The Ministry of Finance has opened public consultation on a draft law to strengthen financial supervision and consumer protection. The proposal would replace the banking law adopted in 2006 and align legislation with European Union standards.
Under the draft, credit institutions must respond to customer complaints within 15 working days, unless specific legislation provides otherwise. The Bank of Albania would also establish a dedicated unit to resolve disputes between customers and credit institutions.
Consumer protection measures extend to companies that purchase and collect non-performing loans. These companies could not demand interest, penalties, commissions or fees exceeding those set out in the original loan agreement. They would also be prohibited from issuing new loans or conducting other financial and commercial activities.
Meanwhile, the draft strengthens the Bank of Albania’s supervisory powers and sets requirements for capital, risk management and governance. Banks would face a minimum initial capital requirement of EUR 5 million, or its equivalent in ALL.
Finally, a single-passport mechanism would allow locally licensed banks to open branches or provide services in other EU member states following accession.
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