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The case initiated by DelfinGroup helps to bring clarity to the non-banking financial sector

On 28 January 2021, the Department of Administrative Cases of the Senate of the Republic of Latvia (Senate) issued the judgment SKA-68/2021 in an administrative case initiated on the basis of an application of AS DelfinGroup (formerly SIA ExpressCredit) for a Consumer Rights Protection Center (PTAC) annulment of the 2016 and 2017 decisions in part (Judgment).


The legal issues examined in the Judgment included the interpretation of the commission applied in the commercial activities of AS “DelfinGroup” for the extension of consumer loan agreements and assignment of claims arising from consumer loan agreements on the mutual lending platform www.mintos.com or other platforms with the same content. Consequently, the essence of the administrative case was precisely about the understanding of legal issues and not about the non-fulfilment of the conditions of the PTAC. 

Since 2016, when the contested PTAC decisions of AS “DelfinGroup” were adopted, the company has complied with both the instructions specified in the PTAC decisions and the conclusions expressed in the Judgment regarding the interpretation of legal norms. AS “DelfinGroup” has always cooperated with PTAC and has complied with the instructions of PTAC regarding the provision of consumer lending services. In addition, AS “DelfinGroup” emphasizes that it respects the opinion and authority of both the Senate and PTAC regarding the legal issues discussed in the Judgment.


Thus, upon the entry into force of the Judgment, AS “DelfinGroup” does not have to introduce corrections in its activities, as it has already ensured the compliance of its activities with the 2016 and 2017 decisions before the commencement of legal proceedings. It follows that the rights of consumers were not infringed during the proceedings, but the essence of the question was the theoretical harm to consumers which might arise from assignment of claims to other creditors and whether the total cost of the loan to consumers includes the cost of extending the loan.


Therefore, as indicated by the Chairman of the Management Board of AS “DelfinGroup” Didzis Ādmīdiņš: “Consumer protection and fair commercial practice towards each cooperation partner is the priority of AS “DelfinGroup” and the company has always followed the instructions received from supervisory authorities regarding the implementation of precise and responsible commercial practices.”


About AS “DelfinGroup”
AS “DelfinGroup” is a licenced financial services company founded in 2009, which currently represents three brands - Banknote, VIZIA and Rīgas pilsētas lombards. The company employs 270 professionals at 91 branches located in 38 Latvian cities and towns. The estimated amount of taxes for year 2020 is EUR 3.42 million. DelfinGroup is a member of the Latvian Chamber of Industry and Commerce and has received the Gold level status within the cooperation programme of the Latvian State Revenue Service. The core services of the group include sale of pre-owned goods, pawn loans, consumer loans, and senior loans, the terms of which are specially adapted for seniors. The bonds of DelfinGroup are traded on the Baltic First North bond list of Nasdaq Riga.
   Further information:
         Kristaps Bergmanis,
         AS “DelfinGroup” Member of the Management Board
         Phone: +371 29144168
         E-mail: [email protected]
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