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Newly adopted law on protection of consumers against excessive interest

MORE REASONS FOR CONCERN RATHER THAN BENEFITS?

Romania recently adopted a new law to protect consumers from excessive interest. It is scheduled for a constitutionality review next week on 10 June 2020. If it survives the review, it will impact financial creditors such as credit institutions, non-banking financial institutions and debt collection entities.

It also regulates:

  • requirements for the mandatory amendment of certain credit contracts and
  • illicit commercial practices.

To learn more, please open the attached file.

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