The Czech National Bank (CNB) has imposed a fine of CZK 2.5 million on the credit company Acema Credit Czech. According to the decision of January this year, the company did not sufficiently assess the client’s ability to repay the loan. The decision came into force in April. The company intends to sue the central bank, writes the server of the daily E15. According to them, Acema received the highest fine in its industry since December 2020, when the CNB fined Creditstar for a similar but more serious offense.
According to the CNB, Acema committed a mistake between 2018 and 2019. Between May 2018 and September 2019, it provided consumer loans in a sample of 16 credit cases without first assessing the consumer’s creditworthiness on the basis of necessary, reliable, sufficient and proportionate information. The CNB stated in the decision. According to the central bank, Acema also had reserves in real estate valuation systems representing collateral for client loans during the same period.
However, the company is convinced that it acted correctly and in full compliance with the law. “However, we acknowledge that the Czech National Bank has a different view on the issue and it will therefore be necessary to submit the CNB’s decision to an independent court for review,” Zuzana Konečná from Acema Credit Czech told E15. It added that the company still respects the CNB’s decision. According to Konecny, the company has already begun to address the alleged shortcomings during the inspection and has put in place measures to comply with the CNB’s requirements until the competent court decides. Acema has been operating on the market for over two decades, during which time it has lent CZK 6.5 billion to more than 18,000 clients.
The new Consumer Credit Act introduced the obligation to strictly assess the client’s ability to repay loans with effect from December 2016. The latest report on the financial supervision of the Czech National Bank in 2020 non-banking companies less knowledge of the client significantly higher risk margin, which makes the loan more expensive.
Source: CNB and CTK
