Romania’s Government adopted yesterday a new emergency ordinance that sets new rules in the relationship between local banks and their customers.

The new bill forbids creditors to increase the fees or introduce new fees during the contract period, to ask for fees when customers deposit cash to pay for their installments or when they cash out the credited amount.

Banks are also forbidden to ask for fees when loans are rescheduled, or when consumers want to change their guarantees. Debtors can’t be harassed by credit collectors, and they can’t be contacted at work within the debt collection process.

The consumers also have the right to convert their loans into another currency than the one provided in the contract. The loan conversion will be made at the central bank’s exchange rate from the conversion day.

The new ordinance transposes a EU directive into the internal law.

editor@romania-insider.com