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Law No. 90 Of 28 April 1998 On Approval Of The Government Ordinance. 51/1997 On Leasing Operations And Leasing Companies

Original Language Title:  LEGE nr. 90 din 28 aprilie 1998 pentru aprobarea Ordonanţei Guvernului nr. 51/1997 privind operaţiunile de leasing şi societăţile de leasing

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LEGE no. 90 90 of 28 April 1998 for approval Government Ordinance no. 51/1997 on leasing operations and leasing companies
ISSUER Parliament
Published in OFFICIAL MONITOR no. 170 170 of 30 April 1998



The Romanian Parliament adopts this law + Article 1 Approval Government Ordinance no. 51 51 of 28 August 1997 on leasing operations and leasing companies, issued pursuant to art. 1 lit. c) of Law no. 134/1997 for the empowerment of the Government to issue ordinances, and published in the Official Gazette of Romania, Part I, no. 224 of 30 August 1997, with the following amendments and additions: 1. In Article 1, paragraphs 1 and 2 shall read as follows: " This ordinance applies to leasing operations in which a party, called the lessor, undertakes that, at the request of the other party, called a user, to buy or take over from a third party, referred to as a supplier, a movable or immovable property and to transmit the user's possession or use, against a payment called royalty, for the purpose of exploitation or, as the case may be, of the purchase of the property. Leasing operations have as their object: a) the use of movable property, including securities; b) use of industrial equipment; c) the use of immovable property with a commercial destination, acquired or built by a leasing company, hereinafter referred to as real estate company for trade and industry-S.I.C.I.; d) the use of the trade fund or one of its intangible elements; e) the use of durable goods and buildings with a dwelling destination, for individuals, in compliance with the legal provisions on consumer protection. " 2. Article 2 shall read as follows: "" Art. 2. -In order to carry out a leasing operation, any natural or legal person will formulate a leasing company a firm offer, accompanied by the list of goods that will be the subject of the lease, as well as acts showing its financial situation. " 3. Article 3 shall read as follows: "" Art. 3. -In leasing operations, the user has the right to choose their supplier, unless the leasing company also has the quality of supplier, as well as the company that will ensure the good, with the agreement of the leasing company. " 4. in Article 4, letters b), c), d) and e) shall read as follows: " b) to conclude a contract of sale-purchase with the supplier designated by the user, under the conditions expressly formulated by him; c) to conclude a lease with the user and to transmit to him, under the lease agreement, all rights deriving from the sale-purchase contract, except for the right of disposition; d) to transmit to the user the right of possession or use of the purchased property; e) comply, at the expiry of the lease, the right of option of the user, which consists in the possibility to request the purchase of the property, its refund or the extension of the lease, unless in the contract it was otherwise provided; " 5. in Article 4, the letter g) shall be inserted after letter f) with the following contents: "" g) ensure, through an insurance company, the goods offered in the leasing system. " 6. in Article 4, after paragraph 1, paragraph 2 is inserted as follows: " The leasing company has the right to periodically verify the condition of the goods, the mode of operation and to terminate the contract before the deadline, if the user has not fulfilled the contractual obligations. 7. In Article 5, points a) and c) shall read as follows: "" a) to receive the good at the time stipulated in the sales contract and in the lease, as the case may be; " " c) make the royalty payments in the established value amount and the dates fixed in the lease; the paid royalty will be calculated taking into account a profit margin and the full depreciation of the good or part of the lease. the amount of its entry; in the latter case, the depreciation regime will be determined by the parties, by mutual agreement, depending on the nature of the property and its entry value, in accordance with the provisions of Law no. 15/1994 15/1994 on depreciation of capital immobilized in tangible and intangible assets, as amended; " 8. in Article 5, after letter f), the letters g) and h) shall be inserted as follows: " g) to refund the property in accordance with the provisions of the leasing contract; h) to exploit the good according to the instructions, to ensure the training of personnel for the exploitation of the good, not to make changes to the good without the consent of the owner or the leasing company, to keep in appropriate conditions the good the duration of the contract " 9. Article 5 shall be inserted after Article 5, with the following contents: "" Art. 5 5 ^ 1. -Within the leasing operations the rights and obligations of the parties will be stipulated in the contract and will not be limited to the provisions of art. 4 4 and 5. " 10. Article 6 shall read as follows: "" Art. 6. -If, at the expiry of the lease, the user