Government decision: Banks in Romania may not increase commissions, introduce new ones or increase interests

The government has adopted a law under which banks are not allowed to increase commissions, to introduce new fees, levy fees for cash deposits (payment rates) or for withdrawal of amounts, to set new commission for the rescheduling or restructuring of debts or to collect fees in situations when consumers demand the change in guarantees.

The government adopted an emergency ordinance meant to regulate the rights and obligations of the parties as regards credit agreements for consumers in the real estate field, as well as to amend the Government Emergency Ordinance 50/2010 on credit contracts for consumers, capital.ro informs.

The normative act transposes the provisions of the EU Directive 2014/17/EU at national level and regulates aspects of the market and national practices.

The ordinance aims all credit contracts that concern the transfer of ownership of immovable property or that are secured by real estate, thus the credit agreements related in any kind to real estate property for consumers. The consumers are natural persons, including co-debtors, who act for purposes outside trade, business or professional activities.

The ordinance includes provisions on accurate and complete information of consumers seeking mortgages or mortgage secured crediting. The information covers both the banking products advertising and the pre-contractual information of the consumers.