Act No. 145 / 2010 Coll.
Law on consumer credit and amending certain laws
Valid
Effective from 01.01.2011
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145
THE LAW
of 21 April 2010
on consumer credit and amending certain laws
Parliament has decided on this law of the Czech Republic:
CONSUMER CREDIT
Subject matter
This law implements the relevant European Union1 provisions and regulates certain rights and obligations relating to consumer credit. Consumer credit means deferred payment, loan, loan or other similar financial service provided or promised to the consumer by the creditor or intermediary.
This law does not apply to deferred payment, loan, loan or other similar financial service
(a) granted for housing purposes in which the claim is secured by a mortgage on immovable property and the purpose of which is:
1. acquisition of property rights, settlement of property relationships or construction of real estate,
2. payment for the transfer of member rights and obligations in the housing cooperative or acquisition of a participation in another legal person for the purpose of obtaining the right to use an apartment or a family home;
3. change of construction 2) or its connection to public networks,
4. reimbursement of the costs of obtaining a loan, loan or other similar financial service for the purposes set out in points 1 to 3; or
5. repayment of credit, loan or other similar financial services provided for the purposes set out in points 1 to 4 or 5, as the case may be,
(b) negotiated in the form of a case or lease with the exception of contractual relations for which the right or obligation to purchase the subject-matter of the contract or any other possibility of acquiring ownership after a certain period of time is agreed;
(c) granted without interest and any remuneration;
(d) negotiated in the form of the continuous provision of a service or supply of goods of the same kind for which the consumer may pay in the course of their provision in the form of instalments;
e) with a total amount of less than CZK 5,000 or more than CZK 1,880 000; an amount of CZK 5,000 shall also be deemed to have been reached if more than one contract is concluded between the same creditor and the consumer within a period of 12 months with the same or similar purpose, and this law applies to a contract which reaches or exceeds the total amount of the loan of CZK 5,000 and all subsequent contracts concluded during that period,
(f) provided by the employer as a secondary activity to its employees with an annual percentage of costs below the annual percentage of consumer credit costs normally offered on the market and not generally offered to the public;
(g) negotiated with a securities dealer or a bank for the purpose of carrying out an investment instrument operation (3), the securities dealer or the bank being involved in that operation;
(h) in the form of a free deferral of payment of an existing debt;
(i) granted to a limited number of persons in the public interest on the basis of other legislation, free of interest or at interest rates lower than those usual on the market;
(j) the provision of which leaves the creditor with a movable item and does not give the creditor the right to reimbursement; or
(k) which is contained in a settlement concluded before a court or other competent authority.
Definition of certain terms
For the purposes of this Act:
(a) by the consumer, a natural person who does not act in the course of his business or in the context of the independent exercise of his profession;
(b) by the creditor, the person offering or providing consumer credit in the course of his business or in the context of the independent exercise of his profession;
(c) by an intermediary, a person who is not a creditor and who, in the course of his business or in the course of his professional activity, offers the consumer the opportunity to conclude a contract in which the consumer credit is negotiated, to the creditor or to assist him or to conclude the contract on behalf of the creditor;
(d) the annual percentage of consumer credit costs, expressed as an annual percentage of the total consumer credit costs,
(e) the total cost of consumer credit to the consumer of all costs, including interest, commissions, taxes and any other charges which the consumer must pay in connection with consumer credit and which are known to the creditor, with the exception of the costs of notary services; the total costs are also included in the costs related to consumer credit ancillary services, in particular insurance premiums, where the conclusion of a contract for the provision of an additional service is mandatory for obtaining or obtaining a consumer credit under the conditions offered;
(f) the total amount payable by the consumer, the sum of the total amount of the consumer credit and the total cost of the consumer credit to the consumer;
(g) the possibility of overdrafts of the explicit arrangements of the Contracting Parties for making funds available which exceed the current balance on the consumer's payment account;
(h) the reference interest rate, which shall be used as a basis for calculating any interest to be applied and which comes from a publicly available source and which the parties to the contract may verify but cannot have any direct influence on it;
(i) an indication of the creditor or intermediary at least of the name and surname of the creditor or, where applicable, of the business firm, and of the place of business, if any, of the natural person, of the business firm or of the name, registered office or, where applicable, of the location of the organisational component in the Czech Republic, if the legal person,
(j) a durable medium of data, any instrument which allows the consumer to preserve information intended for him personally so that it can be used for a reasonable period of time for the purpose of such information and which allows the reproduction of that information in an unchanged form;
(k) the total amount of consumer credit, a summary of all the amounts made available to the consumer;
(l) the borrowing rate, expressed as a fixed or variable percentage rate applied annually to the amount of consumer credit drawn,
(m) a fixed borrowing rate of a single borrowing rate agreed between the creditor and the consumer for the entire duration of the consumer credit or several borrowing rates fixed for the sub-period shall not be changed solely by a specific percentage; If all borrowing interest rates are not specified in the contract in which the consumer credit is negotiated, the borrowing rate shall be deemed to be fixed only for the sub-period for which the borrowing rates are determined solely by the non-variable specific percentage agreed at the time the contract is concluded,
(n) the amortisation table, the table containing the payments due, the deadlines and conditions relating to the repayment of those amounts, the breakdown of each instalment showing the amortisation of the principal, the interest calculated on the basis of the interest rate and any additional costs; where the interest rate is not fixed or costs may be amended retrospectively, the amortisation table shall contain a clear and concise indication that those figures are valid only until the change in the interest rate or additional costs is made in accordance with the contract in which the consumer credit is agreed.
