Bulgaria’s some 400 non-banking lending and leasing companies will have to register with the central bank under proposed legislative changes announced on July 22, 2008.
In order to register, the firms will have to meet a set of requirements such as give data on their shareholders, the origin of their resources and the professional skills of their managers.
The current legislation defines non-banking institutions as entities other than lenders that give loans not out of publicly attracted or other refundable resources.
The measure is expected to cut the number of non-banking companies on the market.
The new credit institutions bill is ready and is to be voted by the central bank’s board and then by Parliament.
The central bank is also preparing changes to transpose the new EU consumer loans directive of April 23 into national law.
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