of July 18, 2014 No. 157
About the conclusion and execution of agreements at distance on consumer financial services
The parliament adopts this organic law.
This law creates the legal basis for application of provisions of the Directive 2002/65/EU of the European Parliament and Council of September 23, 2002 about remote marketing of consumer financial services and modification of the Directive 90/619/EEC of Council and Directives 97/7/EU and 98/27/EU published in the Official magazine of the European Union No. L271/16 of October 9, 2002.
The purpose of this law are development of the legal base necessary for ensuring protection of economic consumer interests by establishment of conditions of informing consumers before and after the conclusion of agreements at distance on consumer financial services, and also creation of legal conditions for reduction of risks of suppliers by provision of such type of service.
(1) Subjects of this law are the consumers and suppliers of consumer financial services realizing financial services within the scheme of sales or provision of services at distance managed by the supplier and intermediaries involved in sale of financial services. The provisions of this law concerning obligations of the supplier, which are especially connected with informing consumers are applicable also to the intermediary in case of sale of financial services to the consumer through the intermediary.
(2) If agreements at distance on consumer financial services between suppliers of financial services and consumers include the initial agreement at distance about consumer financial services which consecutive transactions or series of the separate transactions of the same type performed in certain sequence in time which can be considered as single whole follow, provisions of this law extend only to the initial agreement at distance about consumer financial services. If there is no initial agreement at distance about consumer financial services signed between the parties however between the same parties consecutive transactions or separate transactions of the same type in certain sequence in time which can be considered as single whole, of provision of the Items 1)-3) of part are performed (1) and parts (5) Article 4 are applied only in case of accomplishment of the first transaction. In case of non-realization of similar transaction within more than one year the following transaction provided to execution is considered the first of new series of transactions, and provision of the Items 1)-3) of part (1) and parts (5) Article 4 are applied as appropriate.
(3) This law does not regulate the financial services provided accidentally and out of the commercial structure provided for the conclusion of agreements at distance.
(4) This law does not affect the legislative provisions regulating the conclusion of agreements, including electronic agreements.
For the purpose of this law the following concepts are used in value:
sale at distance of consumer financial services – the sales method or provisions of financial services at distance which is assuming use of means of communication and not requiring simultaneous physical presence of the supplier and the consumer;
consent – the agreement expressed by all means to remote communication, provided by the consumer to the supplier of financial services within the conclusion of agreements at distance;
the consumer – any physical person intending to order or acquire or ordering, acquiring or using the consumer financial services sold through means of remote communication for the needs which are not connected with business or professional activity;
the initial agreement at distance about consumer financial services – the agreement signed between the supplier and the consumer, causing opening of the payment account, acquisition of payment card, the conclusion of the agreement on portfolio management;
the agreement at distance (the agreement signed via remote means of communication) – the agreement between the supplier and the consumer on rendering consumer financial services at distance by means of the organized scheme of sales or provision of services at distance managed by the supplier using only one or several means of remote communication for the conclusion of the agreement;
the supplier – physical person or legal entity, public or private which within the professional or business activity is supplier under the agreement on the services constituting subject of agreements at distance (financial institutions, non-bank payment service providers, professional participants of the non-bank financial market);
the intermediary – physical person or legal entity which performs during the professional or business activity at sale stage at distance of consumer financial services the following types of activity:
a) represents or offers consumers packet of consumer financial services;
b) gives help to consumers by the organization of actions before and after the conclusion of the agreement at distance;
c) signs with consumers agreements at distance on behalf of the supplier;
means of remote communication – any means which without simultaneous physical presence of both parties – the consumer and the supplier – can be used for sale at distance of consumer financial service (The list of the means of communication used within agreements at distance on consumer financial services is provided in appendix);
the operator of means of remote communication – any physical person or legal entity, public or private which business or professional activity consists in provision to suppliers of one or several means of remote communication;
consecutive transactions of the same type – the transactions on rendering financial services determining introduction into the payment account or removal from the payment account of cash, payment by means of payment cards, the transactions performed within the agreement on portfolio management, subscription to new units of the same body of collective investment, etc.;
the consumer financial service rendered at distance – any banking service, service of crediting, provision of loans by professional participants of the non-bank financial market, insurance, service in the field of optional pensions, investment services and the activities which are provided/performed according to the legislation on the capital market, the payment services provided by non-bank payment service providers;
the strong carrier – the tool (paper, CD ROM, the DVD, hard drives of personal computers, the flash card, e-mail, etc.) allowing the consumer to store information addressed to it personally, the method giving the chance of subsequent use and exact reproduction that.
(1) Before signing the agreement at distance the consumer shall obtain the following information:
Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info
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