Non-banking financial institutions get OK to disburse mortgage credits
The IFNs can also manage public funds made available for micro-credits by governmental agencies.
However, the IFNs cannot draw in deposits or other kinds of reimbursable funds, they cannot issue bonds – except for the public offerings addressing qualified investors – they cannot carry out operations with assets and securities and neither grant loans conditioned on the sale or acquisition of IFN stake.
The IFNs are required to set up risk-specific collaterals in compliance with BNR regulations.
Non-banking financial institutions can perform credit-granting activities only after they are entered in the BNR General Registry. The establishment of IFNs subject to the entry in the General Registry shall be notified to BNR within 30 days since registration in the Trade Register.
Mutual aid funds and pawn shops that seek to enter the lending business too, as well as the entities planning to perform credit activities – exclusively from public funds or funds set at their disposition under inter-governmental agreements – are required to register on the Directory.