What is Act No. 257 / 2016 Coll.?

Act No. 257 / 2016 Coll., on Consumer Credit — Consumer Credit Act.

When it became Act No. 257 / 2016 Coll. effectiveness?

Act No. 257 / 2016 Coll. became effective 01.12.2016.

Is Act No. 257 / 2016 Coll. still valid?

Yes, Act No. 257 / 2016 Coll. is still valid and effective.

How many times was it Act No. 257 / 2016 Coll. amended?

Act No. 257 / 2016 Coll. has 14 time versions of the text.

Act No. 257 / 2016 Coll.

Consumer Credit Act

Valid Law Effective from 01.12.2016

Text versions: 01.09.2024 01.05.2024 01.04.2024 01.01.2024 29.05.2022 All versions (13)

ČÁST PRVNÍ § 1 § 2 § 3 § 4 § 5 § 6 ČÁST DRUHÁ HLAVA I § 7 § 8 HLAVA II § 9 § 9a § 10 § 11 § 12 § 13 § 14 § 15 ČÁST TŘETÍ HLAVA I § 16 HLAVA II § 17 § 18 § 19 § 20 § 21 § 22 § 23 § 24 § 25 § 26 HLAVA III § 27 § 28 § 29 § 30 § 31 § 32 § 33 § 34 § 35 § 36 HLAVA IV § 37 § 38 § 39 § 40 § 41 § 42 § 43 § 44 § 45 HLAVA V Díl 1 § 46 § 47 § 48 § 49 Díl 2 § 50 § 51 § 52 ČÁST ČTVRTÁ § 53 § 54 § 55 § 56 § 57 § 58 § 59 ČÁST PÁTÁ HLAVA I § 60 § 61 § 62 § 63 § 64 § 65 § 66 § 67 § 68 § 69 § 70 § 71 HLAVA II § 72 § 73 § 74 ČÁST ŠESTÁ HLAVA I § 75 § 76 § 77 § 78 § 79 § 80 § 81 § 82 § 83 HLAVA II § 84 § 85 § 86 § 87 § 88 § 89 HLAVA III Díl 1 § 90 § 91 § 92 § 93 Díl 2 § 94 § 95 § 96 § 97 § 98 § 99 § 100 Díl 3 § 101 § 101a § 102 § 103 ČÁST SEDMÁ HLAVA I § 104 § 105 § 106 § 107 § 108 § 109 § 110 § 111 HLAVA II § 112 § 113 § 114 § 115 § 116 HLAVA III § 117 § 117a § 118 § 119 § 120 § 121 HLAVA IV § 122 § 123 § 124 ČÁST OSMÁ HLAVA I § 125 § 126 § 127 HLAVA II § 128 § 129 § 130 HLAVA III § 131 HLAVA IV § 132 ČÁST DEVÁTÁ § 133 § 134 ČÁST DESÁTÁ HLAVA I § 135 § 136 § 137 HLAVA II § 138 § 139 HLAVA III § 140 § 141 § 142 § 143 § 144 HLAVA IV § 145 § 146 ČÁST JEDENÁCTÁ § 147 § 148 § 149 § 150 § 151 § 152 § 153 § 154 § 155 § 156 § 157 § 158 § 159 ČÁST DVANÁCTÁ § 160 § 161 § 162 § 163 ČÁST TŘINÁCTÁ § 164 § 165 § 166 § 167 § 168 § 169 § 170 § 171 § 172 § 173 § 174 § 175 § 176 § 177 ČÁST ČTRNÁCTÁ § 178 § 179

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257

THE LAW

of 14 July 2016

on consumer credit

Parliament has decided on this law of the Czech Republic:

ČÁST PRVNÍ

GENERAL PROVISIONS

§ 1

Subject matter

This law implements the relevant provisions of the European Union1), following the directly applicable European Union2) and provides for

(a) the activity of certain persons authorised to grant and mediate consumer credit, including those persons abroad;

(b) the rights and obligations in the provision and mediation of consumer credit; and

§ 2

Consumer credit

(1) Consumer credit is deferred payment, money lending, credit or similar financial service provided or facilitated by consumers.

