Consumer Credit Intermediaries
Public list of Consumer Credit Intermediaries
Consumer credit intermediary is a person who is not a consumer credit issuer or operator of a peer-to-peer lending platform and who performs at least one of the following actions for business of professional purposes for a fee:
- provides or offers a consumer credit agreement to a consumer credit borrower;
- helps a consumer credit borrower to perform other actions related to getting consumer credit other than the action specified in paragraph 1 of this section;
- concludes a consumer credit agreement with a consumer credit borrower on behalf of a consumer credit provider or operator of a peer-to-peer lending platform.
A person has the right to engage in consumer credit intermediary activity only when the supervisory authority puts it on the Public List of Consumer Credit Intermediaries. The activities of a consumer credit intermediary and the procedure for entering it on the Public List is regulated by the Republic of Lithuania Law on Consumer Credit (hereinafter ‘the Law’).
Entering on a Public List of Consumer Credit Intermediaries
A person can be put on the Public List of Consumer Credit Intermediaries upon submission to the supervisory authority of an application and information on the Public List, in which the supervisory authority can see basic personal data.
In case of doubt, the supervisory authority has the right to request the person to submit an extended statement of the public register.
A person is not required to submit to the supervisory authority the above-named information where the consumer credit provider has notified the supervisory authority of it, as a consumer credit intermediary. Such a person is entered on the Public List of Consumer Credit Providers upon receipt of such information.
Levy for entering on the list
Prior to applying for being entered on the Public List of Independent Consumer Credit Providers it is necessary to pay into the account of the State Tax Inspectorate (STI) a state levy for entering on the List, which is currently EUR 149 (the amounts of levies are fixed according to Resolution of the Government of the Republic of Lithuania No 1458 of 15 December 20001).
The procedure for the generation of online banking orders into the income collection accounts of the STI and the numbers of income collection accounts are available on the website of the STI.
1 – Available only in Lithuanian.
A person is put on the Public List of Independent Consumer Credit Providers within 3 business days of the decision by the Bank of Lithuania to do so.
Laws and legal acts regulating consumer credit intermediary activity and entering on the Public List of Independent Consumer Credit Intermediaries:
- Republic of Lithuania Law on Consumer Credit1;
- Republic of Lithuania Law on Companies2;
- Law of the Republic of Lithuania on the Prevention of Money Laundering and Terrorist Financing (173.2 KB )3
- Resolution No 03-17 of the Board of the Bank of Lithuania of 28 January 2016 on the Approval of the Rules for the Management of the Public List of the Creditors and the Public List of the Peer Lending Platform Operators, of the Description of the Procedure for the Provision of the Information on the Heads of the Creditors and the Peer Lending Platform Operator and the Persons of the Creditors and the Peer Lending Platform Operator Who Directly or Indirectly Own the Part of the Voting Rights or the Authorised Capital Which Is Equal To 20 Per cent or Exceeds Them or Who Can Make Direct and (or) Indirect Decisive Impact on the Activity of the Creditor or the Peer Lending Platform Operator to the Bank of Lithuania, of the Rules for the Management of the Lists of the Public Consumer Credit Intermediaries (97 KB );
- Resolution No 03-181 of the Board of the Bank of Lithuania of 14 November 2013 on approval of the Guidelines on the Assessment of Members of the Management Body and Key Function Holders of the Financial Market Participants Supervised by the Bank of Lithuania (93.4 KB )4;
- Resolution No 58 of the Board of the Bank of Lithuania of 6 May 2004 on the approval of the General Regulations on the Submission and Examination of the Applications for Authorisations of the Financial Market Participants Supervised by the Bank of Lithuania and on the Granting of the Authorisations (62 KB );
- Regulations on the Assessment of Consumer Creditworthiness and on the Responsible Lending, approved by Resolution No 03-62 of the Board of the Bank of Lithuania of 19 March 2013 (50.5 KB );
- Resolution No 03-105 of the Board of the Bank of Lithuania of 6 June 2013 on the Approval of the Rules for the Handling of Complaints Received by Financial Market Participants (187 KB );
- Other legal acts.
1 – Lithuanian consolidated version valid as of 18 November 2016–30 June 2017. English version last amended on 18 December 2010.
2 – Lithuanian consolidated version valid as of 1 November 2016. English version last amended on 14 October 2014.
3 – Lithuanian consolidated version valid as of 1 December 2016. English version last amended on 17 January 2008.
4 – Lithuanian consolidated version valid as of 1 January 2015. English version last amended 14 November 2013.