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According to an announcement by the Presidential Administration, Iohannis signed on Wednesday the decree on the promulgation of the Law for the amendment and termination of Law no. 77/2016 on the payment of real estate to settle the obligations assumed through loans.
Therefore, the law must enter into force.
The new form of the payment law establishes the contingency conditions. Therefore, the depreciation of the currency in which the loan was contracted by 52.6% and the increase in the monthly payment obligation of the borrower by 50%, are considered unforeseen, according to the amendments presented to the Law 77/2016. Apr 29, 2020
According to the new law, the following events represent alternative criteria to individualize the contingency: “a) during the execution of the credit contract, the exchange rate, applicable for the purchase of the credit currency, is recorded on the date of shipment of the payment notice, an increase of more than 52 To calculate the percentage of 52.6%, the exchange rate published by the National Bank of Romania on the date of sending the payment notice and the rate of payment will be taken into account. change published by the NBR on the date of execution of the credit agreement. and (b) during the execution of the credit agreement, the monthly payment obligation will increase by more than 50% as a result of the increase in the variable interest rate. ” Senator Daniel Zamfir chose a rate variation of 52.6% for at least three months. According to this calculation, all loans in Swiss francs granted in the pre-crisis period for which the exchange rate increase is greater than or close to 100% and even most loans in euros or dollars would fall into contingency.
Throughout the legislative process, the law provoked reactions from both the political and banking sectors, which recently considered the payment law, along with seven other legislative initiatives with an impact on the banking system (interest limits, conversion of credit, suspension of interest payments) or the elimination of the callable title) will have an impact on the economy and a decrease in loans.
The law has changed over time, the new form is an amendment to Law 77/2016 on payments.
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