Act No. 186 / 2020 Coll.
Act amending Act No. 257 / 2016 Coll., on Consumer Credit, as amended
Valid
Law
Effective from 24.04.2020
Text versions:
24.04.2020
186
THE LAW
of 16 April 2020
amending Act No. 257 / 2016 Coll., on Consumer Credit, as amended
Parliament has decided on this law of the Czech Republic:
Amendment of the Consumer Credit Act
The following paragraphs 4 and 5 are added:
"(4) In the case of a consumer credit debt with a default of more than 90 days, the creditor shall be entitled only to interest corresponding to the interest determined at the rate of the repo rate set by the Czech National Bank for the first day of the calendar year in which the delay occurred, plus 8 percentage points, unless interest was lower.
(5) Paragraphs 1, 2 and 4 shall apply mutatis mutandis to deferred payments, monies, loans or similar financial services where the debtor who is a natural person but is not a consumer is late for more than 90 days with the payment of the cash debt. In such cases, the sum of all contractual fines applied may not exceed the product of heading 0,5 and the total amount of deferred payment, monies, credit or similar financial services. ';
Transitional provisions
1. If the debtor is late in carrying out the obligations arising from the deferred payment contract, monies, credit or similar financial service after the date of entry into force of this Act, instead of the relevant provisions of the contract, if they are contrary to § 122 (4) or (5) of Act No. 257 / 2016 Coll., as effective from the date of entry into force of this Act, § 122 (4) or (5) of Act No. 257 / 2016 Coll., as applicable from the date of entry into force of this Act, even if the contract was concluded before the date of entry into force of this Act.
2. If, before the date of entry into force of this Act, interest on late payments has been agreed, which exceeds the interest on late payments maximum permissible pursuant to Article 122 (5) of Act No. 257 / 2016 Coll., as effective from the date of entry into force of this Act, the difference between the interest applied and the maximum interest on late payments for the purposes of Article 122 (1) (a) of the Act No. 257 / 2016 Coll., as effective from the date of entry into force of this Act, shall be deemed to be the costs incurred by the creditor in connection with the delay of the debtor; to the extent that this difference exceeds the cost effectively incurred, this difference shall be deemed to be a contractual fine for the purposes of Section 122 (2) and (5) of the Second Law No 257 / 2016 Coll., as effective from the date of entry into force of this Act.
3. If a contractual fine has been agreed before the date of entry into force of this Act, which exceeds the contractual fine maximum permissible pursuant to § 122 (5) of Act No. 257 / 2016 Coll., as effective from the date of entry into force of this Act, the difference between the applicable and the maximum permissible contractual fine for the purposes of § 122 (1) (a) of the Act No. 257 / 2016 Coll., as effective from the date of entry into force of this Act, shall be deemed to be the costs incurred by the creditor in connection with the delay of the debtor; to the extent that this difference exceeds the cost effectively incurred, this difference shall be considered as interest on late payment for the purposes of Section 122 (1) (b) of Act No 257 / 2016 Coll., as effective from the date of entry into force of this Act.
Efficacy
This Act shall take effect on the day of its publication.
Vondracek v. r.
Zeman v. r.
Babiš v. r.
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Regulation Information
| Citation | Act No. 186 / 2020 Coll., amending Act No. 257 / 2016 Coll., on Consumer Credit, as amended |
|---|---|
| Regulation Type | Law |
| Author | - |
| Collection | Code of Laws |
| Date of Promulgation | 24.04.2020 |
|---|---|
| Effective from | 24.04.2020 |
| Effective until | - |
| Status | Valid |
The regulation text is for informational purposes only.
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