(2) Consumer loans for housing are consumer loans

(a) secured by immovable property or immovable property rights;

(b) intended for:

1. the acquisition, settlement or retention of rights in real estate or real estate component;

2. the construction of a real estate or a real estate component;

3. payment for the transfer of a cooperative interest in a housing cooperative or acquisition of a holding in another legal person for the purpose of obtaining the right to use an apartment or family home;

4. change of construction according to the building law or its connection to public networks;

5. the reimbursement of the costs of obtaining a cash loan, loan or other similar financial service for the purposes referred to in points 1 to 4; or

6. the repayment of a loan, a cash loan or other similar financial services provided for the purposes set out in points 1 to 6; or

(3) A tied consumer credit is a consumer credit that is linked to the purchase of goods or services, with the exception of a consumer credit for housing. The consumer credit shall be linked to the purchase of goods or services where it is intended exclusively to finance the purchase of certain goods or the provision of certain services; and

(a) the seller or the person providing the service is also a provider;

(b) the provider makes use of the services of the seller or the person providing the service in connection with the conclusion or preparation of the contract in which the consumer credit is negotiated (hereinafter referred to as the "consumer credit contract"); or

(4) Where, in part, a consumer credit for housing referred to in paragraph 2 (b) and partly, a consumer credit other than for housing, is involved, it shall decide whether the consumer credit scheme applies to that consumer credit for housing or other than housing, the predominant purpose of the consumer credit. If the predominant purpose cannot be determined, the treatment of consumer credit other than housing shall apply to such consumer credit.

(5) Where part of the consumer housing credit referred to in paragraph 2 (b) and part of the consumer housing credit referred to in paragraph 2 (a) is not earmarked under paragraph 2 (b), it shall decide whether the consumer housing credit in question is deemed to be a consumer housing credit under paragraph 2 (b) for the purpose of compensating for the costs incurred in the event of early repayment. (b) or for consumer housing credit as referred to in paragraph 2 (a), which is not assigned under paragraph 2 (b), the predominant purpose of the consumer credit. If the predominant purpose is not to be determined, the adjustment of consumer housing credit referred to in paragraph 2 (a) shall apply to such consumer credit which is not assigned under paragraph 2 (b).

§ 3

Definition of terms

(1) For the purposes of this Act:

(a) providing consumer credit

1. offering the possibility to arrange a consumer credit in its own name and on its own account;

2. Submission of an application for a consumer credit in its own name and on its own account;

3. carrying out preparatory work on its own behalf and on its own account to negotiate consumer credit, including making recommendations leading to the negotiation of consumer credit,

4. the negotiation of consumer credit in its own name and on its own account; or

5. the exercise of rights and obligations under the consumer credit agreement by the person who negotiated the consumer credit with the consumer,

(b) by intermediation of consumer credit

1. offering the possibility to arrange a consumer credit in the name and on behalf of the provider, or on behalf of and on behalf of the consumer;

2. submission of proposals for a consumer credit in the name and on behalf of the provider, or on behalf of and on behalf of the consumer;

3. the implementation of preparatory work to negotiate consumer credit on behalf and on behalf of the provider or on behalf of the consumer, including the provision of recommendations leading to the negotiation of consumer credit;

4. the negotiation of consumer credit in the name and on behalf of the provider, or in the name and on behalf of the consumer; or

5. the exercise of rights and the performance of obligations under the contract for the mediation of consumer credit by the person who concluded the contract for the mediation of consumer credit with the consumer;

(d) the provider of the consumer credit provider;

(e) by an intermediary who, as an entrepreneur, mediates consumer credit;

(f) represented for:

1. the tied agent who has a contract with the tied agent on the basis of which he brokels the consumer credit and who is the person authorised to grant the consumer credit or a separate intermediary; or

