Decision on the Application Submitted by OCN GREEN CREDIT SRL Regarding the Amicable Settlement of Administrative Proceedings

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 29 September 2026 No. 50/8 Regarding the application submitted by OCN "GREEN CREDIT" SRL, registered with the National Financial Market Commission under No. 8349 on 16.09.2026

On 16.09.2026, within the framework of the National Financial Market Commission (CNPF/supervisory authority), the Application submitted by OCN "GREEN CREDIT" SRL (creditor/participant) regarding the amicable settlement of the administrative procedure, concerning the verification of the execution of CNPF Decision No. 41/3/2025 on the results of the thematic control carried out within OCN "GREEN CREDIT" SRL (Decision No. 41/3/2025), by concluding a settlement agreement (Application), was registered (under No. 8349).

Through the Application, the creditor requested the conclusion of a settlement agreement under the following conditions:
"1. OCN "GREEN CREDIT" SRL undertakes that, within a maximum of 10 days from the signing of the settlement agreement, it will physically transfer to the clients listed in Annexes 5, 6, and 6¹ of CNPF Decision No. 41/3 of 26 August 2025, the amounts withheld in excess as a result of early closure, presenting to the CNPF confirmed payment orders.
2. After confirmation of the payments mentioned in point 1, OCN "GREEN CREDIT" SRL will file with the Chisinau Court the application for withdrawal of the lawsuit in case No. 2-25165754-12.
3. The CNPF will take note of the actual compliance, will cancel the enforcement fine measure of 1,000 conventional units (50,000 MDL), and will declare the administrative procedure initiated ex officio closed."

In fact, on 26.08.2025, the CNPF approved Decision No. 41/3, which stipulates, inter alia, that:
"2. It is established that OCN "GREEN CREDIT" SRL has violated the provisions of Art. 5 para. (3) lit. l) and lit. n), Art. 15 para. (7) lit. a) and Art. 20 para. (1) of Law No. 202/2013 on consumer credit contracts.
3. OCN "GREEN CREDIT" SRL is ordered, within 150 days, to return all payments provided for in the credit contracts, listed in annexes No. 5 and No. 6 of the Control Act, mentioned in point 1 (which include interest, commissions, fees, penalties, late interest, and any other type of payment), except for the initial disbursed amount.
4. OCN "GREEN CREDIT" SRL is ordered to respect the legal provisions, including by:
4.1. providing complete pre-contractual information by using the "Standard Information on Consumer Credit" form, presented in annex No. 1 of Law No. 202/2013 on consumer credit contracts, respecting the prescribed format;
4.2. ensuring the reduction of the total cost of the credit upon early repayment, in accordance with Art. 20 of Law No. 202/2013 on consumer credit contracts.
5. OCN "GREEN CREDIT" SRL will inform the CNPF monthly about the measures taken to execute points 3 and 4 of this Decision, attaching confirmatory documents."

At the same time, according to CNPF Decision No. 51/6/2025 regarding the Preliminary Application submitted by OCN "GREEN CREDIT" SRL, contesting the Decision of the National Financial Market Commission No. 41/3 of 26.08.2025 on the results of the thematic control carried out within OCN "GREEN CREDIT" SRL, modifications were made to Decision No. 41/3/2025 by modifying annex No. 6 to the Control Act, as well as completing it with Annex No. 6¹.

In this context, it should be noted that the deadline for executing Decision No. 41/3/2025, established in point 3, expired on 26.01.2026. In this case, OCN "GREEN CREDIT" SRL did not present information regarding the measures taken in the context of executing points 3 and 4 of Decision No. 41/3/2025, according to the periodicity established in point 5 of the same administrative act.

In this instance, on 08.07.2026, within the CNPF, the Information Note of OCN "GREEN CREDIT" SRL regarding compliance measures and ensuring the execution of Decision No. 41/3 (Note No. 1), with the documents attached to it, was registered (under No. 5714), through which the creditor informed about the initiation of compliance measures with point 3 of the Decision, which consisted of recalculating the amounts related to the contracts in question and reserving the monetary funds necessary for restitution to consumers, without carrying out the actual restitution.

Given what was communicated through Note No. 1, the CNPF attested to the non-execution of points 3 and 4 of Decision No. 41/3/2025, as well as the violation of the deadline to notify the CNPF about the measures taken to execute the administrative act.

Consequently, on 23.07.2026, the CNPF initiated, ex officio, the administrative procedure regarding the verification of the execution of Decision No. 41/3/2025, a fact communicated to the creditor at the email address info@greencredit.md, through letter No. 04-5/3132 dated 23.07.2026. Through the same letter, the CNPF requested the creditor to present, within 10 working days, information regarding the measures taken to execute the obligations prescribed in points 3 and 4 of Decision No. 41/3/2025.

As a result, on 06.08.2026, OCN "GREEN CREDIT" SRL presented the Information Note regarding the immediate execution of the provisions of points 3 and 4 of CNPF Decision No. 41/3 of 26.08.2025 (Note No. 2), with the documents attached to it (registered with the CNPF under No. 6827), through which it informed about the measures taken to execute point 4 of Decision No. 41/3/2025, as well as about the unavailability of the sum of 470,000 MDL in a special bank account, for the purpose of executing the restitution obligation, provided for in point 3 of the Decision.