Information obligations
Where a consumer credit or advertising is offered, including any indication of its costs, advertising shall contain in a clear, concise and clear manner the information listed in Annex 1 to this Act in a representative example.
(1) The creditor shall provide the consumer, either in paper form or in another durable medium of data, with the information set out in Annex 2 to this Act. It shall do so in good time before the conclusion of the contract in which the consumer credit is negotiated or before the consumer makes a binding proposal to conclude such a contract. All the information must be equally pronounced. Information other than that listed in Annex 2 to this Act shall be provided by the creditor in a separate document.
(2) The information set out in Part I of Annex 2 to this Act is provided using the form set out in Annex 6 to this Act. The information listed in Part II of Annex 2 to this Act shall be provided using the form set out in Annex 7 to this Act.
(3) By providing the information referred to in paragraph 2, the creditor has complied with the information obligation under the law governing the financial services contract concluded at a distance (10).
(4) Where a consumer credit is agreed upon at the consumer's request by means of distance communication which do not allow the provision of pre-contractual information in the manner referred to in paragraph 1, the creditor shall provide information immediately after the closure of:
(a) contracts in which consumer credit is negotiated, using the form set out in Annex 6 to this Act;
(b) contracts in which consumer credit is negotiated in the form of an overdraft option payable on demand or within 3 months, using the form set out in Annex 7 to this Law; or
(c) an agreement which, in order to reverse the creditor's claims, delays payment or changes the method of repayment due to delay, the contractual arrangements being as favourable to the consumer as in the original contract, on the basis of the form set out in Annex 7 to this law.
(5) The creditor will provide a reasonable explanation in order to enable the consumer to assess whether the proposed contract in which the consumer credit is granted corresponds to its needs and financial situation. An appropriate explanation shall mean, in particular, an explanation of the pre-contractual information provided pursuant to paragraph 1, including the consequences of delays, and basic information on the individual products offered and their impact on consumers.
(6) Where a consumer credit is offered or negotiated by an intermediary, the intermediary shall provide the consumer with information and appropriate explanations in the same way as the creditor is obliged to. This shall be without prejudice to the obligations of the creditor; If one of the obligations of the intermediary is fulfilled, it shall be deemed to have been fulfilled by the creditor.
(7) The obligation to provide the information and explanations referred to in paragraph 6 shall not apply to the seller or service provider acting as an intermediary of the tied consumer credit (§ 14). This is without prejudice to the obligation of the creditor to provide this information and to provide this explanation.
(1) The contract in which the consumer credit is negotiated requires a written form and must contain the information set out in Annex 3 to this Law in a clear, concise and clear manner. Failure to fulfil this information obligation or written form shall not result in the nullity of the contract. If part of the contract is determined by reference to general terms, the creditor must only attach to the contract part of the terms and conditions relating to the contract concluded. The font size used shall not be less than that in the contract. One copy of the contract must be obtained by the consumer in paper form or on another durable medium.
(2) The creditor or intermediary is obliged to provide the consumer, on request, with a copy of the draft contract in which the consumer credit is negotiated free of charge. This shall not apply if the creditor is not willing to conclude this contract at the time the consumer requests a copy of the application.
(1) The creditor is obliged to inform the consumer, either in paper form or in another durable medium, of any change in the borrowing rate in due time before the consumer becomes effective. The information shall include the amount of the instalments after adjustment of the borrowing rate and the frequency of such instalments. In the event of overdraft, the creditor shall inform the consumer in paper form or on any other durable medium of any increase in the borrowing rate or fee, in due time before its entry into effect, otherwise the change is not effective against the consumer.
