Decision on the Enforcement Order Issued to OCN MOGO LOANS SRL Regarding Compliance with CNPF Decision No. 28/3

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 February 24, 2026 No. 10/1 On the enforcement order issued to OCN "MOGO LOANS" SRL regarding the compliance with the provisions of the Decision of the National Financial Market Commission No. 28/3 dated June 9, 2025, regarding the results of the thematic inspection conducted within OCN "MOGO LOANS" SRL

1. On June 9, 2025, the National Financial Market Commission (CNPF) adopted
Decision No. 28/3 regarding the results of the thematic inspection conducted within OCN "MOGO LOANS" SRL (Decision No. 28/3/2025/Decision).

2. Decision No. 28/3/2025 stipulates, inter alia, that:
"3. OCN "MOGO LOANS" SRL is ordered, within 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, fees, taxes, penalties, late interest and any other type of payment), except for the initial disbursed amount, or, if applicable, to notify the debtors listed in the credit contracts in the aforementioned annexes that the creditor has collected only the disbursed amount.
4. OCN "MOGO LOANS" SRL is ordered 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.
5. OCN "MOGO LOANS" SRL will inform CNPF monthly about the measures
taken to execute points 3 and 4 of this Decision, attaching corroborating documents."

3. In this context, it should be noted that the deadline for executing Decision No. 28/3/2025 expired
on December 9, 2025.

4. During the period granted for executing the provisions set forth in the
Decision, OCN "MOGO LOANS" SRL (the creditor) submitted monthly reports regarding the measures taken (registered at CNPF under No. 5323 on July 10, 2025 (Report No. 1), under No. 5967 on August 8, 2025 (Report No. 2), under No. 6665 on September 9, 2025 (Report No. 3), under No. 7396 on October 9, 2025 (Report No. 4), under No. 8109 on November 7, 2025 (Report No. 5) and under No. 8844 on December 9, 2025 (Report No. 6)).

4.1. Report No. 1 communicates:
1) the decisional requirements towards OCN "MOGO LOANS" SRL;
2) individual analysis of the affected credit contracts, evaluating the financial
impact of the prescribed measures and any amounts that should be compensated;
3) development of a strategy for contacting the debtors targeted, including
by collecting and verifying their contact data;
4) definition of operational and financial flows necessary for making
potential compensatory payments to consumers;
5) taking internal organizational measures, including staff training and
developing internal instructions regarding the management of debtor requests targeted in the Decision, which respond to the creditor's call;
6) implementation of internal monitoring and reporting tools on
the status of execution of the Decision, including through internal information systems.

4.2. Report No. 2 communicates:
1) that, at the time of reporting, approximately 15 percent of the credit contracts
had been fully paid off (either according to the repayment schedule or through early repayment), and some contracts were modified at the request of consumers (partial repayments and term extensions), as a result of the normal course of the portfolio;
2) internal staff training and the design of the communication model that will
be sent to the first group of debtors targeted in the Decision;
3) establishing registered mail as the main communication channel with the debtors
targeted, in order to ensure traceability of notifications and obtain proof of delivery;
4) selection and contacting of a first group of 52 debtors targeted in the Decision,
by sending postal notifications;
5) initiating preparation for communication with an additional group of debtors targeted in
the Decision.

4.3. Report No. 3 communicates:
1) continuation of portfolio monitoring actions for the contracts targeted in
the Decision, noting that, within the normal course of contracts, approximately 20 percent of them had been fully paid off (either according to the repayment schedule or through early repayment), and other contracts had been modified at the consumers' request (through partial early repayments and term extensions);
2) continued use of registered mail as the main communication channel with
the debtors targeted in the Decision, for the purpose of ensuring traceability of notifications and obtaining proof of delivery;
3) presentation of data regarding the status of notifications previously sent to 52
debtors, indicating cases where registered letters were received, rejected or not picked up;
4) sending additional notifications to a new group of 86 debtors targeted in
the Decision, via registered mail;
5) declaring the preparation to initiate communication with an additional group of
approximately 200 debtors targeted in the Decision.

4.4. Report No. 4 communicates:
1) monitoring the evolution of the portfolio of contracts targeted in the Decision,
noting that approximately 23 percent of the respective contracts had been fully paid off (either according to the repayment schedule or through early repayment), and other contracts were modified at the debtors' request (including through partial early repayments and/or term extensions);
2) presentation of data regarding the result of sending notifications to a first
group of 138 debtors, indicating situations where letters were received, were in the process of delivery or were not received by the recipients;
3) sending notifications to a new group of 200 debtors targeted in
the Decision, via registered mail;
4) indicating that, together with the already contacted debtor groups,
the contact rate reached approximately 31.3 percent of the total debtors targeted in the Decision, with the remainder to be contacted in subsequent stages;
5) execution of Decision No. 28/3/2025 in the case of two credit contracts, through
signing additional agreements, related to contracts No. [...] and No. [...], with presentation of details regarding disbursed, collected, returned amounts and financial obligations cancelled.

