Draft Law on the Sharing of Credit Information (652 SE) - First Reading
Session: 15th Estonian Parliament, 5th session, plenary session
Date: 2025-06-17 16:36
Participating Politicians:
Total Speeches: 18
Membership: 15
Agenda Duration: 20m
AI Summaries: 18/18 Speeches (100.0%)
Analysis: Structured Analysis
Politicians Speaking Time
Politicians
Analysis
Summary
The Riigikogu discussed the draft Credit Information Sharing Act, initiated by the Government of the Republic, during the fourth agenda item, for its first reading. The draft’s purpose is to establish a credit information registry that collects and shares information about loans (including mortgages, tax arrears, leases, small loans, credit cards, and guarantees), and which will be maintained and data transmitted by a licensed registry keeper. Lenders must transmit data to the registry and make an inquiry to the registry before granting a loan to assess creditworthiness. The registry will collect standard personal data, data related to the type of loan, the maximum amount, the outstanding balance, dates, and payments; in cases of arrears, information about payment delays will be added. More detailed checks will be carried out under the supervision of the Estonian authorities by the Financial Supervisory Authority, the Data Protection Inspectorate, the Ministry of Finance, and the State Information System Authority. A registry keeper will be found through a procurement process, and data transmission will be allowed to begin in October 2027, with full functionality and the ability to make inquiries planned for 2028. All of this aims to promote responsible lending and reduce over-indebtedness and falling into payment difficulties.
Decisions Made 1
Decisions were not made.
Aseesimees Arvo Aller
AI Summary
Agenda item number four concerns the first reading of Draft Act 652 on the Sharing of Credit Information, initiated by the government. The rapporteur is Minister of Finance Jürgen Ligi.
Rahandusminister Jürgen Ligi
AI Summary
Finance Minister Jürgen Ligi presented a draft bill that establishes a credit information registry in Estonia to promote responsible lending. The registry will collect data submitted by lenders, including payment defaults and timely payments, while restricting inquiries solely to the assessment of creditworthiness. Furthermore, the bill mandates strict requirements for the registry administrator regarding reputation, capital, and cybersecurity, and requires a public procurement process to select the administrator. The system is expected to become operational in 2027–2028.
Aseesimees Arvo Aller
AI Summary
The Deputy Chair thanks the audience, invites questions, and asks Reili Rand to take the floor.
Reili Rand
Profiling Sotsiaaldemokraatliku Erakonna fraktsioonAI Summary
Reili Rand noted that the positive credit register is a long-awaited initiative, raised concerns about servicing loans and fulfilling obligations, and asked why the effective date is three years away and whether it is possible to accelerate it.
Rahandusminister Jürgen Ligi
AI Summary
The Riigikogu should continue discussing the regulation of the loan market to reduce over-indebtedness and the risks of home loss, establish a limit on the total loan amount, and strengthen the use of credit data based on the rules of the Bank of Estonia, while simultaneously noting the diversity of the market and the uncertainty regarding IT readiness and deadlines.
Aseesimees Arvo Aller
AI Summary
The Deputy Speaker invites Urve Tiidus to speak.
Urve Tiidus
Profiling Eesti Reformierakonna fraktsioonAI Summary
Urve Tiidus pointed out that there are two parties in the loan process—the borrower and the lender—and asked where an interested party could obtain the creditworthiness data, and whether that data, including income, would be added to the register.
Rahandusminister Jürgen Ligi
AI Summary
Do lenders generally ask for this data, or is it only banks? For small offices, the exact amount of income verification they are required to perform is precisely stipulated, and the whole idea behind quick loans is that the borrower's situation is not actually investigated.
Aseesimees Arvo Aller
AI Summary
The Deputy Chairman thanks [the previous speaker] and calls upon Peeter Ernits to speak.
Peeter Ernits
Profiling Fraktsiooni mittekuuluvad Riigikogu liikmedAI Summary
Peeter Ernits questions why the fast-track adoption of the RAB Act is a high priority, but the credit information sharing act is not, despite both falling under the jurisdiction of the Ministry of Finance.
Rahandusminister Jürgen Ligi
AI Summary
Finance Minister Jürgen Ligi said that although the priority of the responsible lending bill has historically been low, and public attention and debate among banks have been limited, the risk of money laundering necessitates swift action and adherence to deadlines. This is because the time available for the funds allocated by the European Union is limited, and any delay will result in a financial loss for Estonia.
Aseesimees Arvo Aller
AI Summary
Vice-Chairman Arvo Aller invites Anastassia Kovalenko-Kõlvart to take the floor.
Anastassia Kovalenko-Kõlvart
Profiling Eesti Keskerakonna fraktsioonAI Summary
The speech emphasizes that the bill focuses primarily on the consequences and prevention of over-indebtedness, but the roots of the problem, such as declining livelihoods, must also be considered. Furthermore, the question is raised as to how extensively the government intends to work in parallel on measures to prevent people from falling into payment difficulties and to ensure the state helps them escape this debt bondage.
Rahandusminister Jürgen Ligi
AI Summary
Finance Minister Jürgen Ligi stated that the draft bill doesn't align with their goals, noting that the Ministry of Finance is focused on promoting responsible lending and financial literacy, while emphasizing that a loan is not the solution. Instead, the solution lies in a functioning social system, preferably supported by employment and a strong economy.
Aseesimees Arvo Aller
AI Summary
Deputy Chairman Arvo Aller requested that Anti Allas be given the floor.
Anti Allas
Profiling Fraktsiooni mittekuuluvad Riigikogu liikmedAI Summary
Anti Allas requests clarification on how the information obtained from the register of lenders is being used. He stresses that employers—particularly businesses in Põlva County—are facing serious difficulties with loan repayment problems, and he proposes that while the state's obligations should be fulfilled, the issue of quick loans should be borne by the companies themselves.
Rahandusminister Jürgen Ligi
AI Summary
Finance Minister Jürgen Ligi stressed that personal liabilities are limited and that lenders should have the possibility of registration and verification, allowing them to ascertain the client's situation before granting a loan and thus avoid the peculiar examples highlighted in court rulings.
Aseesimees Arvo Aller
AI Summary
Deputy Chairman Arvo Aller announced that the sitting would conclude in two minutes and that it was time for questions, allowing the minister to give a comprehensive answer by taking a two-minute recess called by the Chair; the sitting ended. See you tomorrow.