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home / media magazine / legislation regarding consumers loans

A new legislation is introduced, regarding consumer's loans

Law no. 289/2004 regarding the legal regime of the credit for consumption contracts destined for consumers, physical bodies, which entered into effect on the date of 6.01.2005.

On the date of 6.04.2005, the Romanian National Bank and the National Authority for Consumers’ Protection issued Order no. 2/231/2005 for approving the Law application regulations.

The Romanian National Bank wants to impose to the banks total transparency in displaying all taxes and commissions. Thus, the banks, but also the shops that sell products in installments, must display the actual costs on the loans granted to physical bodies.

These Regulations clarify the aspects related to the manner of promoting the credit offers in relation to the legal obligation to inscribe the actual annual interest (dobanda anuala efectiva - DAE), the costs regarding the insurances that must enter in the DAE calculation, the form of the credit contracts, the equitable reduction of the total cost in case of anticipated reimbursement of the credit, the reflecting period, the choosing of the insurer by the consumer.

The banks must display DAE, with the mentioning of the amount and period for which it is calculated (for example, DAE - 6 months, 12 months, 18 months etc.). At the same time, the consumer must be notified with respect to any modification with respect to the annual interest or the other costs occurred subsequent to the date of signing the credit contracts.

The Regulations also clarify the provision of the law that refers to the "equitable reduction of the credit cost", in case of anticipated payment of an installment. Its value will be calculated through the reduction of the costs adherent to the credit for the period, for which the anticipated reimbursement was executed, with the obeying of the principle of proportionality established by the law. In case the creditor makes a partial reduction of the credit costs for the period adherent to the anticipated reimbursement, it is not allowed to apply any other penalties. The conditions in which the anticipated reimbursement is done must be brought to the consumers’ knowledge before signing the credit contract.

A different aspect indicated by the Regulations is the bank’s liability regarding the quality of the acquired products. If the products bought do not correspond to the loan contract, the creditor can be held liable, but only if it had concluded a contract with the supplier, in this sense, regardless of the number of suppliers with whom it had concluded such contracts.

In case the credit contracts for the assets acquisition, the consumer did not fulfill its contractual obligations, the creditor can appeal to the legal ways in order to return the assets after the expiry of an additional period of 30 days from the due date of the last payment obligation not honored.

Within the mentioned additional period, before going to the legal ways for returning the assets, the creditor has the obligation to immediately notify the consumer, to whom it must justify the decision and request the written approval regarding the return of the asset.

From the credit contracts that do not fall under the incidence of this law, we mention: