Law 243/2024 on Consumer Protection in regards to the Total Cost of Credit and the Assignment of Receivables (“Law 243”) was published in Official Gazette no. 807/13.08.2024 and shall enter into force 90 days from the date of publication.
This law applies to legal relationships between consumers, non-banking financial institutions, and entities engaged in debt recovery activities in relation to consumer credit and establishes the rules for the protection of consumers against excessive interest rates with the aim of maintaining contractual balance and ensuring the integrity of the internal financial-banking market.
The status of a consumer acting for personal or family purposes is presumed and analysed in relation to the credit contract that falls under the scope of Law 243, and not to the debtor’s entire activity.
What are the other main aspects summarized by our Romanian colleagues in respect of this topic? For more details, please follow this link on our blog and read the full article .
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