Romanian Senate debates new credit protection regulations

A legislative project currently under debate in the Romanian Senate aims to strengthen consumer protections regarding credit agreements. The proposal would require creditors to provide clients with a final credit statement within a maximum of five working days following the termination of a contract.

This standardized document must clearly detail the initial loan amount, total payments made, the breakdown between principal, interest, and commissions, the specific dates of each payment, and any remaining balance. It must also include information regarding reports made to credit risk systems.

To prevent identity theft and fraudulent loans, the project introduces a mandatory identity verification process for credit contracts concluded remotely. Furthermore, the proposal stipulates that all communications sent to consumers must utilize a method that allows for confirmation of receipt.