4.5. Report No. 5 communicates:
1) actions regarding monitoring the evolution of the portfolio of contracts targeted
by the Decision, noting that approximately 31 percent of credit contracts had been fully paid off (either according to the repayment schedule or through early repayment), and other contracts were modified at the clients' request, as a result of the normal course of the portfolio (including partial early repayment and/or term extension);
2) continued use of registered letters as a communication method with
debtors targeted in the Decision and presentation of the delivery status of notifications previously sent to 338 clients; as well as
3) sending notifications to a new group of 200 debtors targeted by
the Decision, indicating the credit contract numbers associated with them;
4) the fact that communication actions undertaken reached contacting approximately
50 percent of the debtors targeted in the Decision, with the rest to be contacted in subsequent stages;
5) receipt of compensation requests from 8 debtors and presentation
of data regarding the execution or initiation of execution of compensation related to them, indicating the contracts, amounts written off and/or transferred to consumers;
6) submission to CNPF of a request for an opinion regarding the method of determining
the MDL equivalent for contracts denominated in EUR, in the context of refunding collected amounts; and, at the same time,
7) submission to CNPF of a request for extension of the deadline for executing
the refund obligation provided by the Decision, requesting extension of the initial deadline of 180 days by an additional 12 months;
8) automatic recalculation of future contractual revenues for 179
contracts, with a total value of approximately 3,230,000 MDL.

4.6. Report No. 6 communicates:
1) monitoring of the portfolio of contracts targeted by the Decision, indicating
that, as of the reporting date, approximately 36.5 percent of the credit contracts in the targeted portfolio had been fully paid off (either according to the repayment
schedule or through early repayment), and other contracts were modified

in the course of the normal portfolio run (including partial early repayments and/or extension of contractual terms);
2) maintaining the use of registered letters as the main communication tool with
debtors targeted in the Decision. In this context, as of December 5, 2025, the creditor sent 1,073 registered letters, related to a number of 1,080 credit contracts targeted in the Decision. At the same time, for 7 credit contracts, Decision No. 28/3/2025 was executed, without prior transmission of a notification to consumers via registered letter;
3) presentation of the status of receipt of registered letters, according to data
collected from State Enterprise "Poșta Moldovei", from which it results that 611 letters were delivered, with delivery confirmation, 307 letters were received by clients, 304 letters were not received by the recipients, and 462 letters were in the process of delivery at the time of reporting;
4) reduction of the financial obligations of debtors targeted in the Decision, through
execution or initiation of execution of Decision No. 28/3/2025 for 18 credit contracts, by signing additional agreements with the respective consumers. The corresponding data were synthesized in a detailed table attached to the report.

5. On January 23, 2026, OCN "MOGO LOANS" SRL transmitted the request regarding
   informing about the correctness of the execution of Decision No. 28/3/2025 (registered at CNPF under No. 407), by which it requested information regarding the CNPF opinion on the progress made by the creditor until the expiration of the execution deadline of the Decision.

6. At the same time, on January 26, 2026, CNPF initiated, ex officio, the
   administrative procedure regarding the verification of the execution of the provisions set forth 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 January 26, 2026. Through the same letter, CNPF requested the creditor to present, within 10 working days, detailed explanations, excluding information previously reported, in order to execute point 5 of the Decision. Furthermore, through the aforementioned letter, CNPF requested the presentation of reasons for non-execution of point 3 of Decision No. 28/3/2025. Subsequently, the administrative procedure, initiated ex officio, was suspended by the Order of the CNPF President No. 24 dated January 26, 2026 regarding the suspension of the administrative procedure, initiated ex officio, by CNPF letter No. 04-5/230 dated January 26, 2026, with respect to OCN "MOGO LOANS" SRL until February 9, 2026 inclusive.

7. Correlatively, it should be noted that, by Decision No. 38/1 dated August 8, 2025 regarding
   the Preliminary Request submitted by OCN "MOGO LOANS" SRL, regarding cancellation of the Decision of the National Financial Market Commission No. 28/3 dated June 9, 2025 regarding the results of the thematic inspection conducted within OCN "MOGO LOANS" SRL (Decision No. 38/1/2025), CNPF partially admitted the Preliminary Request regarding cancellation of Decision No. 28/3/2025, namely the verification of execution of the Decision will be carried out taking into account point 2 – 3 of the operative part of Decision No. 38/1/2025.

