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February 28, 2021

BNR, Justice Minister discuss abusive banking clauses

Justice Minister Mona Pivniceru is participating in a central bank seminar today, discussing the legal consequences of the review of Law 193/2000 that might force banks to exhaustively drop abusive clauses in loan agreements, according to an invitation sent to the press. In January, the Government prorogued until mid-year a certain provision in the new Code of Civil Procedure that would allow consumer associations as well as the Consumer Protection Authority to introduce class action for the abrogation of abusive contractual clauses in all loan agreements of a bank. The prorogation was decided upon the express solicitation of the International Monetary Fund who argued there was no impact study on the consequences that might have on the banking sector.

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