communication.

15. At the same time, the creditor was alerted that, in case of non-execution of the obligation provided in point 1 of Decision No. 10/1/2026, the CNPF will apply a coercive fine in the amount of 5,000 conventional units, equivalent to 250,000 MDL, which will become due upon the expiration of the 90-day term from the date of communication of the aforementioned Decision.

16. In this regard, by the Order of the CNPF Vice-President no. 83 dated 26.02.2026 on the suspension of the administrative procedure, initiated based on the request of ACI "MOGO LOANS" SRL on 23.01.2026, and ex officio on 26.01.2026, the administrative procedure was suspended for a period of 90 days from the date of communication of Decision 10/1/2026; this term expired on 28.05.2026.

17. Subsidiarily, on 31.03.2026, the request submitted by ACI "MOGO LOANS" SRL was registered at the CNPF (with no. 2273), in which it requested the "initiation and approval of the amicable settlement of the dispute between ACI "MOGO LOANS" SRL and the National Commission for the Financial Market by concluding an administrative settlement contract (amicable settlement transaction) and/or by waiving/withdrawing claims under proportional conditions without creating a precedent for the market."

18. In this context, the aforementioned request concerns Decision No. 28/3/2025, CNPF Decision No. 2/3 dated 13.01.2026 regarding the request of ACI "MOGO LOANS" SRL concerning the extension of the term provided in point 3 of Decision No. 28/3 of the National Commission for the Financial Market dated 09.06.2025 on the results of the thematic inspection conducted within ACI "MOGO LOANS" SRL, and Decision No. 10/1/2026.

19. With reference to the administrative procedure, initiated based on the request of ACI "MOGO LOANS" SRL, registered at the CNPF with no. 2273 on 31.03.2026, it should be pointed out that the Order of the CNPF President no. 225 dated 29.04.2026 on extending the general term of the administrative procedure, initiated by the petition submitted by ACI "MOGO LOANS" SRL, was issued, whereby the term of the administrative procedure was extended by 15 days.

20. Moreover, in accordance with Art. 94 of the Administrative Code, by CNPF letter no. 06-5/1635 dated 04.05.2026, sent to the email address info@mogo.md, the participant was informed of the right to be heard on 07.05.2026, regarding the facts and circumstances relevant to the decision to be adopted within the administrative procedure.

21. In this regard, on 07.05.2026, at the premises of the CNPF, the hearing of the representatives of ACI "MOGO LOANS" SRL took place, who supported the position exposed in the request, a fact recorded in the Hearing Protocol of the participant in the administrative procedure.

22. Following the hearing of the participant, it was concluded that the resolution of its request depends on the level of execution of the obligations prescribed by Decision No. 28/3/2025 and the measures taken to execute it, aspects that were to be verified upon the expiration of the term granted by Decision No. 10/1/2026.

23. Thus, by the Order of the CNPF President no. 259 dated 11.05.2026 on the suspension of the administrative procedure, initiated by the petition submitted by ACI "MOGO LOANS" SRL, the administrative procedure was suspended until 28.05.2026 inclusive.

24. Subsequently, on 27.05.2026, at the CNPF, the request of ACI "MOGO LOANS" SRL was registered (with no. 4167), in which it requested the extension of the term of the administrative procedure, initiated on 31.03.2026.

25. Consequently, taking into account the factual situation and the subject of examination of the aforementioned administrative procedures, under Art. 80 para. (1) of the Administrative Code, by the Order of the CNPF President no. 326 dated 29.05.2026 on the connection of administrative procedures, initiated based on the request of ACI "MOGO LOANS" SRL on 23.01.2026, and ex officio on 26.01.2026, with the administrative procedure, initiated by the petition of ACI "MOGO LOANS" SRL, registered at the CNPF with no. 2273 on 31.03.2026, and the suspension of the administrative procedure, the administrative procedures were connected.

26. By the same Order, the administrative procedure was suspended until 18.06.2026 inclusive, taking into account the participant's request, associated with the need to prepare and present the preliminary draft of the administrative settlement contract.

