Romania Should Outlaw Early Loan Repayment Fees Via Govt Decree – Competition Watchdog

Prime Minister Emil Boc said earlier Thursday the Government will endorse the normative act proposed by the national authority for consumers’ protection ANPC to eliminate the fee for early repayment of bank loans, including for mortgage loans.

„Even without extending provisions to cover guaranteed and already granted loans, the directive’s application could be delayed if the Government follows parliamentary procedure instead of passing an emergency decree, especially considering the Parliament will soon enter summer recess,” Chiritoiu said, adding the Government, however, prefers not to overuse its legislative prerogatives.

Under the EU directive in question, banks should limit to 1% the early loan repayment fee for unguaranteed consumer loans of between EUR200 and EUR75,000 as of June 2010.

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Local banks are currently allowed to set their own fees for different loans.