On the basis of Art. 80 para. (1) of the Administrative Code, by Order of the CNPF President No. 33 dated January 30, 2026 regarding the connection of administrative

procedures, initiated on the basis of the request of OCN "MOGO LOANS" SRL, and ex officio, by letter of the National Financial Market Commission No. 04-5/230 dated January 26, 2026, the administrative procedures, initiated on the basis of the request of OCN "MOGO LOANS" SRL, on January 23, 2026, and ex officio, on January 26, 2026, were connected.

8. Consequently, on February 9, 2026, OCN "MOGO LOANS" SRL presented
   the explanations and documents requested by CNPF (documents registered under No. 783), attaching copies of notifications/resolution declarations, as well as copies of early repayment requests, related to debtors targeted in Annex No. 4 to the letter of OCN "MOGO LOANS" SRL (registered at CNPF under No. 8813 on December 8, 2025).

9. By Order of the CNPF President No. 73 dated February 20, 2026 regarding
   extension of the general term of the administrative procedure, initiated on the basis of the request of OCN "MOGO LOANS" SRL dated January 23, 2026, and ex officio, by CNPF letter No. 04-5/230 dated January 26, 2026, the term of the administrative procedure was extended by 15 days.

10. As a result of examining the monthly reports, explanations and information
    presented by OCN "MOGO LOANS" SRL, as well as from other materials held by CNPF, it is revealed:

11. Regarding the execution of the provisions set forth in point 3 of the Decision

11.1. From the analysis of the administrative case materials, it results that the provision
regarding "refund within 180 days of all payments provided for in the credit contracts, listed in Annexes No. 3, No. 4 as well as in Annexes No. 5 and No. 6 of the Inspection Act, (which include interest, fees, taxes, penalties, late interest and any other type of payment), except for the initial disbursed amount" was executed only with respect to 24 credit contracts out of 1080.

11.2. Detailed analysis of the creditor's actions reveals that, during the period of execution
of the provision set forth in point 3 of the Decision, 572 credit contracts were resolved or closed. In this context, the creditor did not ensure full refund of the amounts collected exceeding the total value of the credit, given that, for 330 out of 390 contracts with status "Closed", the total amount paid by debtors exceeds the initially disbursed amount. A similar approach was observed in the case of 26 credit contracts with status "Terminated".

11.3. In order to clarify the respective circumstances and determine the manner and
progress of execution of the provisions established by Decision No. 28/3/2025, CNPF, on the basis of Art. 44 para. (5) and Art. 87 para. (1) lit. a) of the Administrative Code, conducted hearings of five debtors, selected randomly, whose credit contracts are included in Annex No. 4 to the letter of OCN "MOGO LOANS" SRL (registered at CNPF under No. 8813 dated December 8, 2025). During the hearings, all debtors stated that the creditor did not inform them about the reduction of payment obligations corresponding to the Decision.

11.4. Regarding the execution of the provision concerning "[...] if applicable,
notification of the debtors listed in the credit contracts in the aforementioned annexes about the fact that the creditor has collected only the disbursed amount.", it should be noted that the creditor sent 1073 letters to debtors, via State Enterprise "Poșta Moldovei", with the following content:

"[...] OCN "Mogo Loans" S.R.L. appreciates and respects long-term cooperation with its clients. Based on the provisions of Law No. 202/2013 on Consumer Credit Contracts, we wish to invite you to our office to discuss the financial obligations of the parties within the credit contract [...]. If you are interested, please contact us within 30 days from the date of viewing this notification to schedule a meeting at the office located in Chisinau city, Botanica sector, Cuza Vodă Blvd. 20/A, MD-2060. [...]".

11.5. By comparison with the provision set forth in point 3 of Decision No.
28/3/2025, which stipulates "[...] notification of the debtors listed in the aforementioned annexes about the fact that the creditor has collected only the disbursed amount.", it is established that the content thereof does not serve the object of the provision.

12. Regarding the execution of the provision set forth in point 4 of the Decision

Regarding the provision established in point 4, it should be noted that this implies a continuous execution within all future contracts. At the same time, it should be noted that, on May 6, 2025, in the context of the ongoing administrative control procedure, OCN "MOGO LOANS" SRL notified CNPF about modifying the form of "Standard Information on Consumer Credit" in full compliance with Law No. 202/2013 on Consumer Credit Contracts and about the intention to continue using it. Thus, in the absence of any petitions or other information received subsequently, which would attest to the use of a non-compliant form, this provision cannot be considered as unexecuted.

