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The National Bank of Ukraine has registered the first five collection firms

Ukraine / Business and Finance

In 2021, in Ukraine, for the first time, there was a legislative regulation of the behavior of collection companies and financial institutions during the settlement of overdue consumer loans.

The National Bank of Ukraine has registered the first five collection firms

The first five legal entities passed the registration procedure at the National Bank of Ukraine and received the status of collection companies. The Committee on Supervision and Regulation of the Activities of Markets of Non-banking Financial Services made the relevant decisions at a meeting on September 3, 2021, the press service of the NBU reported.

Recall that in Ukraine in 2021 for the first time there was a legislative regulation of the behavior of collection companies and financial institutions during the settlement of overdue consumer loans. To be able to provide collection services, the institution must be registered with the NBU.

All companies that, on the day of the entry into force of the relevant legislative requirements, carried out activities to resolve overdue debt and planned to continue it, had to submit the necessary documents to the National Bank from July 14 to August 13, 2021 to be included in the register of collection companies.

The National Bank recalled that only companies included in the register are entitled to provide services for the settlement of consumer loans in favor of other persons. They also drew the attention of market participants to the fact that after October 14, 2021, in the absence of the company in the register, the creditor or the new creditor will be obliged to terminate the contract with it for the provision of services for the settlement of overdue debts ahead of schedule.

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