ARTICLE · 29 SEPTEMBER 2016

Law On Debt Discharge To Enter Into Force

Wolf Theiss

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The "debt discharge" (darea in plata) allows for the discharge in full of any loans contracted by a natural person and secured by a mortgage arrangement, including any accessories in connection therewith.

RomaniaFinance and Banking

After controversial debates, Law no. 77/2016 on discharge of mortgagebacked debts through transfer of title over immovable property (the "Law on Debt Discharge") was finally published in the Official Gazette on 28 April 2016 and will enter into force on 13 May 2016.

The "debt discharge" (darea in plata) allows for the discharge in full of any loans contracted by a natural person and secured by a mortgage arrangement, including any accessories in connection therewith. The law exempts the governmental backed programme "Prima Casa" and loans exceeding EUR 250,000 (RON equivalent, calculated at the exchange rate made public by the National Bank of Romania on the date on which the relevant loan agreement was concluded) (the "Ceiling").

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