The National Bank of Ukraine has adopted a series of documents that will now regulate the work of debt collectors.
From now on, representatives of collection agencies must meet qualification requirements, and company management must verify employees’ compliance with these requirements. Collection agencies and their representatives are also obligated to respect consumer rights during debt collection.
The National Bank has the right to apply the following control and influence measures:
- require collectors to eliminate violations or take prescribed measures
- impose fines on creditors, new creditors, or collection companies
- temporarily prohibit debt collection actions by collectors
- temporarily suspend or revoke licenses of non-bank financial institution creditors or new creditors that are non-bank financial institutions
- The National Bank also provides for making collective decisions with the board or the committee on supervision and regulation of non-bank financial services markets.
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