The Romanian government has used an emergency ordinance to remove the commission for anticipated payments for fluctuating interest credit, with lenders being compelled to change any such contracts that are in effect through additional documents within 90 days of the emergency ordinance coming into force. It further limits commission on fixed interest credit to 1 percent if the period between payment and the date set for the termination of the contract is more than a year, and to 0.5 percent if it is less than a year. The ordinance also gives the customer the right to get out of the contract without providing a reason within 14 calendar days. Banks may no longer charge commission for file analysis if the credit is not granted.
Lenders will also be compelled to provide the borrower with a standard document, including commission, interest and other costs, before the contract is signed, to allow the customer to compare the deal with the terms offered by other banks.