Order No. 39/1 of 10 August 2026 regarding the Preliminary Request submitted by Mr [...]

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 ORDER 10 August 2026 No. 39/1 Regarding the Preliminary Request submitted by Mr [...]

On 14.07.2026, within the National Financial Market Commission (CNPF), the Preliminary Request, submitted by Mr [...] (petitioner), was registered (no. 5912), requesting:

"1. Admission of this appeal. 2. Revocation of notification no. 05-5/2981 of 13.07.2026. 3. Resumption of the administrative procedure. 4. Requesting from OCN "SEBO CREDIT" SRL and OCN "MOGO LOANS" SRL the complete credit history, including: 5. all payments made by me from the granting of the credit until the present; 6. the complete credit account statement; 7. the chronological extract of all collections; 8. the method of allocation of each payment between principal, interest, commissions, penalties and other costs; 9. all recalculations performed and the corresponding supporting documents. 10. Independent verification by the CNPF of all documents and performing a calculation of its own, without limiting itself to the information provided by the creditor. 11. Issuance of a fully motivated individual administrative act, which responds point-by-point to all arguments invoked in my petition.".

In this case, it should be noted that, in order to ensure a comprehensive, 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 submitted by Mr [...], with the documents attached to it regarding the examination of the legality of the costs applied within the Credit Contract no. [...] of 23.12.2021 (Contract), as well as the abusive nature of the contractual clauses, was registered (no. 3821).

As a result of the investigations carried out, of the analysis of the materials/evidence presented by the participants, the CNPF, through letter no. 05-5/2981 of 13.07.2026, completed the administrative procedure, initiated on the basis of the petition of Mr [...].

Not agreeing with the CNPF's solution, the petitioner submitted, on 14.07.2026, a Preliminary Request.

In law, Article 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.", while Article 162 para. (1) and para. (3) of the same law stipulates that "(1) The preliminary procedure aims to verify the legality of individual administrative acts. [...] (3) The Preliminary Request may be directed to: a) the annulment in whole or in part of an illegal or null individual administrative act;".

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

Under the conditions of Article 166 of the Administrative Code, "The Preliminary Request may be submitted only if the person claims the rights violated by the issuance or refusal to issue an individual administrative act.".

Concurrently, Article 167 para. (3) of the Administrative Code establishes a term of 15 calendar days for the resolution of the preliminary request by the public authority issuer of the contested act, which may be extended under the conditions of Article 60 para. (4) – (5) of the same law.

In the sense of Article 169 para. (3) of the Administrative Code, the provisions regarding the individual administrative act apply correspondingly, in the order of examination of the preliminary request.

At the same time, it should be noted that, given the participant's right to be heard before the issuance of the decision, under the conditions of Article 94 para. (2) of the Administrative Code, through CNPF letter no. 06-5/3221 of 29.07.2026, the petitioner was informed about the right to express himself on the aspects he considers relevant and which the authority should take into account during the examination of the Preliminary Request, and, on the basis of Article 61 para. (1) of the Administrative Code, according to which "(1) The public authority may establish terms for participants in the administrative procedure to carry out certain actions.", a term was granted to him until 05.08.2026 to express himself in writing.

At the same time, through the Order of the President of the CNPF no. 530 of 29.07.2026 with regard to the extension and suspension of the preliminary procedure, initiated by the Preliminary Request, submitted by Mr [...], the preliminary procedure was suspended until the expiration of the term established for the written hearing.

Complementarily, the term of the preliminary procedure was extended until 13.08.2026.

Subsequently, through the letter of 05.08.2026 (registered at the CNPF with no. 6769), the petitioner presented the exposition, as a hearing, in written form.

Analyzing the arguments exposed by Mr [...], in light of the legal provisions, the lack of relevance of these arguments is appreciated, which is why the Preliminary Request should be rejected, as unfounded, for the following reasons:

1. From the analysis of the administrative file, it is established that, on 23.12.2021, between [...] and OCN "MOGO LOANS" SRL, the Credit Contract no. [...] was concluded. Additionally, on 09.12.2025, between OCN "MOGO LOANS" SRL and OCN "SEBO CREDIT" SRL, the Assignment Contract no. [...] was concluded, through which OCN "SEBO CREDIT" SRL substituted OCN "MOGO LOANS" SRL in the capacity of creditor in the Contract. Consequently, under the conditions of granting a consumer credit, the provisions of Law no. 202/2013 on consumer credit contracts (Law no. 202/2013) become applicable. It should be recorded that, at the date of conclusion of the Contract (23.12.2021), Article 15 para. (7) of Law no. 202/2013 provided "(7) The application of any payments (including interest, commissions, taxes, penalties, late interest and any other type of payments) related to a contract for the granting of a consumer credit for a term of less than 2 years and/or where the initial disbursed amount is up to 50 thousand lei (for the credit line, the reference value shall be considered the maximum amount established in the credit contract), the total value of which exceeds the disbursed amount according to the respective contract or the entry value of the good in the financial leasing contract, is prohibited.". Respectively, given that the amount disbursed according to the Contract is 11,745 EUR, and the term of the Contract is more than 2 years, the legal limits stated above are not applicable to the Contract in question.

