Romanian Court to decide if giving in payment law is constitutional

Romania’s Constitutional Court (CCR) will discuss today whether the giving-in-payment law is constitutional, according to sources from the court, reports local Economica.net. Until now, CCR has received 471 notifications from banks. The court has already established a hearing to discuss 38 of the cases. The others are still in their early stages. Most notifications from banks try to prove that some of the law’s articles are not constitutional. Romanians have made 4,000 giving-in-payment requests since the law entered into force in May this year. About 1,000 requests have been made at BCR and 800 at Raiffeisen Bank. The law was approved by the Parliament in May. It grants people with mortgage loans the possibility to give their mortgaged assets to the banks if they can’t repay the mortgage loans anymore. The banks have repeatedly criticized the law, and have even increased their down payments for mortgage laws. editor@romania-insider.com