News
Financial leasing contracts are now regulated by Law no. 124/2017
- 09/10/2017
Financial leasing contracts, which were not regulated by any law yet, have recently been the object of a legislative intervention.
Article 1, paragraph 136, of Law no. 124/2017 (so-called “Law on market and competition”) provides that financial leasing contracts are those by which a bank or a financial intermediary (…) engages to purchase a good or to have a good made according to the instructions of the lessee. That good is then used by the lessee for a certain period of time. In exchange, the lessor gets a sum of money to be calculated by taking into account the purchase or production price as well as the contract term.
Moreover, when a financial leasing contract expires, the lessee has either the right to become the owner of that good by paying a determined price, or the obligation to return that good to the lessor.
Paragraph 137 explains what serious breach of contract by the lessee means. Where a contract is terminated for this reason, the lessor has the right to have that good returned to him. Also, he has to offer the lessee an amount of money decreased by leases not paid for yet, as well as by other sums which are duly listed in the provision at issue.
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