2. the tied consumer credit intermediary who has a contract with the tied consumer credit intermediary on the basis of which it mediates the tied consumer credit and who is the provider of the tied consumer credit;

(g) identification data

1. in the case of a natural person, the name and, where applicable, the business firm, the address of the place of residence, the date of birth and the identification number of the person (hereinafter referred to as the "identification number"), if assigned; for a natural person established in a Member State other than a Member State, unless he is a citizen of a Member State of the European Union or of another Contracting State of the Agreement on the European Economic Area (hereinafter referred to as "the Member State ') or a member of his family, also a permanent or long-term residence in the Czech Republic,

2. in the case of a legal person, the trading firm or the name, its registered office, identification number, if assigned; in the case of a legal person established in a third State, the address of the branch of the business establishment located in the Czech Republic,

(h) a worker who is a person with a consumer credit provider or intermediary in an employment relationship, or a member of the statutory authority or board of directors of the consumer credit provider or intermediary, or a procuring entity, if they are directly involved in the provision or brokering of consumer credit, or are responsible for the provision or brokering of consumer credit;

(i) a group of expertise in the provision or mediation of:

1. consumer credit other than for housing;

2. a tied consumer credit; or

3. consumer housing credit;

(j) the capital of the non-bank provider of the consumer credit, the equity less claims on the outstanding capital, the claims on the outstanding issue account and the claims on the outstanding advances to the funds;

(k) Initial capital sum

1. paid-up capital;

2. the paid-up issue account,

3. mandatory reserves;

4. other funds created from the distribution of profits that can be used solely to cover the loss shown in the financial statements; and

5. the difference between the undistributed profit from previous periods, as shown in the financial statements verified by the auditor and approved by the competent authority of a legal person whose division has not been decided by the competent authority of the legal entity, and the outstanding losses from previous periods, including losses for previous financial years;

(l) by a foreign intermediary, an intermediary with a home Member State other than the Czech Republic who is entitled to provide consumer housing credit;

(m) the home Member State of the Member State in which the intermediary entitled to provide consumer credit for housing, his registered office or his real seat is situated;

(n) the host Member State is a Member State different from the home Member State in which the consumer credit intermediary for housing has a branch or in which it temporarily provides a consumer credit for housing;

(o) the competent supervisory authority of another Member State which is authorised to supervise the intermediation of consumer housing credit and which has been notified as a competent authority to the European Commission.

(2) For the purposes of this Act:

(a) by the creditor, the provider or person who has acquired a claim on the consumer under the consumer credit agreement;

(b) the annual percentage rate of cost of the consumer credit, expressed as an annual percentage of the total amount of the consumer credit, calculated in accordance with the formula set out in Annex 1 to this Act;

(c) the total amount to be paid by the consumer, the sum of the total amount of the consumer credit and the total cost of the consumer credit;

(d) the total cost of the consumer credit, all costs including interest, commissions, taxes, fees or other similar cash transactions and any other payments which the consumer has to pay in connection with the consumer credit and which are known to the provider, with the exception of notary costs;

(e) the total amount of consumer credit, a summary of all the amounts made available to the consumer;

(f) the borrowing rate, expressed as a fixed or variable percentage applied annually to the amount of consumer credit drawn,

(g) a fixed lending rate of a single lending rate agreed between the provider and the consumer for the entire duration of the consumer credit or several lending rates fixed for the sub-period shall not be changed solely by a specific percentage; Where all borrowing rates are not set in a consumer credit agreement other than for housing, the lending rate shall be deemed to be fixed for the purposes of a consumer credit other than for housing only for the sub-period for which the lending rates are set at an exclusively variable specific percentage agreed at the time of conclusion of the contract,

(h) 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;

(i) exceeding the actual availability of more funds than the balance on the payment account or the agreed overdraft option;

(j) 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;

(k) a durable medium of data of any instrument which allows the consumer to preserve the 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 unchanged form;

