The Project is intended to create a complex and comprehensive legal framework regarding credit agreements secured by real estate consumer. The project aims both in the national legislation transposing the provisions of Directive 2014/17 / EU regulation and market specific issues and practice.

Also, intermediaries must take into account a wide range of products from the whole market and recommend the most appropriate products to the consumer, according to his personal and financial situation.

Regarding loans in foreign currency, the European Directive states, in the introductory part, that, due to significant risks related to loans in foreign currency, it is necessary to provide for measures to ensure consumer awareness and risk that they take, and for consumers to limit their exposure to exchange rate risk on lending period. In this respect and in accordance with the provisions of the European enactment, the project provides consumers the right to convert the loan agreement in an alternative currency and other ways to reduce borrowing costs. The need for such measures is more proven since the crisis triggered by the surge in CHF and the strong impact felt of over 80 000 consumers and their families.

Regarding the enforcement procedures, the Project takes into account the issues set forth in Directive 17/2014 / EU, namely that it is important for lenders to proactively manage credit risk still emerging from an early stage. There should also be taken the necessary measures to ensure that creditors exercise reasonable indulgence and make reasonable attempts to resolve the situation by other means before initiating foreclosure proceedings.

These measures are necessary given the significant consequences foreclosure produces on consumers, creditors, and possibly on financial stability. The project includes provisions on penalty interest, namely that they are applied to the outstanding principal amount and not to the loan balance and must not exceed the amount necessary to compensate the creditor for the costs incurred after default. It also provides that, after declaring early term for reimbursement it can only be charged a penalty interest rate that does not exceed the legal interest and on the foreclosure proceedings it is forbidden to ask interest and penalty interest.