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August 14, 2022

Abusive contract clauses denounced as of October 1

The government decided to proceed with denouncing abusive clauses stipulated in service agreements, including bank loans, and legal provisions in this respect will be in effect as of October 1. “No, no more delays!” Prime Minister Victor Ponta answered Mediafax. According to official sources, the decision was made following a government discussion on political topics, among others. Collective law suits are aimed at forcing banks to change all loan contracts, once the new Civil Code on such law suits is applicable, by excluding clauses that might be considered abusive by the court of law in case of disputes. BNR has opposed these legislative initiatives and lobbied through the government and the IMF against the validation of these laws, which would cause losses in the banking system by jeopardizing financial stability. One month ago, BNR governor Mugur Isarescu stated these abusive clauses reported by bank debtors are included in the agreements which they themselves have signed as client and must comply with.

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