The National Bank of Ukraine updated the Regulation on the registration of collection companies. The relevant resolution No. 113 will enter into force on September 15, the press service of the regulator informed.
The changes aim to settle the issues that arose during the practical application of the Regulations. They provide clarification of the signs of impeccable business reputation of collection companies, their owners of significant participation and managers, detailing of information entered into the register of collection companies, as well as updating the forms of documents submitted to the NBU to obtain the status of a collection company.
In connection with the expansion of the list of signs of an impeccable business reputation, within six months from the date of entry into force of the changes, collection companies are obliged to submit to the National Bank: a written assurance in an arbitrary form with complete and reliable information about the verification of managers and owners of significant participation for compliance with the requirements for business reputation defined in the Regulation, as well as a questionnaire describing business intentions in case of detection of any from the signs of an impeccable reputation.
Currently, collection activities in Ukraine are regulated by special laws. This is Law No. 1349-IX, which protects the rights of debtors during the settlement of overdue debts (known as the “Collection Law”), as well as Law No. 1734-VIII “On Consumer Credit,” which defines the list of persons and institutions authorized to settle consumer credit debts.
