February 18, 2010


The National Assembly passed February 18, 2010 at second reading the Consumer Credit Act. It entitles the consumer with the right, without compensation or penalty and without giving any reason to withdraw from the contract for consumer credit within 14 days of the signing. Any advertising of consumer credits, should contain information on the interest rate,the duration and all the data associated with the annual expenditures of the credit, and details on all the expenditures included, the total amount of the loan to be paid by the consumer and the contributions and their sequence, separated for interest and principal and other expenditures. The law makes mandatory for any consumer credit advertising to be presented with the same print information, containing the rate of annual percentage rate, the total amount on the credit to be paid by the consumer, and whether the loan has a fixed or variable interest rate.

The MPs decided that the user may at any time repay all, or part of its obligations under the credit agreement. In these cases, he is entitled to a reduction in the total cost of the credit to include the remaining payments on interest and expenses. The creditor may not refuse to accept the early repayment of the credit. The latter will not be entitled to compensation or penalty, if the repayment is done in a period when the interest rate under the credit agreement is not fixed, and if the repayment is made on the basis of payment under an insurance contract whose objective was to ensure the return of the loan or credit agreement in the form of overdrafts. In other cases of early repayment of the loan creditor is entitled to compensation. It can not be greater than one percent of the amount repaid early on a loan where the remaining contract period is greater than one year. When the remaining period of the credit is less than one year, the compensation of the creditor can not be greater than 0.5 per cent of the amount of credit repaid early.