On Dec. 6, 2024, LTH CB confirmed it had approved draft resolutions aimed at unifying the concept of fixed credit interest rate used in European Union legal acts, the Law on Credit Related to Real Estate and subordinate legal acts; in force from May 1, 2025.
On Jun. 20, LTH PRL amended the real estate-related credit law.
LTH PRL published in the gazette Law XIV-2719 of Jun. 13, 2024 amending art 3, 7, 16, 17, 18, 20 and 22 of Real Estate-Related Credit Law XII-2769 of Nov. 10, 2016.
Main Points
The amended law determines the terms and conditions of credit related to real estate.
And the requirements for informing about credit's terms, the duties and responsibilities of the lender, credit intermediary and peer lending platform operator in their activities.
Amendments to art 3, para 7, concern the fixed credit interest rate; para 8 on variable credit interest rate is invalid; changes to art 7 include a new para 4 and a new para 5.
Art 7 concerns rules on standard credit information and binding credit offer and the changes concern the lenders' obligation to present offers in variable and fixed rates.
New para 6 to art 7 about the information included in offers depending on the amount.
Changes to art 16 re the form and content of the credit agreement depending on rate.
Change to art 17 concern informing about credit interest rate changes and other publicly announced information, data; creditors must use oversight authority's data.
Changes to art 18 determine the elements used to define for fixed and variable rates.
Changes to art 20 and 22 concern early loan repayment and delayed payments.
Effectiveness
The law enters into force on May 1, 2025; art 7, 8 enter into force on Jun. 21, 2024.
Provisions of art 17 and 20 apply to loans concluded before the law's entry into force.
In Jul. 2024, LTH PRL amended the real estate credit law arts 3, 21, 33, see #220881.
Dec. 2024 Reminder
On Dec. 6, 2024, LTH CB confirmed it had approved draft resolutions aimed at unifying the concept of fixed credit interest rate used in European Union legal acts, the Law on Credit Related to Real Estate and subordinate legal acts; in force from May 1, 2025.
Regulators
LTH CB; LTH PRL
Entity Types
Bank; CNSM; MG Orig; MSB
Reference
PR 12/6/2024; Law XIV-2934, 7/16/2024; OG 2024-11242, 6/20/2024; Law XIV-2719, 6/13/2024; Law XII-2769, 11/10/2016