(l) a consumer credit in a foreign currency, a consumer credit for housing, expressed in a currency other than that at the time of conclusion of the contract for consumer credit for housing,

1. in which the consumer has the income from which the consumer credit is to be repaid,

2. in which the consumer holds the assets from which the consumer credit is to be repaid; or

3. in the currency of the Member State in which the consumer resides;

(m) by bridging credit, consumer housing credit, the purpose of which is a temporary financial solution to the consumer's situation when moving to another consumer housing credit, and which

1. does not have a fixed duration; or

2. be repaid within 12 months;

(n) a conditional obligation or guarantee of a consumer housing loan pursuant to Article 2 (2) (a) which:

1. Provides a different commitment; and

2. allows the use of principal only if the conditions laid down in the contract are met;

(o) consumer housing credit with a share in the value of the property, the consumer credit for which the principal to be repaid is determined on the basis of a contractually determined percentage of the value of the property at the time of repayment of the principal.

§ 4

Exemptions from the scope

(1) This Act does not apply to consumer credit

(a) other than for housing which has been negotiated with a securities dealer, a bank, a foreign bank or a foreign person authorised to provide investment services whose purpose is to carry out an operation with an investment instrument (3), with the involvement of a securities dealer, a bank, a foreign bank or a foreign person authorised to provide investment services,

(b) other than for housing, negotiated in the form of the continuous provision of a service or the supply of goods of the same kind for which the consumer may pay in the course of their supply or delivery in the form of instalments;

(c) which has been negotiated with a provider operating a pawnplant, the provision of which leaves the provider a movable item and does not give the provider the right to refund.

(2) This law shall not apply to the provision of information and advice in the course of the activities of a person authorised to perform a lawyer under a law governing the conduct of a lawyer or notary under a law governing the activities of notaries.

(3) This law does not apply to the provision of information and advice in the context of the management of existing operating debt

(a) the activities of the insolvency administrator;

(b) the activities of free debt advice in the framework of a voluntary service under a voluntary service law; or

(4) This law shall not apply to:

(a) the occasional provision of information on consumer credit products in another professional activity; or

(b) simply providing general information on consumer credit products or similar information on providers or intermediaries, provided that the purpose of such activity is not to facilitate the conclusion or execution of a consumer credit contract.

Scope

§ 5

(1) Only Sections 1 to 4, 122 to 124 and 168 apply to consumer credit

(a) other than for housing, negotiated in the form of a case or lease, except for obligations for which the right or obligation to purchase the subject-matter of the contract is agreed or other possibility of acquiring ownership after a certain period of time;

(b) provided by the employer to its employees as a secondary activity 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;

(c) with the exception of consumer housing credit under Article 2 (2) (a), in the form of a free deferral of payment of the existing debt;

(d) other than for housing, provided to a limited number of persons in the public interest on the basis of other legislation, with an interest rate less than or equal to the normal market; or

(e) contained in a settlement concluded before a court or other competent authority.

(2) For consumer housing credit granted to a limited number of people in the public interest on the basis of other legislation, without interest or at a borrowing rate lower than normal on the market, or under conditions which are generally more favourable than normal on the market, unless the borrowing rate is higher than normal on the market, only Sections 1 to 4, Sections 90, 91, 94 to 100, Sections 122 to 124 and 168 shall apply.

(3) Only Sections 1 to 4, 122 to 124 and 168 shall apply to consumer credit granted without interest and any remuneration other than the reimbursement of the costs effectively incurred directly linked to the provision of the consumer credit.

(4) Only Sections 1 to 4, § 84, § 88 to 91, § 94, 97, § 99 (3), (4) and (6), § 100 (1) (b), (2) to (4), § 101 (2), § 102 (1) and (4), § 104, 105, 108, 109, § 112 to 117a and § 120 to 177 shall apply to the agreement which, in order to reverse the proceedings on the claims of the creditor as a result of the consumer's default, shall apply.

