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May 18, 2022

President Iohannis asks Parliament to review Giving in payment Law

President Klaus Iohannis on Friday asked Parliament to review the Law on giving certain real estate assets in payment for the settlement of loan liabilities.

“Giving in payment Law timely, but current form bodes for new difficulties”

Klaus Iohannis says the Giving in payment Law is timely, but the form that cleared Parliament bodes for other difficulties for the loan holder, which is why he asked that the piece of legislation be reviewed.

“The Giving in payment Law is timely but instead of helping the holders of mortgage loans, it risks creating new difficulties that can go as far as making its enforcement impossible. The terminology is unclear, it is not harmonized with the legislation in force and generates unfair treatment among the beneficiaries, just to mention a few of the act’s drawbacks. This is the reason why I sent the law back to Parliament for review,” the President wrote on Facebook on Friday.

In his opinion the lawmakers’ responsibility is to more rigorously define the terms so as to remove all unclarity and confusion.

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