Law No. 289 on Consumer Credit for Individuals

Romania

(enacted in 2004)

Law No. 289 on Consumer Credit for Individuals (Lege Nr. 289 Privind Regimul Juridic al Contractelor de Credit Pentru Consum Destinate Consumatorilor, Persoane Fizice) regulates the legal conditions governing consumer credit agreements in Romania, such as terms and conditions of credit and the rights of the parties to consumer credit. Art. 3 excludes the application of the law to credit agreements that have a value of less than 200 Euros, or more than 20,000 Euros. Art. 16 clarifies the role of the National Authority for Consumer Protection as the authority supervising and controlling the activities of creditors and credit intermediaries.

This law was amended by the Government Emergency Ordinance No. 174 of 2008 which can be found under “Related Amendments.”

 

DISCLAIMER: Due to the fact that an English translation was unavailable for this law, information for this summary has been taken from secondary sources and not from review of the actual legal text.