From the analysis of the information and documents presented by OCN "GREEN CREDIT" SRL, it results that the execution of the measures ordered in point 4 of Decision No. 41/3/2025 was not demonstrated, because the creditor's statements regarding compliance were not accompanied by confirmatory evidence/documents proving the actual fulfillment of the prescribed obligations.

Furthermore, it was established that the prescription established in point 3 of the Decision was not executed, because the measures communicated by the creditor are, in essence, preparatory actions carried out for subsequent execution, without confirming the actual realization of the restitution of payments to the consumers concerned.

In this regard, the unavailability of a sum of monetary funds in a special bank account does not equate to the execution of the restitution obligation, established in point 3 of Decision No. 41/3/2025.

Under the conditions stated above, the non-execution by OCN "GREEN CREDIT" SRL of the prescriptions established by Decision No. 41/3/2025 required the CNPF to take the measures prescribed by administrative legislation, in order to put the administrative act into execution.

Thus, as a result of the findings, through CNPF Decision No. 41/3 of 18.08.2026 regarding the summons for execution by OCN "GREEN CREDIT" SRL of the Decision of the National Financial Market Commission No. 41/3 of 26.08.2025 on the results of the thematic control carried out within OCN "GREEN CREDIT" SRL (Decision No. 41/3/2026), the creditor was summoned to execute the prescriptions established in points 3 and 4 of Decision No. 41/3/2025, within 45 days from the date of communication of the summons act, under the sanction of applying an enforcement fine in the amount of 1,000 conventional units, equivalent to 50,000 MDL, which becomes due upon the expiration of the deadline indicated in point 1 of Decision 41/3/2026.

Subsequently, through the Disposition of the President of the CNPF No. 664 of 18.08.2026 regarding the suspension of the administrative procedure, initiated ex officio through CNPF letter No. 04-5/3132 of 23.07.2026, regarding OCN "GREEN CREDIT" SRL, the administrative procedure was suspended for a period of 45 days from the date of communication of Decision No. 41/3/2026.

Regarding the possibility of amicable settlement of the administrative procedure by concluding a settlement agreement, the following should be recorded:

