Decision on the Preliminary Request of Mr. [...] Regarding the Contestation of CNPF Letter No. 05-5/3464 of 11.08.2026

REPUBLIC OF MOLDOVA
NATIONAL FINANCIAL MARKET COMMISSION
77 Ștefan cel Mare și Sfânt Blvd., Chișinău, MD 2012, tel: (373 22) 859 401, www.cnpf.md, e-mail: office@cnpf.md

DECISION
22 September 2026 No. 48/8

On the Preliminary Request of Mr. [...], submitted by his representative, Mr. [...], regarding the contestation of the letter of the National Financial Market Commission No. 05-5/3464 dated 11.08.2026 regarding the completion of the administrative procedure

On 28.08.2026, within the National Financial Market Commission (CNPF), the Preliminary Request of Mr. [...] (petitioner/debtor), submitted by his representative, Mr. [...], was registered (No. 7591), by which he primarily requests, "The total annulment of administrative act No. 05-5/3464 of 11.08.2026 - 'Re:
completion of the administrative procedure', issued by CNPF, as illegal, unfounded and unjustified." (Preliminary Request).

In this case, it should be noted that, in order to ensure a full, objective and transparent investigation, which would offer the real possibility of analyzing the petitioner's claim, it is communicated to him that the examination of the factual and legal circumstances relevant to the case, in preliminary order, is carried out by distinguished executors within the CNPF.

In fact, on 18.05.2026, within the CNPF, the petition of Mr. [...], submitted by his representative, Mr. [...], with the documents attached to it, was registered (No. 3788), having as its object the verification of the manner of resolution by OCN "ONLINE CREDIT" SRL (creditor/professional) of the requests dated
18.03.2026 and dated 14.04.2026 regarding the provision of information related to
Credit Contract No. [...] dated 20.08.2025 (Contract).

Subsequently, on 28.05.2026, within the CNPF, the petition of Mr. [...], submitted by his representative, Mr. [...], with the documents attached to it, concerning the same Contract, was registered (No. 4169).

By the Order of the CNPF President No. 364 dated 11.06.2026 regarding the connection of administrative procedures, initiated by the petitions submitted by Mr. [...], representative of Mr. [...], and its suspension, the connection of administrative procedures, initiated by the petitions submitted by Mr. [...], representative of Mr. [...] (registered at CNPF with No. 3788 on 18.05.2026 and, respectively, with No. 4169 on 28.05.2026) was ordered.

As a result of the investigations carried out within the respective administrative procedure, the analysis of the evidence presented by the participants in the procedure, in the light of the applicable regulatory framework regarding contractual relations, CNPF, on the date of

11.08.2026, issued letter No. 05-5/3464 regarding the completion of the administrative procedure (letter No. 05-5/3464).

According to letter No. 05-5/3464, regarding the provision of information related to the Contract, CNPF found that "the request was, finally, executed by the creditor".

At the same time, regarding the alleged violation of the provisions of Art. 15 para. (7) lit. a) of Law No. 202/2013 on consumer credit contracts (Law No. 202/2013), it was noted that, "from the materials administered within the administrative procedure, CNPF did not identify that, during the verified period, the creditor calculated or collected payments related to the credit exceeding the ceiling of
0.04 percent".

Additionally, CNPF established that, "As a result of the analysis, no elements were identified that would indicate the existence of a significant imbalance to the detriment of the debtor or non-compliance with transparency and good faith requirements.".

Not agreeing with the findings of CNPF, the petitioner filed a Preliminary Request.

Analyzing the arguments exposed in the Preliminary Request, in the light of the provisions of the law applicable to the case, it will be assessed whether they are of a nature to overturn the findings of CNPF, as follows:

1. In law, Art. 19 of the Administrative Code provides that, "The Preliminary Request is
   the institution that offers a pre-litigation path for the resolution of administrative disputes.", and Art. 162 para. (1) and para. (3) of the same law stipulate that, "(1) The preliminary procedure aims to verify the legality of individual administrative acts. [...] (3) The Preliminary Request may be directed to:
   a) the total or partial annulment of an illegal or null individual administrative act; b) the issuance of an individual administrative act.".

