9th December 2012

Chamber of Deputies on 7 December: financial control, Supreme Audit Office and consumer credits passed

The Chamber of Deputies passed the Bill on Consumer Credits (zákon o spotřebitelském úvěru) in the third reading. The Bill introduces a stricter process of consumer credit application. The aim of the amendment is to define conditions under which applicants may succeed in gaining the consumer credit. The Bill introduces the necessity of the credit provider to inquire in financial stability of the applicant to assess the ability of paying the credit back. The amendment also intends to limit providers of the credits. Credit contracts may be agreed directly by the provider, not by agents.
For further information, click here (explanatory report).

The Chamber of Deputies also passed the Bill on Supreme Audit Office (zákon o nejvyšším kontrolním úřadu) that broadens the scope of supervision activities of the Office. The Office should also control financial management of municipal and regional authorities; any semi-budgetary organization should be controlled by the Office too. 
For further information, click here (explanatory report).

The Bill on Financial Control (zákon o finanční kontrole) has been discussed by the Chamber of Deputies in the third reading as well. The Bill introduces means of financial control of state expenditures. The financial control should be conduct by the Ministry of Finance. The Bill has been approved under an increased strain of the European Union as a condition for further payments of structural and cohesion funds of the EU. The Chamber of Deputies also passed that the Bill should come into force in the next month after being promulgated. The opposition has already raised objections to the Bill, concerning the impartial position of the Ministry of Finance. The Senate may discuss the Bill further. For further information, click here (explanatory report).

All the three Bills are heading to the Senate.

Members of the American Chamber of Commerce in the Czech Republic