7th June 2022

How much will the major consumer law amendment affect the financial market?

Financial institutions are not the only ones who will be affected by the introduction of the concept of abusive provisions (instead of the current disproportionate provisions) for provisions that are not taken into account due to their adverse effect on consumers, unless the consumer invokes them himself. At the same time, the list of these provisions was expanded. The private law consequences remain the same, but there are also new public sanctions in the form of very high fines for abusive provisions.

Members of the American Chamber of Commerce in the Czech Republic