The Romanian Senate has OKed the new law on consumer credit contracts, which removes the early repayment fee for loans with floating interest rate. The ordinance transposes a a European Directive.

Under the Ordinance, banks are required to inform consumers about the pre-contractual terms through a standardized form, and assess the consumers' creditworthiness so as to avoid their getting over-indebted. The consumer has the right to the loan's early repayment, and terminate the loan contract without giving any reason, within 14 calendar days. The Senate is the first Chamber notified on this normative act.

AGERPRES