Romanian President Passes Law Banning Usury

Romanian President Traian Basescu on Tuesday passed the law prohibiting usury.

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The law was adopted on October 18 in the Chamber of Deputies, after it was rejected in the Senate. It says usury, defined as "excessive interest charged for loan by a money lender," is punishable by six months to five years in prison.

The law is transient, until the new Criminal Code enters force.

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