OUG referring to elimination of commission for advanced loan repayment

The Emergency Ordinance draft was initiated by the National Authority for Consumer Protection (ANPC) and by the Competition Council and received Romania's National Bank assent.

The normative act stipulates explicitly the consumer's right to extricate, any moment, totally or partially, from his/her obligations assumed under a loan contract. Despite that, in the case of an advanced loan repayment, the bank has nevertheless the right to a 'justified and equitable' compensation for eventual costs directly linked to the advanced repayment, but solely under conditions in which the afferent interest rate to the loan is a fixed one.

As well, creditor's compensations should not exceed 1 percent of the value of the advanced loan repayment, if the period of time between the advanced repayment and the date convened for the ceasing of the loan contract is bigger than one year.

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