Consumer Rights in Lending Products
Automatically translated summary. The full text is available in Romanian.
A note produced under the National Consumer Information Campaign explains the rights of consumers of lending products in the Republic of Moldova. It outlines the legal framework, the parties to a credit contract and the information lenders must provide before a contract is signed.
Consumer financial services are a pillar of the modern economy, and consumer protection has grown stronger, especially after major economic crises. Moldova has been aligning its legislation with the European acquis since 2005 and has transposed most EU provisions on financial services, creating a framework similar to the EU’s. Most lending relationships are governed by Law No. 202/2013 on consumer credit contracts, which covers three stages: pre-contractual, contractual and post-contractual.
Before signing, the lender must give clear, standardised information: the type of credit, the lender’s identity, the maximum amount, the duration, the total cost (annual percentage rate and interest rate), instalments, additional costs, consequences of late payment and the consumer’s rights. These include withdrawing within 14 days without penalties and repaying early. The material was produced by Expert-Grup with EU and Soros Foundation Moldova support.
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