At the same time, it is mentioned that, starting from 29.05.2022, in accordance with Article II point (1) of Law no. 93/2022 for the amendment of certain normative acts (Law no. 93/2022), the legislator introduced certain legal limits related to consumer credit contracts, by limiting the annual credit interest rate to 50 percent and to 0.04 percent per day of the total value of the credit for all other payments related to the credit (commissions, taxes, penalties, late interest and any other type of payment). However, Article V para. (1) of Law no. 93/2022 establishes that "(1) The provisions of Article I point 3, of Article II point 1 and of Article IV point 3 which concern the application of the limit on the interest rate and the other payments related shall apply to legal situations in progress, with or without modification of the corresponding contracts, insofar as the claims to be collected are concerned, by calculating the product between 0.177%, applied to the credit balance remaining at the expiration of the term of 2 months from the date of entry into force of this law, and the number of days remaining until the maturity of the credit/financial leasing contract.". Therefore, the calculation provided for in Article V para. (1) of Law no. 93/2022 applies starting from 29.07.2022.

In this context, from the analysis of the graph regarding the payments made by Mr [...], it is established that, on 29.07.2022, the credit balance was 11,046.9 EUR. Moreover, from 29.07.2022 until the contract maturity date (20.12.2028), it is noted that the number of days remaining is 2,337 days. Respectively, the maximum amount of claims (interest and other related payments), which OCN "SEBO CREDIT" SRL can claim after 29.07.2022, is 45,695.39 EUR (11,046.9 × 0.177% × 2,337). In this case, in the period 29.07.2022 – 20.04.2026, under the Contract, interest was collected in the amount of 2,768.34 EUR, a monthly service commission in the amount of 1,406.77 EUR, a penalty in the amount of 114.37 EUR and an extension commission in the amount of 26 EUR. Therefore, the total amount of claims (interest, commissions and penalties) collected amounts to 4,315.48 EUR. At the same time, the outstanding capital amount, on 20.04.2026, was 3,202.80 EUR. Thus, it is established that the collected payments do not exceed the legal limit provided for in Article V para. (1) of Law no. 93/2022.

2. Subsequently, through letter no. 264 of 28.05.2026, OCN "SEBO CREDIT" informed the petitioner about the unilateral exclusion, on the basis of Article 15 para. (9) of Law no. 202/2013 and of the CNPF decisions issued previously regarding OCN "MOGO LOANS" SRL, of the abusive clauses in the Contract, stipulated at point 4.3., point 6.2., point 6.3., point 7.3. and point 10.1 of Part II. General Provisions, at point 2. and point 4. of Part I. Special Provisions and at subpoint 1 and subpoint 3 of point 1, subpoint 1, subpoint 2 and subpoint 3 of point 2 and subpoint 1 of point 3 of Annex no. 1 to the Contract. Consequently, OCN "SEBO CREDIT" SRL ordered the refund of interest in the amount of 458.61 EUR, the monthly administration commission in the amount of 1,863.34 EUR, the credit granting commission in the amount of 587.25 EUR, the extension commission in the amount of 26 EUR and the penalty in the amount of 126.66 EUR.

From the reasons recorded above, on the basis of Article 18 para. (3), Article 20 para. (1), para. (6) and para. (7) and Article 22 para. (3) of Law no. 192/1998 on the National Financial Market Commission, Article 17, Article 19, Article 162 para. (1) and para. (3) lit. a) and lit. b), Article 166, Article 167 para. (3) and Article 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 Order no. 57/11/2022),

The National Financial Market Commission ORDERS:

1. The Preliminary Request, submitted by Mr [...], against CNPF letter no. 05-5/2981 of 13.07.2026 (registered at the CNPF with no. 5912 on 14.07.2026), is rejected.

2. This Order may be contested with an administrative litigation action, submitted to the Chisinau Court, Rascani seat (MD-2068, Chisinau, Kiev 3 St.), within 30 days from the date of communication of the CNPF decision with regard to the preliminary request.

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

Dumitru BUDIANSCHI, PRESIDENT