expresses his intention to buy the good, the leasing company must take into account the various payments made previously by way of royalty, as well as the residual value of the property. " 11. Article 7 shall read as follows: "" Art. 7. -The right of option consisting of the purchase of the property, according to 4 lit. e), may also be exercised until the expiry of the lease with the consent of the lessor, if the user formulates a firm and irrevocable purchase offer. The user, on the basis of the mandate contract concluded with the leasing company, has the right of direct action on the manufacturer in the case of complaints regarding quality, technical assistance, service required during the warranty and post-warranty period. " 12. In Article 9, paragraph 2 shall read as follows: "The leasing company does not respond to the case where the property subject to the lease is not delivered to the user, unless the leasing company also has the quality of the supplier." 13. Article 10 shall read as follows: "" Art. 10. -If the user does not execute the obligation to pay the royalty, the leasing company has the right to terminate the lease, with the obligation of the user to the return of the property and to the payment of the due and non-refunded rates, with damages, with the exception of a contrary provision. The damages shall include the amount of the royalty that has remained to be paid until the expiry of the lease. ' 14. Article 11 shall read as follows: "" Art. 11. -Failure to comply with the user's right of option obliges the leasing company to pay damages, which will be equal to the residual value of the property or to its circulation value, calculated at the expiry date of the lease. " 15. The title of Chapter IV shall read as follows: "" Organization and operation of leasing companies " 16. Article 14 shall read as follows: "" Art. 14. -Commercial leasing companies are established and operate according to Law no. 31/1990 on companies, republished, and may be: a) companies that have as their sole object the leasing operations, according to the provisions of this ordinance; b) companies that have as their object of activity and leasing of industrial equipment, durable goods and buildings with commercial or industrial destination, of buildings with housing destination or leasing of the fund of trade or of one of its tangible elements. ' 17. Articles 15 to 18 shall be repealed. 18. The title of Chapter VI, which becomes Chapter V, shall read as follows: "" CHAPTER V Advertising of leasing operations " 19. Article 19 shall become Article 16. 20. Article 20 shall be repealed. 21. Chapter VII "Special provisions" shall be deleted. 22. In Article 21, paragraph 1, letter c) shall read as follows: "c) payment of amortisation; their records shall be made at the lessor;" 23. Article 21 shall become Article 15. 24. Article 25 shall read as follows: "" Art. 25. -The movable property, which is imported for the purpose of use in the leasing system, falls within the customs procedure of temporary admission, throughout the lease period, with the total exemption from the obligation to pay the amounts related to the rights of import, including customs guarantees. In the case of the purchase of the goods imported into the leasing system, according to the term agreed by the parties under the lease, the buyer is obliged to pay the customs duty calculated at the residual value of the property from the moment of preparation the sale-purchase act, on the basis of the definitive import customs declaration. If, at the expiry of the lease, the user did not exercise his right of option for the extension of the contract or for the purchase of the property, and the property was not returned from the fault of the leasing company or the supplier, the user is obliged to pay the customs duties at the residual value of the property, if he still uses that good. The period within which those goods are to be returned or receive a new customs destination shall be that agreed by the parties by the lease, but shall not exceed 7 years. " + Article 2 Contracts concluded before the entry into force of this Law shall retain their validity. + Article 3 On the date of entry into force of this Law, the Government Decision no. 72/1993 on the customs procedure of imported goods subject to leasing transactions, published in the Official Gazette of Romania, Part I, no. 44 44 of 26 February 1993, Government Ordinance no. 12/1995 concerning certain measures relating to the customs arrangements of machinery, machinery and installations imported under leasing transactions, and to the customs procedure of raw materials, spare parts, materials and components used in own production of economic agents, published in the Official Gazette of Romania, Part I, no. 26 of 3 February 1995, approved by Law no. 59/1995 ,, as well as any other provisions to the contrary. This law was adopted by the Senate at the meeting of March 30, 1998, in compliance with the provisions of art 74 74 para. (2) of the Romanian Constitution. p. SENATE PRESIDENT RADU VASILE This law was adopted by the Chamber of Deputies at the meeting of March 30, 1998, in compliance with the provisions of 74 74 para. (2) of the Romanian Constitution. p. CHAMBER OF DEPUTIES PRESIDENT VASILE LUPU -------------