27. Concurrently, regarding the case, on 28.05.2026, the creditor sent the Report on additional measures taken by ACI "MOGO LOANS" SRL in the context of CNPF Decision No. 10/1 of 24.02.2026 and CNPF Decision No. 28/3 of 09.06.2025 (Report no. 7), with documents attached to it (documents registered at the CNPF with no. 4175), in which it supports the following: "5. Additional measures taken after Report no. 6 After transmitting Report no. 6 and after the communication of CNPF Decision No. 10/1 of 24.02.2026, Mogo continued communication actions, individual examination, and regularization of the situation of the targeted contracts. According to operational data as of 26.05.2026: a. the text of the notification addressed to clients was revised; b. the revised notification was transmitted to 871 clients, specifically to the segment of clients for whom, at the time of preparing the new batch of notifications, the contractual situation was not yet regularized, in the process of regularization, or covered by other distinct measures, including assignments or individual requests being processed; c. additional requests were registered from clients/co-debtors and their representatives; d. measures for recalculation and contractual regularization were continued; e. mechanisms for the assignment of certain claims to "PFB Legal Consulting" S.R.L. were implemented, reflecting limitations correlated with the context of CNPF Decision No. 28/3; f. according to operational data, the measures taken have generated or are in the process of generating significant financial effects in favor of clients, both through payments/cancellations and through the limitation of assigned claims. Mogo will continue examining the requests received after transmitting this report, to the extent that clients provide the necessary information for the identification, verification, and proper documentation of the contractual situation. […]

28. Situation of client requests and contractual regularizations According to operational data as of 26.05.2026, from the beginning of the regularization process until that moment, 150 requests related to the regularization of the contractual situation were registered, coming from clients, co-debtors, their representatives, including redirected requests or generated in connection with communication with the CNPF. Of these 150 requests, regularization measures were finalized for 109 contracts. […]

29. Assignments to PFB and the effect of limiting claims According to operational data as of 26.05.2026, 137 contracts were assigned to "PFB Legal Consulting" S.R.L. with the associated notification regarding the context of the execution of CNPF prescriptions. Mogo specifies that within these assignments, only the remaining unpaid debt amount up to the value of the disbursed amount was assigned, respectively "PFB Legal Consulting" S.R.L. has no right to collect from the client more than the initial disbursed credit value by Mogo. […]

30. Aggregated result of measures taken According to operational data communicated by Mogo on 26.05.2026, regularization measures, payments, cancellations, and limitations applied within the assignments have generated or are in the process of generating a significant cumulative financial effect. Thus, according to this data: a. 539,341 EUR is the amount indicated by Mogo, according to operational data communicated on 26.05.2026, as having been paid to clients; b. 268,432 EUR represents outstanding obligations cancelled/waived; c. 658,224 EUR represents the financial effect of limiting claims assigned to "PFB Legal Consulting" S.R.L. […] Also, according to operational data, 243 unique contracts confirmed out of 1,080 contracts, i.e., approximately 22.5% of the targeted portfolio, were regularized in the context of CNPF prescriptions. In total, as of 26.05.2026, the transmitted records indicate 246 regularization/assignment entries, of which 109 contracts for recalculation/regularization and 137 contracts assigned to "PFB Legal Consulting" S.R.L. Considering that 3 contracts appear both as regularized and subsequently assigned, the number of unique contracts reflected in these measures is 243."

31. Subsequently, within the connected administrative procedure, by letter registered with no. 4933 on 17.06.2026, ACI "MOGO LOANS" SRL presented the draft administrative settlement contract regarding the amicable settlement of the dispute between the creditor and the CNPF. The presentation of the draft administrative settlement contract took place in continuation of the request of ACI "MOGO LOANS" SRL, registered at the CNPF with no. 2273 on 31.03.2026.

32. Within the administrative procedure, in accordance with Art. 94 of the Administrative Code, by CNPF letter no. 04-5/2533 dated 19.06.2026, sent to the email address info@mogo.md, ACI "MOGO LOANS" SRL was notified of the right to be heard on 23.06.2026, 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 22.06.2026, at 16:00, at the email addresses office@cnpf.md and liubovi.vacariuc@cnpf.md.

33. On the subject, it should be noted that on 22.06.2026, ACI "MOGO LOANS" SRL confirmed participation in the scheduled hearing, simultaneously informing that Ms. Ina Jovmir, administrator, Mr. Daniel Cobzac, and Ms. Natalia Sirețeanu, representatives based on power of attorney, will participate in the hearing procedure on behalf of the creditor.

34. In this regard, on 23.06.2026, at 10:00, at the premises of the CNPF, the hearing of the representatives of ACI "MOGO LOANS" SRL took place, who supported the position exposed previously (registered at the CNPF with no. 4933 on 17.06.2026), simultaneously requesting the granting of an additional term for adjusting the provisions of the draft administrative settlement contract, so that they fully correspond to the requirements exposed in Decision No. 28/3/2025, facts recorded in the Hearing Protocol of the participant in the administrative procedure.

35. With reference to the granting of an additional term, according to the Order of the CNPF President no. 399 dated 23.06.2026 on the suspension of the administrative procedure, initiated based on the request of ACI "MOGO LOANS" SRL on 23.01.2026, and ex officio on 26.01.2026, with the administrative procedure, initiated by the petition of ACI "MOGO LOANS" SRL, registered at the National Commission for the Financial Market with no. 2273 on 31.03.2026, the administrative procedure was suspended for a period of 14 days, in this case, until 07.07.2026 inclusive.

