The Riigikogu approved with 48 votes in favour the Creditors and Credit Intermediaries Act (795 SE), initiated by the Government. The Act tightens the requirements for the activities of non-bank creditors and credit intermediaries and brings them under the supervision of the Financial Supervision Authority. The aim of the Act is to assume stricter control of the activities of express loan companies, and among other things, to establish an admission requirement for them, in order to protect consumers and restrict irresponsible lending.
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