Bank of Lithuania
Lietuviškai

Prudential requirements and ratios

  2. Supervision of financial market participants
  3. Financial sectors
  4. Consumer credit providers
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Supervision of consumer credit providers

Consumer credit provider – an entity other than a natural and non-profit person, which, for business purposes, administers or undertakes to grant consumer credits and is on the Public List of Consumer Credit Providers Handled by the Bank of Lithuania. 

In supervising consumer credit providers, we perform the following functions: 

  • carry out on-site evaluations of consumer credit providers, inspect where necessary; 
  • prepare legal acts regulating consumer credit provider activity, responsible lending, and other requirements; 
  • analyse the activities of consumer credit providers; 
  • control compliance with the requirements set for the activity of granting consumer credit; 
  • analyse the statistical data of consumer credit providers and market trends; 
  • deal with consumer complaints regarding possible breaches of the Law on Consumer Credit and apply enforcement measures upon identification of breaches; 
  • deal with disputes and provide recommendations on how, in our opinion, a specific dispute between a consumer and a consumer credit provider should be settled; 
  • provide explanations and positions to consumer credit providers, prepare answers to questions arising in the implementation of the provisions of legal acts adopted by the Board of the Bank of Lithuania regulating the consumer lending activity. 

Main legal acts regulating the activities of consumer credit providers and other documents

  • Republic of Lithuania Law on Consumer Credit  
  • Regulations on the Assessment of the Creditworthiness of Consumer Credit Borrowers and Responsible Lending, approved by Resolution No 03-62 of the Board of the Bank of Lithuania of 19 March 2013 on the approval of the Regulations on the Assessment of the Solvency of Consumer Credit Borrowers and Responsible Lending
  • General Rules for Calculating the Annual Percentage Rate of Charge of Consumer Credit, approved by Resolution No 03-245 of the Board of the Bank of Lithuania of 29 November 2012 on the approval of the Rules for Calculating the Annual Percentage Rate of Charge of Consumer Credit
  • Position on the application of provisions of the Republic of Lithuania Law on Consumer Credit Related to the Default by a Consumer Credit Borrower in Meeting Financial Liabilities on Time, approved by Decision No 241-26 of the Director of the Bank of Lithuania Supervision Service of 5 February 2013
  • Rules for Dealing with Complaints Received by Financial Market Participants, approved by Resolution No 03-105 of the Board of the Bank of Lithuania of 6 June 2013 on the approval of the Rules for Dealing with Complaints Received by Financial Market Participants
  • Regulations on the Provision of Mandatory Information by Consumer Credit Providers and Peer-To-Peer Lending Platform Operators to the Bank of Lithuania, approved by Resolution No 03-248 of the Board of the Bank of Lithuania of 6 December 2012 on the approval of Regulations on the Provision of Mandatory Information by Consumer Credit Providers and Peer-To-Peer Lending Platform Operators to the Bank of Lithuania
  • Consumer Credit Provision Guidelines, approved by Decision No 241-69 of the Director of the Bank of Lithuania Supervision Service of 27 April 2015
  • Opinion of the Supervisory Authority on questions, provided by consumer credit market participants, related to explanations to and the application of the amendments to the Law on Consumer Credit and the Regulations on the Assessment of Solvency of Recipients of Consumer Loans and Responsible Lending  
  • Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ 2008 L 133, p. 66, corrigendum – OJ 2009 L 207, p. 14)
  • European Commission Guidelines on the application of Directive 2008/48/EC (Consumer Credit Directive) in relation to costs and the Annual Percentage Rate of charge of 8 May 2012 (SWD(2012) 128 final)
  • Judgement of the Court of Justice of the European Union of 18 December 2014 in proceedings between CA Consumer Finance SA and Ingrid Bakkaus, Charline Bonato, Florian Bonato, C-449/13

Requirements on inclusion in the public list of consumer credit providers

​A person can be included in the public list of consumer credit providers if they comply with the requirements laid down in the Republic of Lithuania Law on Consumer Credit and the legal acts of the Supervision Service, and provide to the Supervision Service the following documents, data, and information: 

  1. an application for being included in the public list of consumer credit providers (the Application Form is available in Annex I to the Regulations on the Provision of Mandatory Information by Consumer Credit Providers and Peer-to-Peer Lending Platform Operators to the Bank of Lithuania, approved by Resolution No 03-17 of the Board of the Bank of Lithuania of 28 January 2016); 
  2. information on the public register in which the Supervisory Authority can verify basic personal data. The Supervisory Authority has the right to require submission of an extended statement from the public register; 
  3. information form for persons indicated in Article 22(2) of the Republic of Lithuania Law on Consumer Credit (information forms should be completed according to the forms presented in Annexes 1 and 2, see the Description of Procedures for the Provision of Information on managers of a consumer credit provider and a peer-to-peer lending platform operator, as well as persons, whose share of the voting rights or authorised capital, owned by them directly or indirectly, is equal to or exceeds 20 per cent, or who can make a direct and/or indirect decisive impact on the activities of the consumer credit provider or the peer-to-peer lending platform operator, to the Bank of Lithuania); 
  4. a document, prepared by a competent authority of the Republic of Lithuania or another country (in cases when the person is a foreign citizen or their permanent place of residence or headquarters are not in the Republic of Lithuania), proving that the persons indicated in Article 22(2) of the Republic of Lithuania Law on Consumer Credit comply with the requirements laid down in Article 22(2) of the Law. 
  5. information of persons indicated in Article 22(2) of the Republic of Lithuania Law on Consumer Credit on the public register in which data about the legal person is accumulated or a document proving the person’s identity; 
  6. rules for assessing the creditworthiness of consumer credit providers (the requirements for the assessment of the creditworthiness of the consumer credit provider are laid down in Articles 8–9 of the Republic of Lithuania Law on Consumer Credit. When preparing rules for assessing the creditworthiness of consumers, the Regulations on the Assessment of the Creditworthiness of Consumer Credit Borrowers and Responsible Lending, approved by Resolution No 03-62 of the Board of the Bank of Lithuania of 19 March 2016, should also be followed); 
  7. information on registers and information systems to be consulted for the purposes of assessing the creditworthiness of the consumers; 
  8. a list of credit intermediaries acting on behalf of the creditors, where the person relies on the services of credit intermediaries; 
  9. documents of the establishment of the consumer credit provider.

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Last update: 30-07-2024