(2) However, the Contracting Parties may agree that the information on the change in the borrowing rate referred to in paragraph 1 shall be provided to the consumer regularly and within a reasonable interval where the change in the borrowing rate depends on a change in the reference interest rate and the new reference interest rate is published in an appropriate manner and the information on the new reference interest rate is also made available at the premises of the creditor.
(3) The creditor is obliged, for the duration of the consumer credit in the form of an overdraft option, to provide the consumer with the information listed in Annex 4 to this Act and, where appropriate, paragraph 2, at a reasonable interval in paper form or in another durable medium of data.
(4) The creditor is obliged to provide the consumer with the information referred to in Annex 4 to this Act on a regular basis within a reasonable interval for the duration of an indefinite consumer credit other than that referred to in paragraph 3.
(5) Where a contract in which a consumer credit is negotiated with a fixed duration contains a principal amortisation arrangement, the creditor shall, on request, provide the consumer with an extract of the account free of charge in the form of a amortisation table at any time during that contractual relationship.
Consequences of a breach of the information obligation
If the contract in which the consumer credit is negotiated,
(a) it is not in writing;
(b) does not contain the information set out in Annex 3 thereto; or
(c) has not been provided in at least one copy to the consumer in paper form or on another durable medium of data;
and the consumer applies this fact to the creditor, the consumer credit is considered to be interest-bearing at the discount rate applicable at the time of the conclusion of this contract published by the Czech National Bank and the arrangements for other payments on the consumer credit are invalid.
Assessment of consumer ability to repay consumer credit
(1) Before concluding a contract involving a consumer credit or a change in such a contract consisting of a significant increase in the total amount of the consumer credit, the creditor is required, with professional care, to assess the consumer's ability to repay the consumer credit, on the basis of sufficient information obtained from the consumer and, if necessary, by consulting databases enabling the assessment of the consumer's creditworthiness. The creditor shall grant the consumer credit only if, after assessing the creditworthiness of the consumer with professional care, it is clear that the consumer will be able to repay the consumer credit, otherwise the contract in which the consumer credit is negotiated is invalid.
(2) A person who is entitled to process consumer data for the purpose of assessing their creditworthiness and who is entitled to provide access to such data to third parties shall allow creditors having their registered office or place of business in another Member State of the European Union to have access to such data under the same conditions as creditors having their registered office or place of business in the Czech Republic. That person shall publish the terms and conditions of access of creditors to such data in a way that allows remote access.
(3) The consumer shall provide the creditor, at his request, with the complete, accurate and true information necessary to assess the consumer's ability to repay the consumer credit.
(4) Where the reason for not granting the consumer credit is the result of a database search allowing an assessment of the creditworthiness of the consumer, the creditor shall immediately and free of charge inform the consumer of that result and communicate to him the data on the database used.
Annual percentage of consumer credit costs
(1) The annual percentage rate of consumer credit costs is equal to the present value of all cash transactions agreed between the creditor and the consumer in the contract in which the consumer credit is negotiated and is calculated on an annual basis in accordance with the formula set out in Annex 5 to this Law.
(2) For the purposes of calculating the annual percentage of consumer credit costs, the total cost of the credit to the consumer shall be used, except for costs payable by the consumer as a result of failure to comply with one of the obligations laid down in the contract in which the consumer credit is agreed and other than the purchase price which the consumer is obliged to pay when buying goods or services, whether or not the transaction is made using the consumer credit. The costs of keeping an account recording payment transactions and drawdowns, the costs of using payment instruments for payment transactions and drawdowns and other costs associated with payment transactions shall be included in the total cost of the credit to the consumer, except where the setting-up of an account is optional and the costs of such an account have been separately stated in the contract in which the consumer credit is agreed or in another contract concluded with the consumer.
(3) The calculation of the annual percentage rate of consumer credit costs shall be based on the assumption that the consumer credit will last for an agreed period and that the creditor and the consumer will fulfil their obligations properly and in a timely manner.
(4) Where a contract in which a consumer credit is negotiated allows an interest rate change or an amount of credit-related payments to be included in the annual percentage rate of cost of the consumer credit but cannot be quantified at the time of the calculation, the interest rate and other payments shall be deemed to remain unchanged for the purposes of calculating the amount of the interest rate and other payments to be valid until the end of the contract.
