Theoretical and Practical Aspects of Unfair Terms in Consumer Credit Contracts

The transformations taken place after 1989 in Romania also imposed explicit regulations in protecting consumers in their relationship with the suppliers of Goods or Services as per Law 296/2004 on Consumption Code – the consumer is “the natural person or group of natural persons gathered in associations who purchases, acquires, utilizes or consumes products or services beyond his professional activity.” “Amongst the banks in Romania, 99.99% have unfair terms in their credit contracts with the population. Of all the cases, we haven’t lost any so far and neither shall we. Once the sentence pronounced, the bank was obligated to indemnify the amounts of money obtained from the client through such unfair terms” said the president of ANPC.