From 1 July 2010, creditors must report quarterly details of all consumer credit transactions to both the Ministry of Finance and the National Bank of Slovakia.
The required details must be reported quarterly using the template table annexed to the decree.
Each report must be submitted in documentary or electronic form within 15 days after the end of the quarter to which it relates.
The rule applies to any person, firm or body offering or providing consumer credit as part of its business activities. Anyone providing consumer credit as at June 11, 2010 has until the end of September 2010 to ensure their name appears in the register of creditors providing credit to consumers, which is maintained by the National Bank of Slovakia. Anyone failing to do so may no longer provide consumer credit after this date.
On the last day of the month following the end of each quarter, the Ministry of Finance is required to publish on its website information about the consumer credit reported in that quarter, including the total credit granted and the average APR.
Law: Act No.129/2010 on Consumer Credits and Other Credits and Loans for Consumers