(5) If necessary, the additional assumptions set out in Annex 5 to this Act shall apply when calculating the annual percentage of consumer credit costs.
Withdrawal from the consumer credit agreement
(1) The consumer may withdraw from the contract in which the consumer credit is negotiated without giving reasons within 14 days of the date of conclusion of the contract. Where this contract does not contain the information provided for in Paragraph 6 (1), the withdrawal period shall not end until 14 days after the creditor has provided the consumer with the missing information in paper form or on another durable medium.
(2) The contract in which the consumer credit is negotiated may be withdrawn in writing pursuant to paragraph 1, in accordance with the information provided for in this contract on the right of withdrawal. The withdrawal period shall be deemed to be maintained if the withdrawal is sent to the creditor in paper form or on another durable medium of data at the latest on the last day of the period.
(3) Where the withdrawal referred to in paragraph 1 has taken place, the consumer shall pay the principal to the creditor without undue delay, no later than 30 days after the date of dispatch of the withdrawal. In this case, the consumer is obliged to pay the creditor interest at the amount to which the creditor would have been entitled if the withdrawal had not taken place, for the period from the date on which the consumer credit was drawn to the date on which the principal was repaid. In the event of the withdrawal of the consumer from this Treaty, the creditor shall not have the right to require the consumer to carry out any further activity, except in the case of reimbursement of non-refundable charges paid by the creditor to public authorities or other persons entrusted with the exercise of public administration.
(4) Where a creditor or a third party, under a contract between a third party and a creditor, provides a supplementary service related to a contract in which a consumer credit is agreed, the contract for the ancillary service shall also cease at the time of withdrawal from that contract. The creditor shall inform the third party without undue delay of the date of withdrawal of the contract.
(5) Where the consumer has the right to withdraw from a contract in which the consumer credit is negotiated under this law, the provisions on the right to withdraw from a financial service contract concluded at a distance (4) or from a contract concluded outside the commercial premises (5) shall not apply.
Termination of consumer credit
(1) The consumer is entitled at any time to terminate an indefinite consumer credit, with immediate effect, unless the notice period has been agreed. The denunciation shall not be charged by the creditor. However, the period of notice agreed may not exceed 1 month.
(2) The creditor is entitled, if agreed in the contract, to terminate the consumer credit agreed for an indefinite period by written notice, either in paper form or on another durable medium. The notice period shall not be less than 2 months.
Where this is agreed in a contract in which the consumer credit is negotiated, concluded for an indefinite period, the creditor may, for objective reasons, terminate the consumer's entitlement to the consumer credit. The creditor must inform the consumer in advance of this fact and of the reasons for it; If this is not possible, then without undue delay after this fact. The information shall be transmitted in paper form or on another durable medium. The second sentence shall not apply where other legislation prevents such information from being provided.
Bound consumer credit agreement
(1) A tied consumer credit contract is a contract in which a consumer credit is negotiated and which is dependent on a contract to purchase goods or provide services.
(2) A contract in which a consumer credit is negotiated shall be deemed to be dependent on a contract to purchase goods or services where the contract in which the consumer credit is negotiated is intended exclusively to finance the purchase of certain goods or the provision of certain services; and
(a) the seller or service provider is also a creditor;
(b) the creditor makes use of the services of the seller or service provider in connection with the conclusion or preparation of the contract in which the consumer credit is negotiated; or
(c) the specific goods or services are specified in the contract in which the consumer credit is negotiated.
(3) Where the consumer has withdrawn from a contract to purchase goods or supply services where the price of the goods or services is fully or partly paid by the consumer credit, the contract for the tied consumer credit shall also cease. The consumer is obliged to inform the creditor of this fact. The termination of the tied consumer credit agreement shall not be linked to the application of any penalties by the creditor or third party. If the contract for the purchase of goods has been concluded outside the premises usual to the enterprises6) or using means of communication to the distance 7) and the consumer has returned the goods to the seller, the consumer shall not be obliged to return the funds provided to the creditor before the seller has paid the purchase price.
(4) Where the consumer has not been voluntarily satisfied by the seller or the supplier of the service in writing in respect of the reason and above recognised right of cash performance by the seller or provider of the service, the creditor shall be liable for that right.
Prepayment of consumer credit
(1) The consumer is entitled to repay the consumer credit in whole or in part at any time for the duration of the consumer credit. In that case, the consumer has the right to reduce the total cost of the consumer credit by the amount of interest and other costs that the consumer would be obliged to pay if the consumer's credit had not been paid early.
