Several years of procrastination and delays later, the mortgage credit market has finally been regulated. Moreover, the normative act regulating this type of financing includes clear stipulations as to what conditions a mortgage credit company has to meet.
Such a company will be required to have the ROL equivalent of at least three million euros in share capital and report the structure of the mortgage receivable portfolio to the National Bank of Romania every three months. The normative act also stipulates that the new entities will operate as joint-stock companies. Under the circumstances, the shares issued by the companies in question will only be nominative.
The institutions covered by the ordinance will deal with granting mortgage credits and related activities, including the administration of mortgage credit portfolio, the execution or sale of mortgage receivables, namely of the goods pledged as security.
The mortgage credit institutions will be allowed to trade negotiable instruments such as foreign currency swap in their own accounts, to make purchases or sales (reversible purchases and sales included) of T-bills or any other monetary assets eligible for trading, foreign currency and derivatives. 
Every such institution shall appoint an independent financial auditor.
The mortgage credit company shall keep all its operations confidential, which requirement also encompasses the identity and data supplied by its clients. Any information about the operations conducted on behalf of the natural or legal persons shall be revealed only to the account holders or to their legal representatives, except for the lawsuits where the account holder is under prosecution and the information can be revealed upon written request from the prosecutor or the court only.



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