Progressive Bulgaria (PB) will table changes to the new consumer credit law between its first and second readings. They would cut extra fees on fast loans and tighten checks on lenders, Konstantin Prodanov told a briefing in parliament.

On a loan of up to two minimum wages, total costs in the first month would be capped at 20% of the sum lent. On a loan of €1,000, they could not top €200.

The current cap stays, Prodanov said. What changes is how the extra cost is spread over the life of the loan. After the first month, the cap rises gradually to the current limit of five times the statutory interest rate. The aim is to stop lenders getting around the legal limits with various fees.

A contract would be void if the check on whether the borrower can repay is missing or only a formality. The borrower would then pay back only the principal, with no interest or penalties.

Courts would send the Consumer Protection Commission (KZP) their final rulings on void contracts or clauses, unfair terms and unfair practices. The KZP would set up a public register of unfair clauses to use in later checks. After three or more systematic breaches, the commission would tell the Bulgarian National Bank and ask for the firm to be struck off the register of financial institutions. The KZP must monitor compliance. "Of course, they cannot inspect every single contract of every single lender, but this starts with a complaint first," Prodanov said. A check also starts when a person in difficulty goes to court to claim their rights and it turns out no assessment of their ability to repay was made.

The proposals also say clearly when a loan falls due early. They bring back the rule that interest on late payments cannot exceed the statutory interest on overdue debts. PB also wants to ban the franchise model for fast-loan firms, to curb informal operators who lend or act as middlemen outside any oversight.

People convicted of intentional common crimes could not hold posts in firms that issue, process or collect such loans. Debt collectors could not bother borrowers between 8pm and 8am. No new loan could be given to the media after money lost to gambling.

Lenders would get access to the register of gambling-vulnerable people kept by the National Revenue Agency (NRA). Stefan Belchev, chair of the economic policy, investment and industry committee, said an entry there is not an automatic reason to refuse a loan, but an extra risk factor when judging a borrower's ability to repay. Non-bank financial institutions would lose access to sensitive personal data through the RegiX system. People would give their own income data through a free NRA online service, using an electronic signature or a personal identification code.

Zdravko Markov of PB said the party has taken on a hard fight, but the draining of Bulgarians' money by these firms will end.

Asked about GERB's complaint to the European Commission over the extraordinary audit of the Road Infrastructure Agency, which parliament ordered the National Audit Office to carry out, Prodanov called on people to wait for the audit's results. Then it will be clear "who is to blame and who is right," he said.