1. In accordance with Art. 155 of the Administrative Code, "The settlement contract is a public law contract through which, based on reciprocal concessions, as a result of a rational assessment of the state of facts or law, an existing uncertainty is eliminated."
2. Relating the cited legal norm to the circumstances of the case and exercising discretionary power in light of the principles of proportionality and equal treatment of the participant in administrative procedures, the CNPF finds that the premises justifying the settlement of the dispute by concluding an administrative settlement contract are not met.
3. In particular, from the administered materials, it results that OCN "GREEN CREDIT" SRL took certain measures to comply with the prescriptions established by Decision No. 41/3/2025, including recalculating the amounts related to the contracts in question and making monetary funds unavailable, intended for restitution. However, these actions do not equate to the actual execution of the restitution obligation, established in point 3 of the Decision, as long as the monetary funds have not been returned to the consumers concerned.
4. The simple reservation or unavailability of monetary funds in a bank account does not, by itself, produce the reparative effect sought through the CNPF prescription, and cannot substitute the execution of the obligation established by the administrative act, which presupposes the actual restitution of sums to consumers.
5. Moreover, even from the content of the Application it results that OCN "GREEN CREDIT" SRL proposes that, after the conclusion of the settlement agreement, it will return to the consumers concerned the sums that the creditor qualifies as "withheld in excess as a result of early closure", thus conditioning the making of these restitutions on the acceptance by the CNPF of the proposed amicable settlement.
6. Furthermore, the restitution of sums that OCN "GREEN CREDIT" SRL qualifies as "withheld in excess as a result of early closure" cannot be assimilated to the full execution of the obligation established in point 3 of Decision No. 41/3/2025 and, implicitly, is not of a nature to justify, by itself, a concession by the CNPF in the sense of Art. 155 of the Administrative Code.
7. At the same time, the CNPF notes that, in counterbalance to the restitution of the mentioned sums, OCN "GREEN CREDIT" SRL requests the cancellation of the enforcement fine in the amount of 1,000 conventional units, equivalent to 50,000 MDL, as well as the closure of the administrative procedure, initiated ex officio.
8. Under these conditions, the CNPF finds that the proposed mechanism is not of a nature to eliminate, through reciprocal concessions, an existing uncertainty regarding the state of facts or law, but presupposes the acceptance by the CNPF of a remediation method proposed by the creditor, different from the obligation established by Decision No. 41/3/2025, in exchange for the cancellation of the enforcement measure and the closure of the administrative procedure.
9. Regarding the principle of proportionality, invoked by the creditor in support of the expediency of concluding the administrative settlement contract, the CNPF holds that the application of this principle to the examination of this request presupposes the evaluation not of the extent of the restitution obligation established previously, but of the proposed measure and its aptness to ensure the realization of the purpose pursued through the execution of the administrative act, whereas the purpose of execution in this case constitutes the restitution to debtors of monetary funds, determined according to the administrative act. The creditor's proposal to make monetary funds unavailable in a bank account does not produce this result, but represents at most a conservation or guarantee measure for the availability of monetary funds, for subsequent execution. Therefore, the proposed measure is not equivalent, in terms of legal and factual result, to the execution of the restitution obligation.
10. Under these conditions, the less burdensome nature of the proposed solution for the creditor is not sufficient to ground the conclusion regarding its proportionality. The proportionality analysis must take into account the efficiency of the measure in relation to the legitimate purpose pursued and the necessity of ensuring the actual execution of the obligation towards the persons in whose favor the restitution was ordered. Therefore, renouncing the enforcement measure prior to the actual execution of the obligation would diminish the efficiency of the execution mechanism, without the purpose being achieved. In the circumstances examined, the principle of proportionality does not, thus, constitute a basis for accepting the execution method proposed by the creditor.
11. In another order of ideas, through Decision No. 41/3/2025, the CNFP applied the mechanism established at Art. 15 para. (9¹) of Law No. 202/2013 on consumer credit contracts (Law No. 202/2013), which provides that "The supervisory authority requests the creditor to return all payments provided for in the contract (which include interest, commissions, fees, penalties, late interest, and any other type of payment), except for the initial disbursed amount according to the credit contract, in the case of violation of para. (7) and/or (8)."
12. In this case, it should be noted that the cited norm concerns a mechanism and an imperative cause-effect conditionality between the establishment of the violation of Art. 15 para. (7) and/or para. (8) of Law No. 202/2013 and the measure of returning all payments provided for in the contract.
13. Relating to the situation in this case, the CNPF established the violation of Art. 15 para. (7) lit. a) of Law No. 202/2013 and ordered the return of all payments provided for in the contract.
14. Therefore, the measure ordered by the CNPF through Decision No. 41/3/2025 does not concern the principle of proportionality as long as the respective interference is established imperatively by the legal provisions, whereas a distinct application of point 3 of Decision No. 41/3/2025, as proposed by the creditor within the Application, would contradict Art. 15 para. (7) lit. a) of Law No. 202/2013.
15. Furthermore, contesting Decision No. 41/3/2025 in court does not remove its mandatory character and does not justify, by itself, the non-execution of the established prescriptions, as long as the execution of the administrative act is not suspended under the conditions of the law.
16. At the same time, from the materials of the administrative procedure, it does not result the existence of objective circumstances, independent of the creditor's will, that make it impossible to execute the obligation established in point 3 of Decision No. 41/3/2025.
17. In the same order of ideas, the arguments of OCN "GREEN CREDIT" SRL regarding the technical nature of the method of collecting the sums and the alleged disproportionality of the restitutive measure are not of a nature, within the present procedure, to remove the obligation to execute the prescription established by Decision No. 41/3/2025. These arguments essentially concern the validity and extent of the measures ordered by the contested administrative act and do not constitute, by themselves, a basis for substituting the obligation established by the CNPF with the remediation method proposed by the creditor.
18. Therefore, relating the established factual circumstances to the conditions provided by Art. 155 of the Administrative Code, the CNPF finds that the premises for settling the dispute by concluding an administrative settlement contract are not met, which is why the Application of OCN "GREEN CREDIT" SRL should be rejected.
19. Regarding the administrative procedure, in accordance with Art. 94 of the Administrative Code, through CNPF letter No. 04-5/4498 of 21.09.2026, sent to the email address info@greencredit.md, the participant was informed about the right to be heard on 25.09.2026, in relation to the facts and circumstances relevant to the decision to be adopted regarding the Application.
20. On the subject, it should be noted that, through the communication of 23.09.2026 (registered with the CNPF under No. 8633), OCN "GREEN CREDIT" SRL confirmed participation in the hearing procedure, scheduled for 25.09.2026.
21. In this regard, on 25.09.2026, at 10:00, within the premises of the CNPF, the hearing of Mr. Vasile Cobîlaș, administrator of OCN "GREEN CREDIT" SRL, took place, who supported the position exposed in the Application, a fact recorded in the Hearing Record of the participant in the administrative procedure.

Having in view what is recorded above, on the basis of Art. 4 para. (2¹) lit. c), Art. 8 lit. b), 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. 154 and Art. 155 of the Administrative Code and points 16 and 19 of the Regulation on the organization and functioning of the National Financial Market Commission (CNPF Decision No. 57/11/2022),

The National Financial Market Commission DECIDES:

1. The application submitted by OCN "GREEN CREDIT" SRL (registered with the CNPF under No. 8349 of 16.09.2026) is rejected.
2. This Decision may be contested by submitting a preliminary application to the CNPF (MD-2012, Chisinau, 77 Stefan cel Mare si Sfant Blvd.), within 30 days from the date of communication.
3. This Decision enters into force on the date of adoption, is communicated to the recipient according to legislation, and is published on the official website of the CNPF (www.cnpf.md).

Dumitru BUDIANSCHI,
PRESIDENT