The Government approved an amendment to the Act on Consumer Lending (zákon o spotřebitelském úvěru) at its session on 22 August. The amendment partially transposes the EU-directive on comparability of annual percentage rate (in Czech RPSN). The second objective of the Ministry of Finance as the proposer is to provide consumers better conditions when using products of credit companies. The provider of the consumer lending should enquire the financial stability of the applicant so that the applicant could not apply for a lending that he/she will not be able to pay for in the future. In addition to that, applicants will be able to withdraw from contract in 14 days after entering into the contract. The amendment also forbids using inconvenient bills of exchange.
The Bill is heading to the Chamber of Deputies.
For further information regarding the Bill, click here (explanatory report). Source: explanatory report, Ministry of Finance sites.