The Government's intention to modify the Emergency Ordinance onthe elimination of the early repayment fee for retail loans, sothat the law should not apply to the eight million contractsunderway, has stirred up the private sector's discontent. Thereaction of the institutions that promoted the draft law, theNational Authority for Consumer Protection (ANPC) and theCompetition Council, is feeble, though. The ordinance translatesinto the Romanian legislation a European Commission directive,stipulating the elimination of the early repayment fee forvariable-interest consumer loans and the capping of the fee at 1%for fixed-interest loans. However, the emergency ordinance adoptedby the Government goes beyond the community framework and itinclusively applies to current loans, though the European directivetargets only the contracts to be sealed. At present, it is not veryclear how the ordinance will be modified, as ANPC officials are nowin a wait-and-see mood after having strongly promoted the draftlaw.
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