13. Under the conditions stated above, it is established that OCN
    "MOGO LOANS" SRL has not fully executed the provisions of Decision No. 28/3/2025, a fact which requires CNPF to take measures prescribed by administrative legislation, in order to enforce the administrative act. In this regard, it should be recorded, a priori, that Decision No. 28/3/2025 represents an individual administrative act unfavorable, within the meaning of Art. 10 para. (1), in conjunction with Art. 11 para. (1) lit. a) of the Administrative Code, namely, it produces legal effects. Consequently, under the conditions of Art. 179 para. (4) of the Administrative Code, the Decision is enforceable and should be subject to execution under the conditions provided by Title VII of the Administrative Code.

14. Thus, deriving from the nature of the administrative act, under the conditions of Art. 179,
    combined with the provisions of Art. 181 and Art. 185 para. (1) of the Administrative Code, execution of the Decision can be achieved by applying the coercive measure in the form of a coercive fine.

15. 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 equals 50 lei. In setting the coercive fine, the economic interest of the debtor in non-fulfillment of the obligation concerning them will also be taken into account.". In determining the amount of the coercive fine, in order to ensure the principle of proportionality, CNPF took into account the number of contracts from which the monetary obligation derives, as well as the amount that should be refunded or which the professional should refrain from collecting, if applicable. Relating to the total number of contracts to those with respect to which the obligation was executed, it is established that the degree of non-execution is substantial (almost integral).

At the same time, CNPF notes that maintaining in the property of OCN "MOGO LOANS" SRL a sum of such proportions generates an evident economic interest in delaying or not executing the obligation, either by using these funds in circulation within its own economy, or by avoiding the reduction of liquidity. Under these conditions, applying a fine in a reduced amount would not produce the coercive effect pursued by the law, there being a risk that it would be perceived as an acceptable cost of non-execution. Furthermore, given the repeatable nature of the coercive fine, provided by law, it is established the need to set an amount that would stimulate prompt compliance, thereby avoiding the subsequent application of additional sanctions. Conversely, the coercive fine at the time of issuing this Decision must mitigate the risk of non-execution and leave room for increase in the event that the professional decides not to execute the administrative act. Thus, proportionate to the gravity of the conduct, the degree of non-execution and taking into account the economic interest of OCN "MOGO LOANS" SRL, CNPF assesses that the amount of the fine of 5,000 conventional units, equivalent to 250,000 MDL, does not exceed 0.2 percent of the value of the unexecuted monetary obligation, being also, situated at the midpoint of the legal interval provided by law, without having an excessive or punitive character. In application of the principle of proportionality, CNPF finds that the coercive fine is appropriate for the legitimate purpose pursued – ensuring effective execution of the decision. At the same time, it is necessary in the absence of voluntary compliance and maintains a fair balance between the interference produced and the objective of protecting consumer rights.

16. In this case, it should be specified that the application of the coercive fine does not exempt
    the creditor from the obligation to execute the provisions of Decision No. 28/3/2025.

17. According to Art. 185 para. (1) of the Administrative Code, in the notice regarding the application of
    coercive measures, the authority sets a reasonable term for executing the obligation. In this regard, taking into account the fact that the initial term established by Decision No. 28/3/2025 was 180 days, CNPF assesses that, at this stage, a term of 90 days is reasonable, as this ensures prompt execution of the administrative act in the interest of the consumer, but also takes into account the real effort, which implies execution for OCN "MOGO LOANS" SRL. Additionally, it should be pointed out that, under the conditions that from the expiration of the deadline for execution of the administrative act until the date of issuing this Decision 77 days have passed, the additional effective term available to OCN "MOGO LOANS" SRL is 167 days, which is a period close to the one initially established.

Having in view the above recorded, 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), Art. 22 para. (3) and Art. 25 para. (2) of Law No. 192/1998 on the National Financial Market Commission, Art. 179, Art. 181 para. (1) and para. (4), Art. 185 para. (1), para. (3) and para. (4) 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. OCN "MOGO LOANS" SRL is ordered to execute the provisions established at

point 3 of CNPF Decision No. 28/3 dated June 9, 2025 regarding the results of the thematic inspection conducted within OCN "MOGO LOANS" SRL, within a term of 90 days from the date of communication of this Decision.

2. OCN "MOGO LOANS" SRL is warned that, in case of non-execution of
   the obligation set forth in point 1, CNPF will apply a coercive fine in the amount of 5,000 conventional units, equivalent to 250,000 MDL, which becomes due upon expiration of the term indicated in point 1.

3. This Decision may be contested by submitting a preliminary request to
   CNPF (MD-2012, Chisinau city, Stefan cel Mare si Sfant Blvd. No. 77), within a term of 30 days from the date of communication.

4. 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 CNPF (www.cnpf.md).

Vladimir RUSNAC,
VICE PRESIDENT