(2) In the event of early repayment of the consumer credit, the creditor shall be entitled to reimbursement of the necessary and objectively justified costs incurred in the direct context of early repayment.
(3) The amount of the reimbursement of costs may not exceed 1% of the prepaid part of the total amount of the consumer credit if the period between early repayment and the agreed end of the consumer credit exceeds one year. Where this period is not more than one year, the amount of the cost compensation may not exceed 0,5% of the part of the total amount of the consumer credit paid early.
(4) The creditor may not claim reimbursement of early repayment costs
(a) where repayment has been made within the framework of the performance of an insurance contract intended to ensure the repayment of the consumer credit;
(b) in the case of overdraft; or
(c) where repayment has been made during a period for which no fixed interest rate is fixed.
(5) The reimbursement of costs may not exceed the amount of interest the consumer would have paid for the period from early repayment to the end of the consumer credit.
Overshoot
(1) Overstep means the actual disclosure of more funds than the balance on the payment account or the agreed overdraft option.
(2) Where an excess is allowed in a payment service contract by the consumer, that contract shall include information on the borrowing rate and the conditions under which that rate, index or reference rate applicable to the initial interest rate, penalties, fees and interest on late payment. At the same time, the creditor is obliged to provide the consumer regularly within a reasonable interval in paper form or on another durable medium.
(3) If a significant excess takes more than one month, the creditor shall immediately inform the consumer in paper form or on another durable medium of the following:
(a) that overrun;
(b) its amount;
(c) the borrowing rate; and
(d) possible penalties, fees or interest on late payments.
Certain provisions concerning intermediaries
(1) The intermediary shall indicate in advertising and documentation intended for consumers the scope of its authorisations, in particular that it carries out an intermediary activity exclusively for one or more creditors or that it does not carry out such activity for any creditor.
(2) If the consumer is to pay a remuneration to the consumer credit intermediary for his services, the intermediary must not require payment of the remuneration before informing the consumer in paper form or in any other durable medium of data on the outcome of the intermediary activity, in particular the expression of all creditors he has contacted in the intermediary activity.
(3) For the purposes of calculating the annual percentage of the cost of the consumer credit, the intermediary shall communicate to the creditor the amount of its remuneration, if the consumer pays it.
Contract in which the intermediary of consumer credit is negotiated
(1) A contract in which the intermediary of a consumer credit is negotiated must be concluded in writing between the intermediary and the consumer and must contain information on the right of the consumer to withdraw from the contract pursuant to Article 17b. If the intermediary's remuneration is to be paid by the consumer, the contract must be agreed upon.
(2) A copy of the contract referred to in paragraph 1 shall be forwarded to the consumer in paper form or on another durable medium.
(3) Where a contract in which the intermediary of a consumer credit is negotiated has not been concluded in accordance with paragraph 1, it is invalid.
Withdrawal from the contract in which the mediation of consumer credit is negotiated
(1) The consumer may withdraw from the contract in which the intermediary of the consumer credit is negotiated without giving reasons and without any penalty within 14 days of the date of conclusion of the contract, provided that the contract in which the consumer credit is negotiated has not been concluded before that date.
(2) The contract in which the mediation of consumer credit is negotiated may be withdrawn in writing pursuant to paragraph 1, in accordance with the information provided for in this contract on the right of withdrawal. The withdrawal period shall be deemed to be maintained if the withdrawal is sent to the intermediary not later than the last day of the period.
(3) Withdrawal of the contract shall be cancelled from the outset.
(4) Where an intermediary or a third party, under a contract between a third party and an intermediary, provides an ancillary service related to a contract in which the intermediary of a consumer credit is negotiated, the contract for the ancillary service shall also cease at the time of withdrawal from that contract. The intermediary shall inform the third party, without undue delay, of the date of withdrawal.
(5) Where only a means of distance communication has been used to conclude a contract in which the consumer credit is brokered, the provisions of the Act governing withdrawal from the Financial Services Contract, concluded at a distance (4), shall apply.
Excluding the use of a bill or cheque
(1) A note or a cheque may not be used to repay or secure the repayment of the consumer credit.
(2) The creditor and the intermediary are jointly and severally liable to the consumer for the damage caused by the breach of the obligation laid down in paragraph 1.
(3) A bill or a cheque may not be used to fulfil or ensure compliance with the obligation arising from the contract in which the intermediary of the consumer credit is negotiated. The intermediary shall be responsible to the consumer for the damage caused by the breach of the obligation laid down in the first sentence.