§ 6

(1) Only Sections 1 to 84, 86 to 89, 96, 98 (2), 99 (3), (4) and (6), 100, 101 (1), 102 (2), 102 (4) and (5), 104, 105, 107, 112 to 115 and 120 to 177 apply to consumer credit in the form of an overdraft facility payable within 1 month of the date of granting.

(2) Only Sections 1 to 84, 86 to 94, 96, 98 (2), 99 (3) and (6), 100, 101 (1), 102 (2), (4) and (5), 104, 105, 107, 112 to 115 and 119 to 177 shall apply to consumer credit other than for housing in the form of an overdraft available on demand or within 3 months of the date of granting.

(3) Only Sections 1 to 83, Section 108, Sections 112 to 114 and Sections 121 to 177 apply to consumer credit in the form of overcompensation.

(4) The obligation to indicate the annual percentage rate of costs shall not apply to consumer housing credit under Article 2 (2) (a) if:

(a) the remuneration of the provider for the provision of the consumer credit is a certain amount resulting from the proceeds of the future sale of the right to the property; and

(b) the full repayment of the consumer credit is subject to a certain legal fact.

ČÁST DRUHÁ

PERSONS AUTHORIZED TO PROVIDE CONSUMER CREDIT

HLAVA I

BASIC PROVISIONS

§ 7

Authorisation to provide consumer credit

The provision of consumer credit as an entrepreneur is only authorised

(a) a bank, a foreign bank and a foreign financial institution under the conditions laid down by law governing the activities of banks;

(b) savings and credit cooperatives under the conditions laid down by the law governing the activities of savings and credit cooperatives;

(d) a small-scale payment service provider under the conditions laid down by the law governing payment;

(e) electronic money institutions and foreign electronic money institutions under the conditions laid down by the law governing payment;

(f) the issuer of small-scale electronic money under the conditions laid down by the law governing payment; and

(g) non-bank provider of consumer credit (§ 9) under the conditions laid down by this Act.

§ 8

Some conditions of activity of a person authorised to provide consumer credit

(1) In the course of the activities referred to in points (1) to (4) of Article 3 (1), those entitled to grant consumer credit may be represented by a worker, an independent intermediary, a tied agent or a tied consumer credit intermediary.

(2) Those entitled to provide consumer credit may only grant consumer credit by ensuring that their worker, the tied agent and his worker, the tied consumer credit intermediary and his worker meet the conditions of professional competence under § 60 and credibility under § 72 or § 73 and ensure that such persons retain their expertise and skills.

(3) Those who are entitled to provide consumer credit, unless they are a non-bank provider of consumer credit, must comply with the requirements of Articles 15 (2) (b), (c), (d), (h) and (l) and 15 (3) and (4) mutatis mutandis.

HLAVA II

NON-BANKING CONSUMER CREDIT PROVIDERS

§ 9

Basic provisions

A non-banking consumer credit provider is a legal person who is entitled to provide a consumer credit on the basis of an authorisation to operate a non-bank consumer credit provider granted to it by the Czech National Bank.

§ 9a

Further activity of non-bank consumer credit provider

A non-banking provider of a consumer credit may also, on the basis of an authorisation to operate a non-banking provider of a consumer credit, manage a non-performing loan under the law governing the non-performing credit market.

§ 10

Conditions for granting an authorisation to operate

(1) The Czech National Bank shall authorise the activity of a non-bank consumer credit provider to the applicant if:

(a) is a public limited company, a European limited company or a limited liability company;

(b) it has its registered office and its registered office in the Czech Republic;

(d) is competent;

(e) has a Supervisory Board with powers such as those of the Supervisory Board of a public limited company under the Act governing the legal situation of companies and cooperatives, if it is a limited liability company,

(f) has initial capital at least at the level laid down by this law;

(g) it complies with the requirements for carrying out an activity under Paragraph 15;

(h) its business plan for providing consumer credit is based on realistic economic calculations;

(i) the draft rules governing negotiations with interested parties for the conclusion of a consumer credit agreement comply with the requirements laid down by this law;

(j) it has a transparent and safe origin of financial resources; the condition of transparent and safe origin of the financial resources must also be met by the controlling person of the applicant; and

(k) the information contained in the application allows the applicant to be identified in the relevant basic register.

