Considerations regarding the Particularities of Credit Agreements for Consumers relating to Immovable Property according to the Provisions of Government Emergency Ordinance no. 52/2016

As part of the transposition procedure into the national legislation of Directive 2014/17/EU on credit agreements for consumers relating to real estate immovable properties, was adopted Government Emergency Ordinance no. 50/2010 on credit agreements for consumers. The provisions of the normative acts are should apply exclusively for: credit agreements for consumers who sell immovable property, credit agreements secured by mortgages on real estate property and credits agreements involving a legal right related to residential immovable property. A credit agreement for consumers is the agreement through which a creditor grants or promises to grant to a consumer a credit to acquire an immovable residential property in the form of a deferred payment, loan or any other similar accommodation. According to the law, residential immovable property means the land or an existing or projected building that is the object of a real estate investment. The real estate investment may consist in: acquiring the property rights in a residential immovable property through legal acts by onerous title, improving a residential immovable property, refurbishing, rehabilitating, consolidating or extending it etc. The study of the normative acts mentioned above presents theoretical and practical interest from the general perspective of consumer protection and, in particular, through the economic and legal importance of the material object of credit agreements, respectively the residential immovable property. This paper is structured in three parts: “The Consumer Credit – an Overview”, “Credit Agreements Secured by a Mortgage” and “Credit Agreements for Consumers Relating to Residential Immovable Property”.The legal approach ends with conclusions.