In accordance with Art. 20 of the Administrative Code, "If an administrative activity violates a legitimate right or freedom established by law, this right may be claimed through an administrative litigation action, [...]", and according to Art. 17, "A violated right is any right or freedom established by law to which/which is affected by administrative activity.".

In this case, Art. 78 para. (1) of the Administrative Code establishes that "(1) The administrative procedure is finalized by performing an administrative operation or by issuing an individual administrative act, namely the conclusion of an administrative contract.".

Under the conditions of Art. 166 of the Administrative Code, "The Preliminary Request may be filed only if the person claims the rights violated by the issuance or refusal to issue an individual administrative act.", and in accordance with Art. 167 para. (1) and para. (3) of the same law, "(1) If it considers the preliminary request as admissible and well-founded, the issuing public authority annuls the contested individual administrative act in whole or in part or issues the requested individual administrative act. [...] (3) The issuing public authority resolves the preliminary request within 15 calendar days. The provisions of Art. 60 para. (2) – (5) apply accordingly.".

At the same time, from the systematic interpretation of Art. 17, Art. 20, Art. 166 and Art. 207 of the Administrative Code, it results that the admissibility of a preliminary request is determined by the claim of a violated right through administrative activity. Concurrently, taking into account the content of what was formulated by the creditor and, deriving from the need to ensure an effective, transparent and exhaustive examination,

CNPF will proceed to verify the arguments invoked in the Preliminary Request, including regarding the correctness of the assessments exposed in letter No. 05-5/3464.

In this case, the Preliminary Request concerns only aspects formulated in contradiction with the assertions of CNPF, regarding compliance with the limits established in Art. 15 para. (7) lit. a) of Law No. 202/2013 and regarding the abusive nature of the clauses.

2. Regarding the alleged violation of legal limits, it should be noted that, according
   to Art. 15 para. (7) lit. a) of Law No. 202/2013 (in the version in force at the date of conclusion of the Contract), "(7) It is prohibited: a) the application of the annual credit interest rate specified in the credit contract if it exceeds 50%, and all other payments related (fees, taxes, penalties, late interest and any other type of payment), except for interest, per one credit day exceed 0.04% of the total value of the credit for the term of actual use of the credit by the consumer;".

With regard to the circumstances of the case, including within the preliminary procedure, the petitioner invokes the exceeding of the limit established in lit. a) of the cited norm above, base his conclusion on the fact that the Contract establishes, simultaneously, the obligation of payment by the debtor of a daily administration fee in the amount of 0.03 percent of the total value of the credit (10,000.00 MDL) and of a late penalty in the amount of 0.04 percent of the total value of the credit for each day of delay.

In this case, it should be noted that the cited legal provision operates with the notion "it is prohibited … application". In this sense, the payments related to the Contract were analyzed in the light of the limit established in Art. 15 para. (7) lit. a) of Law No. 202/2013, to the extent that they were applied by the creditor in relation to the debtor.

In this case, point 1.8 and point 1.13 of the Contract establish separately the fee of 0.03 percent and the penalty of 0.04 percent, which, in the case of simultaneous application in the nominal amount provided, would constitute 0.07 percent per day, a fact that would be contrary to the provisions of Art. 15 para. (7) lit. a) of Law No. 202/2013. At the same time, the verification of the effective execution of the Contract revealed that the penalty was not calculated in the amount of 0.04 percent simultaneously with the fee of 0.03 percent. Thus, according to the calculation presented by the creditor, for the period
21.02.2026 – 25.05.2026, i.e., 94 days, the calculated penalty amounted to 94
MDL, which represents 1 MDL/day, corresponding to 0.01 percent per day of the credit value of 10,000 MDL. Therefore, the effective sum of the fee of 0.03 percent per day and the penalty of 0.01 percent per day amounted to 0.04 percent per day. Moreover, point 2.7 of the Contract establishes that the cumulative value of the administration fee and the late penalty cannot exceed 0.04 percent per day of the amount granted. Thus, from the materials administered within the administrative procedure, CNPF did not identify that, during the verified period, the creditor calculated or collected payments related to the credit exceeding the ceiling of 0.04 percent, provided by Art. 15 para. (7) lit. a) of Law No. 202/2013.