(2) Paragraph 1 (b) does not apply where the international agreement, which is part of the Czech legal order, implies an obligation to allow the applicant to grant consumer credit in the Czech Republic under similar conditions to those established in the Czech Republic.

§ 11

Procedure for the application for authorisation to operate

(1) An application for authorisation to operate a non-bank consumer credit provider may only be submitted electronically. The application shall include, in addition to the formalities laid down in the administrative rules, information on compliance with the conditions for the operation of the non-bank consumer credit provider laid down by this law. The application shall be accompanied by documents demonstrating compliance with these conditions.

(2) The decision on the application referred to in paragraph 1 shall be taken by the Czech National Bank within 4 months of the date of initiation of the procedure.

(3) If the Czech National Bank complies fully with the request referred to in paragraph 1, it shall register the non-bank consumer credit provider in the register of persons authorised in the field of consumer credit for activities under this Act (hereinafter referred to as the "register"). The decision shall not be drawn up in writing. The decision shall become final at the time of registration of the non-bank provider of the consumer credit in the register. The Czech National Bank shall inform the applicant without delay of the registration of the non-bank consumer credit provider in the register.

(4) If the Czech National Bank does not comply with the application for authorisation to operate a non-bank consumer credit provider, it will reject the application.

(5) The details of the details of the application, including the annexes certifying compliance with the conditions for the operation of the non-bank consumer credit provider laid down by this Act, its formats and other technical formalities shall be laid down in the implementing legislation.

§ 12

Duration of the activity authorisation

(1) The authorisation to operate of a non-bank consumer credit provider is valid until the end of the fifth calendar year following the calendar year in which the non-bank consumer credit provider was registered.

(2) The authorisation to operate a non-bank consumer credit provider shall be extended by another 60 months by the payment of the administrative fee. The Czech National Bank will confirm the payment of the administrative fee to the non-bank consumer credit provider without undue delay.

(3) The procedure for payment of the administrative fee is laid down in the implementing legislation.

§ 13

Decommissioning

(1) Authorisation for the activities of a non-bank consumer credit provider

(a) the disappearance of a legal person;

(b) the closure notice;

(d) withdrawal (§ 146).

(2) The notification referred to in paragraph 1 (b) shall be made electronically.

(3) The formalities for notification, its formats and other technical formalities are laid down in implementing legislation.

§ 14

Capital

(1) The initial capital of a non-bank consumer credit provider must be at least CZK 20 000 000. The non-banking provider of the consumer credit shall maintain on an ongoing basis at least 5% of the amount of loans granted and outstanding at the end of the calendar year referred to in paragraph 2. At the same time, the capital of a non-bank consumer credit provider must not fall below the minimum amount of initial capital.

(2) The non-banking provider of consumer loans is obliged to submit to the Czech National Bank by 31 March of each year a statement of activities including balance sheet, profit and loss accounts, the volume of consumer loans granted over the previous calendar year and the amount of claims beyond 3 months due on consumer loans granted.

(3) The implementing act shall lay down the rules, form and manner for the submission of the annual activity report referred to in paragraph 2.

§ 15

Some requirements for performance

Zobrazit všechna ustanovení (1846)

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Regulation Information

Citation	Act No. 257 / 2016 Coll., on Consumer Credit
Regulation Type	Law
Author	-
Collection	Code of Laws

Date of Promulgation	05.08.2016
Effective from	01.12.2016
Effective until	-
Status	Valid

Legal Areas: Banking, Money Finance Civil law Civil law substantive Commercial law Commercial liabilities Contracts in commercial law Administration of state (national) property Administrative law

The regulation text is for informational purposes only.