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Bucharest
July 28, 2021
BUSINESS BUSINESS COMPANIES ECONOMY EDITORIAL OP-ED OPINION POINTS OF VIEW

Pavel, Margarit & Associates : How can you avoid registration in the Central Credit Register in order to access new loans?

The procedure for deregistration of data from the central credit register is a novelty from the perspective that it may be forbidden to register in the Central Credit Register or in other negative databases of the debtor. A lawyer specializing in banking, finance and capital markets law is empowered to send a notice to the creditor in order to settle the obligations regarding the payment of real estate.

 

Legal framework

 

The Central Credit Register (CCR) is organized and operates at the National Bank of Romania and through it is managed the credit risk information and the information on card frauds.

In this sense, the reporting institution are obliged to report to the The Central Credit Register, the information mentioned above at the terms and under the conditions provided in Regulation no. 2/2012 on the organization and operation at the National Bank of Romania of the CCR with subsequent amendments and completions.

By reporting institutions are credit institutions, Romanian legal entities, Romanian branches of foreign credit institutions, non-bank financial institutions enlisted in the National Bank of Romania’s Special Register Romanian branches of foreign financial institutions enlisted in the Special Register, electronic money institutions, Romanian legal entities, payment institutions, Romanian legal entities.

Thus, the reporting institution must submit monthly through the Interbank Communication Network, the credit risk information using certain procedures provided by the Regulation at art. 10.

On 02.03.2021, came into force Regulation no. 1/2021 by which art. 10 point 4 of Regulation no. 2/2012 has been amended.

Under these circumstances, regarding procedure for clearing the risk, it was also added in the case of the previously reported risks that fall under the provisions of art. 5 para. (31) of Law no. 77/2016 on the payment of real estate in order to settle the obligations assumed through loans, with subsequent amendments and completions.

 

What do these amendments actually involve?

 

In fact, the deregistration risks procedure will apply in the event that a consumer sends to the creditor a notice informing that he/she has decided to transfer ownership of the property in order to debt settlement arising from the mortgage contract. A specialized lawyer in banking, finance and capital markets can handle this notification.

For the entire period from the transmission of the notice until the settlement of the request including the period of a possible litigation due to the creditor’s non-compliance with the debtor’s decision, it is forbidden to register the debtor in the Central Credit Register or other negative databases.

Also, by Regulation no. 1/2021, art. 11 of Regulation no. 2/2012 was amended, based on the same considerations presented above. Thus, art. 11 by the new amendment provides an exception from reporting the credit risk information registered in the records of the reporting institution on the last day of the month for which the reporting is made, the credit risks that fall under the provisions of art. 5 para. (31) of Law no. 77/2016.

 

Conclusion

 

These amendments in the context of Law no. 77/2016 come to support the consumers in the conditions in which the action that results in the transfer of ownership of the property, there is both the settlement of the debt arising from the mortgage loan agreement and the prohibition of registration of the debtor in the Central Credit Register or other negative databases.

In these circumstances, we consider that it would no longer be impossible for the borrower/debtors to access new loans with the help of specialized lawyer in banking, finance and capital markets.

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