On Jun. 20, LTH PRL amended the law on payment institutions.
LTH PRL published Law XIV-2718 of Jun. 13, 2024 amending art 8, 33 and 37 of the Law XI-549 of Dec. 10, 2009 on payment institutions of the Republic of Lithuania.
Main Points
The amended law establishes the procedure for the licensing, operation, termination, supervision of payment institutions providing services in LTH under LTH CB oversight.
Replacement of art 8, point 5, re the obligation of LTH CB to notify the payment institution of its decision to suspend a licence, indicate reasons, set limit for remedies.
Art 37 on temporary administrator is completely amended re conditions, appointment.
Effectiveness
The law enters into force on Nov. 1, 2024.
Regulators
LTH PRL
Entity Types
Bank; CU; IB; MG Orig; MSB
Reference
OG 2024-11241, 6/20/2024; Law XIV-2718, 6/13/2024; Law XI-549, 12/10/2009
