Bankers have managed to modify Ordinance 50 according to theirown will, so that the form under which this will submitted to theChamber of Deputies, after almost six months of debate, will allowthem to keep the costs of old loans unchanged.
The Emergency Ordinance no. 50/June 2010 on consumer loans willonly apply for loans sold after it came into effect, while theelimination of the early payment fee and certain stipulations oncommunicating cost modifications will be valid for old loans, aswell.
This version, which was yesterday approved by the deputies of theBudget-Finance Commission part of the Chamber of Deputies, who hadbeen prolonging debates for two months, leaves making old loancosts more transparent (indexing interest rates against independentindices and the elimination of certain fees, hanging, much toclients' discontent.
However, deputies included an amendment proposed by the groups ofangry clients, forcing banks to grant debtors who are not more than45 days late in paying back loans access to refinancing, withoutother costs or assessment, at the costs included in currentoffers.
After Commission debates are over, the draft law on the ordinancewill be sent to the Chamber of Deputies, which has a decisionalrole and subsequently submitted to the Presidency for promulgation.National Liberal Party (PNL) representatives have already announcedthey will challenge the law, should it be promulgated in thecurrent form, in the Constitutional Court.
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