The National Bank of Georgia publishes drafts of amendments to the regulation on determining the amount of fines against microfinance institutions and lending entities.

The NBG attaches special importance to the database in the Credit Information Bureau. It is expected to include accurate and unambiguous information about consumers. To this end, legal norms governing this area have been improved in recent years.

Amendments were developed based on the current practice to reflect need to ensure the timely fulfillment of the requirements for lending entities. In particular, it is important to specify the authority of the National Bank of Georgia to impose monetary fines on failure to comply with the written instructions of the NBG (including repeated and multiple non-compliance) based on the regulation on providing information to credit information bureaus in the territory of Georgia, recording and making available information in the database of credit information bureaus.

 

The draft amendments are available on the official website of the NBG. (Microfinance institutions - lending entities)

The NBG expresses its readiness to receive opinions and comments from interested parties from October 16 to October 23, 2023, at the following e-mail address - CIBS@nbg.gov.ge.