חוק להסדרת מתן שירותי פיקדון ואשראי בלא ריבית על ידי מוסדות לגמילות חסדים, התשע"ט–2019Law for the Regulation of the Provision of Deposit and Interest-Free Credit Services by Charitable Institutions, 2019 · automatic translation · suggest a correction

Official summary of the law (Knesset)

The Law regulates the regulation that will apply to benevolent loan institutions (providers of interest-free deposit and credit services). Under the Law, a licensing requirement will be imposed on engaging in the provision of interest-free deposit and credit services, with a division between types of licenses according to the type of service provider - an individual, an association, or a public benefit company - and according to the scope of the service provider's activity. The Law also establishes arrangements regarding control or holding of means of control in a benevolent loan institution, provisions concerning business management, equity capital, reporting obligations, safeguarding customers' interests, the ability to meet commitments, and proper management. The Law also establishes supervisory, enforcement, and administrative inquiry powers, as well as financial sanctions and penal provisions, all in order to ensure the stability and proper operation of benevolent loan institutions, while protecting their customers, and provisions prohibiting money laundering.

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