OREANDA-NEWS. April 16, 2009. The document defines the conditions for granting, suspension and revocation of licenses for provision of services for forming, processing and storage of credit histories, to provide credit reports and related services, as well as check financial position and business reputation of the participants of the credit history bureau.

Under the provision, the participants (shareholders) of the Bureau of credit histories may be individuals and legal entities that meet the requirements of the Law on SRL and the Law on the Joint Stock Companies. The participants of the bureau - legal entities, must perform economic, financial or other kinds of activity that will allow it to discharge its obligations and will provide the activity of the Bureau of Credit Histories.

The value of the net assets over the past two years shall exceed the amount of equity. The individual shall not have outstanding conviction for administrative / or financial irresponsibility; for financial fraud or tax evasion, as well as for other actions, pointing to inappropriate and / or imprudent management or activities at the previous jobs.

An individual must have an income sufficient for performance its property obligations. Licenses are issued for an indefinite period with the payment of 2,5 thousand leis fee. The license may be revoked in the following cases: the requirements of the Bureau were not fulfilled in the set term, in case of the legal breaches, if the licensee is unlawfully involved in other activities, the licensee is declared bankrupt by the court’s order, reorganization or liquidation of the licensee.