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In order to ensure an effective consumer rights protection mechanism in the field of non-bank lending, as well as to monitor market participants providing services in this field, the Consumer Rights Protection Centre (CRPC) issues, suspends, amends or annuls the issued special permit (licence) to the consumer lending service provider. A special permit (license) shall be issued for an indefinite period of time.

Process description

  1. Payment for service
    Before submitting the application, a non-bank lending service provider must pay astate fee of EUR 250 000 for the receipt of a special permit (license) and yearly fee of EUR 55 000.

    Payment Properties

    Consignee: Treasury
    Registration number: 90000050138
    Account: (IBAN) LV48TREL1060120929900
    Purpose of payment - State fee for the issuance of a special permit (licence) or annual State fee for supervision of the provider of lending services

  2. Documents to be submitted for receipt of the service.
    1) In order to receive a special permit (license) non-bank lending services provider must prepare an application. It is important that the application is signed by the signatory.

    The following documents shall be attached to the application:

    - capital companies registered in Latvia:

    • the authorisation of an authorised representative, if an authorised representative is filing the submission;
    • documents attesting the legal origin of financial means invested in the capital of a capital company or with which the shares of the shareholders of the capital company are paid;
    • information on the true beneficiaries;
    • documents proving the amount and legal origin of the funding raised;
    • the procedures developed by the consumer lending service provider:
    1. the provision of consumer lending services, which stipulates that the granting of credits and the supervision of loans issued;
    2. evaluation of consumer’s ability to repay the loant;
    3. handling consume complaints;
    4. prevention of proceeds of crime and terrorism financing.
    samples of pre-contractual information and draft credit agreements conforming to regulatory enactments shall be developed for the planned types of lending services of the capital company.

    - to the documents mentioned above, the following documents must be submitted to a capital company established abroad:
    • information whether a capital company has received a refusal to register commercial activities or issue a special permit (license) for the provision of services to the capital company in the last three years, if such authorization (license) is necessary in the field of financial services, or information regarding the annulment, revocation or termination of such registration or authorization (license)
    • information on the reputation of the board of capital companies, members of the council and persons responsible for the enforcement of money laundering and terrorism and the prevention of proliferation (for example, information may be obtained from the financial supervisory authority of the State of registration);
    • a statement regarding criminal and administrative punishments which has been issued by an authority of the country of the permanent place of residence of a person, which maintains information regarding punishments in accordance with the laws of the respective country, if the member of the council (if such has been formed) or board of the capital company is a foreign national. The statement must have been issued not earlier than six months prior to the day of the filing of a application for the receipt of a special permit (license).. The statement must be accompanied by a certified translation into the official language;
    • a statement certified by the relevant State tax administration authority or competent authority that the capital company has no deferred taxes, duties or other mandatory payments to the State budget, if the application is submitted by a foreign capital company.

    2.) In order to make amendments to a special permit (license) issued to a non-bank lending service provider, the capital company must prepare an application for the performance of amendments to a special permit (license). It is important that the application is signed by the signatory. This application must be accompanied by:
    • the authorisation of an authorised representative, if an authorised representative is filing the submission;
    • justification for amendments to the conditions of the special permit (license).
    • supporting documents.
    3.) If a person wishes to have the issued special permit (license) annulled, it is necessary to prepare an application for the annulment of the special permit (license).
    4.) If a person wishes to suspend the issued special permit (licence), it shall be necessary to prepare the application in a free form.

  3. Request a service remotely.
    May submit a submission:

    On the website, using an activated e-mail address.
    By e-mail
    The person shall send the application and the attached documents by e-mail. A person shall certify the application and the electronic copies of the documents attached thereto with a secure electronic signature and time stamp.

    By post
    The person shall send the application and the attached documents by post. If necessary, the application shall be accompanied by a powers attesting to the right of signature.

  4. Onsite service requested.
    A person shall submit an application and the attached documents in person to the PTAC.

  5. Receiving the service remotely.
    After taking a decision on the issue of a special permit (license)the CRPC issues a special permit (license) of a specified sample to the capital company.
    CRPC shall issue a special permit (license) in the form of an electronic or printed document.
    The decision regarding the issuance of a special permit (licence), making amendments or annulling the special permit (license) may be obtained by one of these channels:
    • on the /e-address;
    • to the specified e-mail address;
    • reply by letter sent to the registered office or legal address (in the case of a natural person).
    In addition, a person in an online publicly available database can make sure that issuance, annulment or making amendments of a special permit (license)has been carried out and that the data provided by the individuals are correctly identified.

  6. Receipt of services on the spot.
    A special permit (license) can be obtained in person upon arrival at the CRPC. It will be necessary to prove your identity by presenting a identification document.

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