36. In the same context, by the request registered at the CNPF with no. 5278 on 25.06.2026, ACI "MOGO LOANS" SRL reiterated the need for the suspension of the administrative procedure, in the context of the processing of modifications discussed during the hearing on 23.06.2026 and the presentation of the adjusted version of the draft administrative settlement contract.

37. Therefore, on 03.07.2026, ACI "MOGO LOANS" SRL presented the updated version of the draft administrative settlement contract regarding the amicable settlement of the dispute between the creditor and the CNPF.

38. Following the examination of the totality of materials attached to the administrative file and, implicitly, the evidence related to the execution of the CNPF prescription, it is preliminarily established that the measures disposed of by Decision No. 28/3/2025 were partially executed by ACI "MOGO LOANS" SRL. Thus, although the creditor undertook successive actions to comply, including notifying debtors, recalculating certain contractual obligations, making refunds, waiving payment obligations, and limiting assigned claims, these measures did not lead to the full execution of the prescribed obligation for the following reasons:

33.1. As a result of examining the information and documents presented by ACI "MOGO LOANS" SRL, it was found that neither at the expiration of the initial execution term, established by Decision No. 28/3/2025, nor after the granting of the additional term by Decision No. 10/1/2026, the full execution of the prescription provided in point 3 of Decision No. 28/3/2025 was ensured.

33.2. Following the research of the nature of the prescribed obligation, it is concluded that, essentially, the execution of the Decision concerns 3 categories of contractual relationships:

1. those in the process of execution and with respect to which the creditor is required to reduce the debtor's pecuniary obligation up to the value of the disbursed amount;
2. those with respect to which payments made exceed the disbursed value;
3. assigned contracts.

33.3. In this case, to date, refund measures have targeted only 109 consumers, representing approximately 10.10 percent of the total number of 1,080 targeted credit contracts.

33.4. Correlatively, the degree of execution of the prescribed obligation for all 3 conceptions of contractual relationships can be implicitly assessed by the nature and completeness of the consumer notification action.

33.5. In this regard, it should be noted that, following the application of the debtor notification mechanism through the adjusted notification, ACI "MOGO LOANS" SRL informed consumers about the need to check the current situation of the credit contract, including with reference to the disbursed amount and payments already made, indicating the possibility of updating the amount of corresponding financial obligations of the contractual parties, if applicable, as well as the need to contact the creditor to finalize the examination of the contractual situation. Thus, the revised notification, transmitted to debtors, does not clearly communicate, in a clear manner, the fact that, with respect to contracts targeted by Decision No. 28/3/2025, as applicable:

1. the consumer's obligation is limited to the return of the initially disbursed amount;
2. the consumer is to be refunded a specific sum;
3. the assigned contract cannot exceed, in terms of payments collected, the disbursed value under the CNPF findings. The aforementioned notifications condition the clarification of the contractual situation on a subsequent examination and contacting the creditor.

34. Therefore, it is established that the actions undertaken by transmitting the adjusted notification do not fully achieve the purpose of the prescribed measure, namely the effective information of consumers regarding the remedial measure established by the individual administrative act.

35. The professional character of the creditor presupposes a heightened standard of diligence in organizing and conducting communications with consumers. From this perspective, it is reasonable for the professional to evaluate, ex officio, which communication methods are capable of ensuring effective information, taking into account the totality of contact channels that he himself has requested, collected, and used within the contractual relationship. Since the notification obligation constitutes a tool for remedying the effects of a violation of legislation, its execution cannot be limited to the formal fulfillment of a procedural requirement, but must reflect a conduct effectively oriented towards informing the consumer.

36. With reference to the possibility of amicable settlement of the dispute by concluding an administrative settlement contract In the order of exercising its discretionary right and the principle of proportionality of measures and equality of treatment of participants in administrative procedures conducted by the authority, the CNPF finds that, in this case, the legal premises for concluding an administrative settlement contract, within the meaning of Art. 155 of the Administrative Code, are not met. From the administered evidence, it results that the participant has not demonstrated the full and good-faith execution of the obligations established by the individual administrative act, nor the exhaustion of all reasonable and effective measures necessary to ensure their execution, especially regarding the remediation of the consequences of the conduct found towards the targeted persons. The steps undertaken so far, consisting exclusively of general information to clients regarding the possibility of modifying contractual relationships, represent a formal approach and are not of a nature to prove the deployment of the diligence necessary for the effective realization of the imposed obligations. In the absence of evidence that execution has become impossible due to objective causes independent of the participant's will, and as long as the legal and factual possibilities of execution have not been exhausted, the [text ends here].