Among other things, the ordinance regulates the legal remunerating and penalizing interest for the money obligations.
The remunerating interest is the interest owed by the debtor of the obligation to give an amount of money at a certain term, calculated for the period prior to the due date of the obligation.
The penalizing interest is the interest owed by the debtor of the money obligation for failure to fulfill the respective obligation at due date.
By interest is shall be understood not only the amounts calculated in money with this title, but also other supplies, under any title or name, which the debtor undertakes as equivalent of the use of the capital.
According to the ordinance, the parties are free to establish, in conventions, the rate of interest both for the restitution of a loan of an amount of money, as well as for the delay in the payment of a money obligation.
In the case in which the obligation bears remunerating and/or penalizing interest, as the case may be, according to the legal dispositions or the contract provisions and in the absence of the express mention of their level by the parties, for the respective obligation will be paid the legal interest corresponding to each of them.
The rate of the legal remunerating interest is established at the level of the rate of NBR reference interest, which is the date of interest of currency policy established by the decision of the Board of Directors of NBR. This will be published in the Official gazette each time modifications appear.
The rate of the legal penalizing interest is established at the level of the reference interest plus 4 percentage points.
In the legal relations with element of extraneity, when the Romanian law is applicable and when the payment in the foreign currency was stipulated, the legal interest is 6% per year.
In the legal relations which do not derive from the exploitation of an enterprise with lucrative purpose, the rate of legal interest is established according to the above provisions, reduced by 20%. Also in these cases, the interest cannot exceed the legal interest by more than 50% per year. Any clause by which such dispositions are breached is null as of right. In this case, the creditor looses his right to ask for the legal interest.
The interest has to be established by written act. Without it only the legal interest is owed.
The anticipated payment of the remunerating interest can be made on no more than 6 months. The interest thus received is not subject to restitution, irrespective of the subsequent variations.
The interest will be calculated only on the amount of the borrowed share. However, the interests can be capitalized and may produce interests by virtue of a special convention concluded in this respect, after their due date, but only for interests owed on at least one year. The remunerating interests can be capitalized and can produce interests.
These dispositions do not apply to the contract of current account or when the law otherwise provides. Also, the interests received or paid by NBR, by the credit institutions, by the non-banking financial institutions and by the Ministry of Public Finances do not enter under the incidence of the present provisions, their level and calculation manner being established by specific regulations.
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