The term for transposing the Directive 2014/17/EU in the local legislation is 21 March 2016.
Details regarding the public consultation
Considering the deadline for transposing the Directive 2014/17/EU, as well as the intention to regulate several matters particular for the local market and practice, the National Authority for Consumer Protection (“ANPC”) proposes for consultation the Draft Law on credit agreements for consumers secured by immovable assets, along with a memorandum of reasons (the “Draft Law”).
Comments and suggestions on the Draft Law may be sent between 23 February 2015 and 5 March 2015 to the ANPC address 72 Aviatorilor Blvd., code 011865, sector 1, Bucharest or to the e-mail address: office@anpc.ro.
Most relevant provisions
Applicability
The Draft Law applies to all credit agreements secured by immovable assets, as well as to other credit agreements related to immovable assets.
Publicity and information
Any form of publicity regarding the credit agreements has to include specific standard information, more precisely at least that required by the European Standardized Information Sheet (“ESIS”). The template of the ESIS may not be altered.
The information included in the ESIS may not be altered during the period of reflection (i.e. the 15 days period granted by law to the consumer to decide with respect to an offer of credit agreement) and represents a firm commitment of the creditor.
The creditor or, if the case, the credit intermediary, offers to the consumer, free of charge, the credit agreement draft along with the ESIS.
Valuation of assets
The valuation of an immovable asset has to be performed by authorized and independent appraisers. The consumer has the right to choose if the valuation is performed by an external independent appraiser or by an internal independent appraiser of the creditor.
Advisory services
Only the provision of independent advisory services is allowed, namely those provided by non-tied credit intermediaries.
A non-tied credit intermediary is any credit intermediary who does not act on behalf of and under the full and unconditional responsibility of the creditor.
The non-tied credit intermediary may be remunerated only by the consumer and may not accept any compensation from the creditors. The fee charged to the consumer is established, in any event, in a fixed amount and is mentioned in the service agreement.
The non-tied credit intermediaries have to be authorized by the ANPC as per the law.
Foreign currency loans
The foreign currency loan shall include, upon its closing, the right of the consumer to convert the credit agreement into an alternative currency at any time.
The exchange rate at which the conversion is carried out is the exchange rate established by the National Bank of Romania, applicable on the date the conversion is made, or the exchange rate mentioned in the agreement or agreed upon by the parties, if this is more advantageous for the consumer.
Requirements concerning the establishment and supervision of credit intermediaries
Credit intermediaries may perform their activities subject to compliance with specific criteria, such as the obligation to have and to consistently update an adequate level of knowledge and competence and the obligation to hold professional indemnity insurance.
The credit intermediaries have to be authorized and registered in the national register of credit intermediaries. To this end, a sole information point will be established and will operate within the ANPC.
The obligation to notify of the debt collection companies
Within 120 days since the law is published, the debt collection companies are obliged to submit to the ANPC a notification regarding: their contact details, copies of the authorization documents, number of files regarding the credit agreements secured with real estate assets etc.
If the notification is not submitted within 180 days since the law is published, the debt collection companies will no longer have the right to provide services regarding credits secured with immovable assets.