Ensuring consumer credit
The provision of a consumer credit must not be in a manifestly disproportionate proportion to the value of the secured debt.
Use of a telephone number with a higher than normal price
When offering, negotiating or brokering consumer credit by means of voice telephone, text or multimedia messages, a telephone number for access to services with a price expressed in accordance with electronic communications legislation may not be used).
Supervision of compliance
Supervision of compliance with the obligations laid down by this Act is exercised by the Czech Trade Inspection8), with the exception of supervision of the activities of the entities supervised by the Czech National Bank9).
Administrative offences
(1) The creditor or intermediary commits an administrative offence by:
(a) fails to fulfil the obligation under Paragraph 4;
(b) fails to fulfil any of the obligations under Paragraph 6 (1);
(c) shall not provide the consumer, on request, with a copy of the draft contract referred to in Article 6 (2), free of charge;
(d) in contravention of Paragraph 18 (1), use a bill or cheque; or
(e) in contravention of Paragraph 18b, use the telephone number to access the price-based services.
(2) The creditor commits an administrative offence by:
(a) fails to fulfil any of the obligations laid down in Article 5 (1), (2) or (4);
(b) in contravention of Article 5 (5), does not provide the consumer with an adequate explanation;
(c) fails to fulfil any of the obligations under Paragraph 7 (3) or (4);
(d) fails to fulfil the obligation under Article 7 (5);
(e) fails to fulfil one of the obligations under Paragraph 9 (1);
(f) fails to fulfil any of the obligations under Paragraph 9 (4);
(g) in contravention of Article 11 (3), requires the consumer to continue to comply,
(h) in contravention of Paragraph 11 (4), inform, without undue delay, a third party providing an ancillary service related to a contract in which a consumer credit is negotiated of the date of withdrawal;
(i) in contravention of Paragraph 12 (1), the consumer's notice of an indefinite consumer credit agreed for an indefinite period by the consumer, or he or the consumer shall agree a notice period of more than 1 month;
(j) in contravention of Article 12 (2), negotiate a notice period for the benefit of the creditor of less than 2 months;
(k) in contravention of Paragraph 13, it shall not inform the consumer of the termination of the authorisation to draw consumer credit;
(l) in breach of Paragraph 14 (3), apply penalties against the consumer on account of the termination of the tied consumer credit agreement;
(m) contrary to Article 15 (1), it shall not allow the consumer to repay the consumer credit prematurely,
(n) requests reimbursement for early repayment in excess of the amount referred to in Article 15 (3);
(o) in breach of Article 15 (4), requests reimbursement of early repayment costs;
(p) fails to fulfil any of the obligations under Paragraph 16 (2);
(r) fails to fulfil the obligation under Paragraph 16 (3); or
(s) in contravention of Paragraph 18a, the consumer credit shall be secured in a manifestly disproportionate manner to the value of the debt secured.
(3) The intermediary commits an administrative offence by:
(a) fails to fulfil any of the obligations under Article 5 (6);
(b) fails to fulfil any of the obligations under Article 17 (1) or (2); or
(c) contrary to Article 17a (2), it shall not transmit to the consumer, either in paper form or on any other durable medium, a contract in which the mediation of the consumer credit is negotiated.
(4) A legal or commercial natural person, as a person entitled to process data on consumers for the purpose of assessing their creditworthiness, commits an administrative offence in breach of Article 9 (2)
(a) does not allow creditors having their registered office or place of business in another Member State of the European Union to access such data under the same conditions as creditors having their registered office or place of business in the Czech Republic; or
(b) it shall not disclose the terms and conditions of access by creditors to such data in a way that allows remote access.
(5) A fine shall be imposed for the administrative offence:
(a) up to 20 000 000 CZK if the administrative offence referred to in paragraph 1, paragraph 2 (a), (b), (e), (g), (l) to (s) or paragraph 3,
(b) up to 10 000 000 CZK if it is an administrative offence referred to in paragraph 2 (c), (d), (f) or (i) to (k),
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Regulation Information
| Citation | Act No. 145 / 2010 Coll., on Consumer Credit and on the Amendment of Certain Laws |
|---|---|
| Regulation Type | - |
| Author | - |
| Collection | Code of Laws |
| Date of Promulgation | 20.05.2010 |
|---|---|
| Effective from | 01.01.2011 |
| Effective until | - |
| Status | Valid |
The regulation text is for informational purposes only.
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