Basescu approves anti loan shark law
President Traian Basescu has promulgated a law prohibiting loan sharking, according to a statement made by officials in his administration December 2011 - From the Print Edition
The law, under which usury becomes punishable with between six months and five years of imprisonment, was proposed by members of the Democrat Liberal Party (PDL) and national minority parties.
The legislation defines usury as “excessive interest that a loan shark charges on borrowed sums” and a loan shark as “a person who lends money at excessive interest rates”.
It was adopted in October by the Chamber of Deputies after being rejected by the Senate. Initially, the bill proposed sanctioning loan sharks with imprisonment of one to three years, but lawmakers approved the wider sentencing range. The law remains transient until the new Penal Code enters into force.
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