Bank of Lithuania

Credit intermediary

Credit intermediary shall mean a natural or legal entity, not operating as the lender, operator of a peer-to-peer lending platform, or notary, who directly or indirectly introduces the borrower to the lender, credit intermediary, and operator of a peer-to-peer lending platform and who performs at least one of the following acts for business or professional purposes for a remuneration paid in cash or in any other agreed form of financial remuneration:

  • submits or offers a credit agreement to the borrower;
  • helps the borrower to perform acts in relation to getting a credit, other than the ones specified in Item 1 of Paragraph 19 of Article 3 of the Republic of Lithuania Law on Real Estate Related Credit (352.5 KB )(hereinafter – Law), prior to conclusion of a credit agreement;
  • concludes a credit agreement with the borrower on behalf of the lender or operator of a peer-to-peer lending platform.

An entity shall be entitled to engage in operations as a credit intermediary operating as an independent credit intermediary only after being included in the Public List of Independent Credit Intermediaries by the supervisory authority.

In cases specified in Items 2 and 3 of Paragraph 27 of Article 3 of the Law an entity shall be entitled to engage in operations as a credit intermediary only after being included in the Public List of Dependent Credit Intermediaries Operating on Behalf of More Than One Lender by the supervisory authority.

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Information and documents to be submitted for inclusion in the public list

An entity may be included in the public list specified in Paragraphs 1 or 2 of Article 28 of the Law, if he/she/it meets the requirements established in Article 30 and Paragraphs 1 and 3 of Article 31 of the Law and submits documents, data, and/or information established in the supervisory authority’s legislations to the supervisory authority:

  • application regarding inclusion in the public list specified in Paragraphs 1 or 2 of Article 28 of the Law;
  • documents, data, and/or information confirming that the entities specified in Paragraphs 1 and 3 of Article 31 of the Law meet the requirements established in Paragraphs 1 and 3 of Article 31 of the Law;
  • written confirmation of the lenders on whose behalf the entity intends to operate that the entity would be operating on their behalf, in cases when the entity applies for inclusion in the Public List of Dependent Credit Intermediaries Operating on Behalf of More Than One Lender;
  • documents, data, and/or information confirming compliance with the requirements established in Article 30 of the Law.

Levy for entering on the list

Prior to applying for being entered on the Public List of Independent Consumer Credit Intermediaries or the Public List of Dependent Consumer Credit Intermediaries Operating on Behalf of More than One Credit Provider in accordance with the Republic of Lithuania Law on Real Estate Related Credit 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.


Term for inclusion in the public list

Upon consideration of an entity’s application regarding inclusion thereof in a public list indicated in Paragraph 1 or 2 of Article 28 of the Law and the submitted documents, data, and/or information, the supervisory authority shall pass a decision to include an entity in the public list or to dismiss this application no later than within 30 business days since the receipt date of the application and all properly formalised documents, data, and/or information. If not all documents, data, and/or information have been submitted or if the submitted documents, data, and/or information are incomplete or inaccurate, the supervisory authority shall request to submit the missing or specified documents, data, and/or information required in order to pass the decision by the deadline set by the supervisory authority. It shall pass a decision to include an entity in a public list indicated in Paragraph 1 or 2 of Article 28 of the Law or to dismiss this application no later than within 30 business days since the receipt date of the missing or specified documents, data, and/or information.


Laws and legal acts regulating credit intermediary activity and inclusion in the public list

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Last update: 11-01-2018