New Law on Consumer Credit: CNPF Proposes a More Transparent and Fair Framework for Consumers

The National Commission for Financial Market (CNPF) has developed a new regulatory framework for consumer credit contracts. The need for new regulation is driven both by the obligation to harmonize with the European Union acquis and by changes in the credit market in recent years. Accelerated digitalization, the expansion of credit offers in the online environment, the diversification of financial products, and the emergence of new distribution models have highlighted the limitations of the current Law no. 202/2013 and the need for a clearer, more modern legal framework better adapted to market realities.

The draft law extends the regulatory framework applicable to certain forms of lending, including interest-free loans and "goods and services in installments" products. In the same vein, the draft regulates the specifics of products involving deferred payments to suppliers (e.g., retail stores), explicitly specifying cases where they remain excluded from the scope, for example when payments are made in full within 50 days at most, interest-free, without other costs, and without the involvement of a bank, non-bank credit organization, or savings and loan association.

In addition to existing obligations, the draft law imposes stricter requirements on creditors regarding advertising materials and pre-contractual information disclosure methods, which must be adapted to consumer communication channels. Rules on tying practices and the purchase of ancillary services are strengthened, and consumer consent cannot be inferred from silence, inactivity, or the use of pre-checked boxes.

The draft law introduces clear limits on costs that can be charged to consumers. Thus, fees, taxes, and costs related to the loan, other than insurance premiums, costs related to the registration or release of a mortgage, and property valuation costs, will not exceed 0.02% for each day of actual credit usage relative to the total loan amount. Additionally, the interest rate remains capped at 50% for loans issued in national currency and will be capped at 25% for loans linked to a foreign currency. The draft maintains the prohibition on charging any costs in case of loan refusal, and the total payments due by the consumer will continue not to exceed the amount disbursed under the contract.

Regarding arrears, the draft establishes explicit caps on penalties so that they cannot generate a disproportionate increase in debt. In case of payment delay, penalties will not exceed 0.2% for each day of delay on the outstanding amount relative to the total credit value. In certain special situations, this cap is reduced to 0.05%, and after the declaration of early loan maturity or, where applicable, after contract termination, applicable penalties will not exceed 0.02% per day, relative to the outstanding amount of the total credit value.

The draft law also brings clear rules for actors participating in credit distribution and facilitation. Credit intermediaries are assigned registration, transparency, and conduct obligations, while advisory services are treated as a distinct activity that must be provided in the consumer's interest and independent of creditor influence. Concurrently, debt advisory services are introduced for consumers facing financial difficulties, along with a recording and supervision regime for non-financial creditors, ensuring all lending forms are subject to clear consumer protection rules.

Upon the entry into force of the new law, Law no. 202/2013 on consumer credit contracts will be repealed.

Together with the draft new law on credit contracts granted to consumers for residential real estate (more information here: https://tinyurl.com/stu2wk6e ), this draft will contribute to consolidating a modern, coherent, and unified regulatory framework in consumer lending, focused on greater transparency, responsible lending, and enhanced protection of consumer rights.

The draft law on consumer credit contracts will be promoted by the Ministry of Economic Development and Digitalization and will subsequently be submitted for review and public consultation procedures.

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