At the same time, the petitioner's allegations regarding the lack of reasoning of letter No. 05-5/3464 cannot be upheld, as its content indicated the essential legal and factual grounds, which CNPF took into consideration for the decision adopted, as well as the establishing materials, the content of which, combined with the cited provisions, resulted in the exposed findings.

3. Regarding the finding of the abusive nature of the clauses, it should be
   recorded that CNPF evaluated the contractual clauses in the light of identifying the abusive nature of these, in the sense of the provisions of Art. 1069 – 1072, Art. 1075 – 1079 and Art. 1081 of the Civil Code.

Consequently, the mere invocation of the alleged adhesion nature of the Contract is not sufficient to uphold its abusive nature, as elements indicating a considerable disadvantage of the debtor in relation to the provisions of the Contract were to be identified.

In this sense, according to Art. 1072 para. (1) of the Civil Code, "In a contract between a professional and a consumer, a clause that was not individually negotiated is considered abusive if it is proposed by the professional and considerably disadvantages, contrary to good faith, the consumer.". The cited norm provides two cumulative conditions to consider a clause abusive: the clause proposed by the professional must not have been individually negotiated and must not have the considerable disadvantageous character.

In this context, both in the part of the clauses regarding payments related to the Contract, and in the part of other contractual clauses, CNPF did not note certain indicators that would doubt the non-compliance with the criteria of the transparency and good faith test or that would attest to the obvious disadvantageous nature of these.

4. Regarding the preliminary procedure, it should be noted that, according to the Order
   of the CNPF President No. 802 dated 10.09.2026 regarding the extension of the term of the preliminary procedure, initiated by the Preliminary Request of Mr. [...], submitted by his representative, Mr. [...], the general term of the preliminary procedure was extended until 27.09.2026.

The aforementioned Order was brought to the knowledge of the creditor by CNPF letter No. 06-5/4263 dated 11.09.2026, being sent to the email address […].

Additionally, by the same letter, in accordance with the provisions of Art. 94 of the Administrative Code, the petitioner was informed about the exercise of the right to be heard, in relation to the circumstances relevant to the act to be adopted, as well as about the fact that the hearing is to be done in writing, by presenting, until 18.09.2026 (inclusive), to the address of CNPF, the opinion with the title of hearing, which would contain any additional arguments, in addition to those related, relevant for the resolution of the Preliminary Request.

Consequently, within the term established by CNPF, the petitioner did not present the exposition with the title of hearing in written form.

From the considerations recorded above, on the basis of 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. 164 para. (1) and para. (2) lit. b), Art. 167 para. (3), Art. 169 para. (2) and para. (3) of the Administrative Code, point 16 and point 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 Preliminary Request of Mr. [...], submitted by his representative,
   Mr. [...], regarding the contestation of the letter of the National Financial Market Commission No. 05-5/3464 dated 11.08.2026 regarding the completion of the administrative procedure (registered at CNPF with No. 7591 on the date of 28.08.2026) is rejected.

2. This Decision may be contested with an administrative litigation action,
   filed with the Chișinău Court, Râșcani seat (MD-2068, Chișinău, Kiev St. 3), within 30 days from the date of its communication.

3. This Decision enters into force on the date of adoption, is communicated to the recipient
   in accordance with the legislation and is published on the official website of CNPF (www.cnpf.md).

Dumitru BUDIANSCHI,
PRESIDENT

Adopted at the CA meeting of 22 September 2026 CA Members A. Gheorghiță _____________________________
V. Rusnac _____________________________
Legal Department
A. Grușca ______________________________
M. Nicorici ________________________________
Administration and Secretariat Directorate
A. Verebceanu ____________________________