Consumer Credit Providers
Public list of consumer credit providers
Consumer credit provider is a person other than a natural person, who provides or commits itself to provide consumer credit for business purposes. A person has the right to engage in credit provision activity only after the supervisory authority enters it on the Public List of Consumer Credit Providers. Natural persons and non-profit persons do not have the right to engage in consumer credit provision activity.
Consumer credit provision activity and the procedure for entering on the Public List of Consumer Credit Providers is regulated by the Republic of Lithuania Law on Consumer Credit (hereinafter ‘‘the Law’).
Entering on the Public List of Consumer Credit Providers
A person can be entered on the Public List of Consumer Credit Providers if it complies with the requirements of the Law and of the legal acts of the supervisory authority, and provides to the supervisory authority the following documents, data, and information:
- an application for entering on a Public List of Consumer Credit Providers;
- information on the public register in which the supervisory authority can verify basic personal data. The supervisory authority has the right to require to submit an extended statement from the public register where necessary;
- information on the persons, documents and data laid down in Article 22(2) of Law, proving their compliance with the requirements laid down in the same paragraph of Article 22;
- rules for assessing the creditworthiness of borrowers;
- information on registers and information systems to be referred to for the purposes of assessing the creditworthiness of borrowers;
- a list of consumer credit intermediaries acting on behalf of a consumer credit provider, where the person relies on the services of consumer credit intermediaries.
Levy for entering on the list
Prior to applying for being entered on the Public List of 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 is 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.
Requirements for heads of consumer credit providers and creditor participants
A person meeting at least one of the conditions below cannot be the head of a consumer credit provider, natural or legal person or a concurrently acting person, who directly or indirectly holds a share of the voting rights or authorised capital accounting for or exceeding 20 per cent, or who may have a direct and/or indirect decisive impact, as defined in the Law of the Republic of Lithuania on Consolidated Financial Reporting by Groups of Undertakings1, on the activities of the consumer credit provider:
- the person was found guilty for committing a crime or a criminal offence related to money laundering or terrorist financing, a serious, very serious crime or offence or a criminal offence with respect to property, property rights and property interests, the economy and business practice, the financial system or equivalent criminal deeds under the criminal legislation of other countries, if the person’s conviction has not expired;
- directly or indirectly manages or managed a qualifying holding in the authorised capital and/or voting rights or a holding allowing to have a decisive impact on a legal person, or is or was the head of a legal person deprived of the right to engage in the provision of financial services, or that legal person was found guilty of the crime or criminal offence specified in sub-paragraph 1 of this paragraph.
A consumer credit provider must notify the supervisory authority of all future changes in the above-named persons, submitting together information, specified by the supervisory authority, necessary to assess whether the new heads being appointed or to be appointed, and/or other persons meet the requirements established in Article 22(2) of the Law. Newly appointed or elected heads of consumer credit providers may take up duties, and other persons – acquire a holding in the consumer credit provider’s voting rights or authorised capital only after the supervisory authority approves of their candidacy or the acquisition transaction.
1 – Lithuanian consolidated version valid as of 1 January 2017. English version last amended on 1 July 2015.
The supervisory authority, after assessing a person’s application and submitted documents, data and information, shall, no later than within 30 business days of the receipt of the application, take a decision to enter the person on the Public List of Consumer Credit Providers or not, and shall notify the applicant in writing thereof. Where the supervisory authority requests additional documents, data and/or information necessary for taking a decision or where they are provided at the initiative of a person who submitted an application for being entered on the Public List of Consumer Credit Providers, and/or where the supervisory authority applies to persons specified in Article 22(2) of the Law regarding submission of documents, data and/or information, the supervisory authority shall take a decision on entering the person on the Public List of Consumer Credit Providers or not entering no later than within 30 business days of the receipt of the additional documents, data and/or information.
Laws and legal acts regulating consumer credit provider activity and entering on the Public List of Consumer Credit Providers
- Republic of Lithuania Law on Consumer Credit2;
- Republic of Lithuania Law on Companies3;
- Law of the Republic of Lithuania on the Prevention of Money Laundering and Terrorist Financing (173.2 KB )4;
- 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 )5;
- 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 );
- Resolution No 03-219 of the Board of the Bank of Lithuania on the Approval of the description of the Procedure for Implementing Requirements for the Participants of Consumer Credit Providers, Creditors, Peer-to-Peer Lending Platform Operators, Crowdfunding Platform Operators and Currency Exchange Operators (53.4 KB );
- Resolution No 03-17 of the Board of the Bank of Lithuania on the Approval of the Rules for Handling the Public List of Consumer Credit Providers and the Public List of Peer-To-Peer Lending Platform Operators, and of the Rules for Handling the Public Lists of Consumer Credit Intermediaries (91 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.
2 – Lithuanian consolidated version valid as of 18 November 2016–30 June 2017. English version last amended on 18 December 2010.
3 – Lithuanian consolidated version valid as of 1 November 2016. English version last amended on 14 October 2014.
4 – Lithuanian consolidated version valid as of 1 December 2016. English version last amended on 17 January 2008.
5 – Lithuanian consolidated version valid as of 23 November 2018. English translation as of 23 November 2018.