Banks could be forced to modify most credit contracts sealedby individuals by September, according to a draft emergencyordinance published by the National Authority for ConsumerProtection (ANPC).
The ordinance transposes into Romanian legislation a directiveof the European Commission whereby banks have to limit thecommission on early repayment for consumer loans with a floatinginterest rate to 1% of the outstanding sum and use a single modelfor calculating the annual percentage rate.
The new regulations will come into force in June, with themodification of ongoing credit contracts through additionaldocuments to occur within 90 days. Bankers say the retroactiveenforcement of the EU directive is unfeasible considering the largenumber of contracts that would have to be modified.
The ANPC project extends beyond the EU legislation, and alsotargets a cap on the commission on early repayment forcollateral-backed real estate loans, as well as for leasingcontracts.
Currently the value of early repayment commission ranges from 2%to 5% of the outstanding sum.
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