LAW 356 06/06/2002
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LAW No. 356 of June 6th, 2002for the approval of Government Ordinance no. 9/2000 regarding the level of the legal interest for obligations in moneyISSUED BY: The Parliament of RomaniaPUBLISHED IN: the Official Gazette of Romania No. 425 of June 18th, 2002– The initial document was published in The Official Gazette of Romania no. 425 of June 18th, 2002._________ Note C.T.C.E.: For using in court, only the text in the Romanian language has legal foundation. The Parliament of Romania adopts the present law. SINGLE ARTICLE Government Ordinance no. 9 of January 21st, 2000 regarding the level of the legal interest for obligations in money, issued on the grounds of art. 1 let. T in Law no. 206/1999 regarding the qualification of the Government to issue ordinances and published in the Official Gazette of Romania, Part I, no. 26 of January 25th, 2000 is approved with the subsequent changes and completions:1. Article 1 shall have the following contents:Art. 1 - The parties are free to establish, in conventions, the rate of interest for the delay in paying an obligation in money.2. Article 3 shall have the following contents:Art. 3 - The legal interest is established, in the commercial field, at the level of the reference interest of the National Bank of Romania. According to art. 7 in the Code of Mercantile law, there are considered as tradesmen the persons that carry out commercial activities, having trade as a common profession, and the trading companies. In all the other cases, the legal interest shall be established at the level of the reference interest of the National Bank of Romania, diminished with 20%. The level of the reference interest of the National Bank of Romania, function to which the legal interest is established, is the one from the first working day of the year for the legal interest owed on the Ist semester of the current year, and the one from the first working day of July for the legal interest owed for the IInd semester of the current year. The reference interest of the National Bank of Romania shall be calculated as a ratio, balanced with the amount of transactions, between the interest from the deposits of the National Bank of Romania and the reversible sales of state titles carried out by them in the month anterior to the one for which the announce is made.The level of the reference interest of the National Bank of Romania shall be published in the Official Gazette of Romania, Part I, by care of the National Bank of Romania.3. Paragraph 1 of article 10 shall have the following contents:(1) The interests taken or paid by the National Bank of Romania, by banks, by the Economies and Consignations Home, by credit cooperative organizations and by the Ministry of Public Finances, as well as the way of calculating them shall be established by specific regulations.4. Article 11 is abrogated. This law was adopted by the Senate during the meeting from May 7th, 2002, with the observance of the provisions under art. 74 par. (2) in the Constitution of Romania. p. THE PRESIDENT OF THE SENATE, GHEORGHE BUZATU This law was adopted by the Chamber of Deputies during the meeting from May 13th, 2002, with the observance of the provisions under art. 74 par. (2) in the Constitution of Romania. THE PRESIDENT OF THE CHAMBER OF DEPUTIES VALER DORNEANU _____________
