Amendments to the Financial Leasing Law, adopted by Parliament, bring an updated regulatory framework aligned with European standards, more efficient supervision, greater transparency and stronger protection for users. The Ministry of Finance says these changes are one of the eight steps being implemented as part of the Reform Agenda.
According to the Ministry of Finance, the new legal solutions affect the conditions for the establishment and operation of financial leasing providers, corporate governance, supervisory instruments, transparency of operations and the protection of financial leasing users. The new rules, it added, mean clearer contracts, the possibility of early repayment without additional costs, greater control over leasing companies and higher standards in the protection of users.
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To strengthen transparency and user protection, the amendments clearly define the mandatory elements that every financial leasing contract must include, including all fees related to the lease. At the same time, they open the possibility for financial leasing contracts to be signed electronically as well, if the conditions are met under the provisions on electronic documents, electronic identification and confidential services, as well as under the rules on preventing money laundering, protecting personal data and other relevant provisions.
The changes also stipulate that the financial leasing user may repay the remaining obligations, in full or in part, at any time in accordance with the amortization plan, without additional costs. This also guarantees the right to a reduction in total costs for the remaining period of the contract.
User protection is also strengthened through the provision that the financial leasing provider may not use the subject of the financial lease as collateral without the user’s prior written consent. This consent must be given before a notary, in a separate document – a declaration – distinct from the financial leasing contract, with the general terms and a clear specification of the legal consequences of such consent.
Companies offering financial leasing will be required to publish their annual financial statements on their websites, together with the report and opinion of the certified auditor. In this way, both individuals and legal entities that use leasing will be able to form a clearer picture of the work of these companies before entering into a business relationship.
The amendments also strengthen supervision through improved misdemeanor provisions, while at the same time increasing the financial stability of financial leasing providers by raising the minimum basic capital value from 6,000,000 to 30,000,000 denars.
With the aim of strengthening the integrity of entities engaged in financial leasing, these amendments also implement the recommendations of the Council of Europe’s MONEYVAL Committee in the field of preventing money laundering and terrorist financing. They establish criteria for the suitability and reputation that must be met by the founders and members of the governing bodies of financial leasing providers, the Ministry of Finance said in a statement.
