Non-banking vehicle helping consumers find financing. Equity capital – EUR 40 000. Permit issue (licensing) time – 1 month.

Consumer credit providers offer fast and easy consumer finance credits as alternative to complicated bank financing. According to the Law on Consumer Credit, Consumer credit provider is a person (company), whose business is to provide or commit itself to provide consumer credit from his own capital.

Passporting of consumer credit license in Europe (EU/EEA area)

Passporting of consumer credit license within the EU/EEA area can be achieved combining the license with E-money institution or other passportable license.

_jbm4091List of documentation to be provided for consumer credit licensing

Company can be included in to the Public List of Consumer Credit Providers provides submitting following documentation:

– 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 and information on the shareholders and managers, proving their compliance with the requirements laid down law.

– Rules for assessing the creditworthiness of borrowers.

– Information on registers and information systems referred to for the purposes of assessing the creditworthiness of borrowers.

– Business continuity plan (business plan).

– List of consumer credit intermediaries acting on behalf of a consumer credit provider, if any.

Business continuity plan (business plan) is the most complex documentation to be prepared.  The plan should provide measures and procedures ensuring that Consumer Credit Providers activities carried out continuously, without interruption, ensuring a smooth administration of the consumer credit contracts and continuing contractual obligations fulfillment in cases of unforeseen circumstances. ECOVIS ProventusLaw assists in preparation of a business plan, other licensing documentation and setting up Consumer Credit business.

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