Laws to protect bank debtors return to Romania’s Parliament

Romanian MP Daniel Zamfir, a member of the opposition Liberal Alliance (ALDE), has submitted to the Senate four bills aimed at protecting the interests of those having contracted bank loans and preventing abuses exerted by the lenders, [Ziarul Financiar](Romanian MP Daniel Zamfir, a member of the opposition Liberal Alliance (ALDE), has submitted to the Senate four bills aimed at protecting the interests of those having contracted bank loans and preventing abuses exerted by the lenders. The bills, under a slightly different form but generally including the same provisions, were already rejected by the Constitutional Court in March this year after they had been passed by the Parliament last December. The initiatives concern abusive clauses in credit contracts, the limitation of foreclosure when the default occurs due to unforeseen causes, the excessive interest rates and the special clauses in the case of the sale of loan portfolios. The interest rate for mortgage loans should not exceed by more than 2 percentage points (pp) the refinancing rate announced by the central bank and the consumer loan interest rate can not exceed by more than 1.5pp the refinancing rate, according to one of the bills. The main opposition parties, the National Liberal Party (PNL) and Save Romania Union (USR) refused to support the bills when they were passed last year and challenged the bills to the Constitutional Court before promulgation.) reported.

The bills, under a slightly different form but generally including the same provisions, were already rejected by the Constitutional Court in March this year after they had been passed by the Parliament last December.

The initiatives concern abusive clauses in credit contracts, the limitation of foreclosure when the default occurs due to unforeseen causes, the excessive interest rates and the special clauses in the case of the sale of loan portfolios. The interest rate for mortgage loans should not exceed by more than 2 percentage points (pp) the refinancing rate announced by the central bank and the consumer loan interest rate can not exceed by more than 1.5pp the refinancing rate, according to one of the bills.

The main opposition parties, the National Liberal Party (PNL) and Save Romania Union (USR) refused to support the bills when they were passed last year and challenged the bills to the Constitutional Court before promulgation.

(Photo source: Shutterstock)