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Romanian Govt Mulls Compelling Bks To Answer Loan Applications In 30 Days – Sources

The Romanian Government aims to compel banks to answer loan applications in maximum 30 days, either by amending the legislation in force or by adopting a distinct law for all types of loan applicants, official sources told MEDIAFAX.
Romanian Govt Mulls Compelling Bks To Answer Loan Applications In 30 Days - Sources
30 iul. 2009, 15:40, English

Thus, the Government aims at shortening the period in which loan applicants receive an answer.

Banks should therefore notify clients on their decisions to grant the required loan in maximum 30 days and if the application processing period exceeds 30 days, the answer will be notified in a longer period to be set by the Government. Also, the applicant should be notified in writing about this situation within 30 days, according to the quoted sources.

The proposal will be discussed with the National Bank of Romania, the Ministry for Small and Medium-sized Enterprises and the National Consumer Protection Authority.

Prime Minister Emil Boc said at the end of last week he will ask banks to speed up answering loan applications submitted by companies.