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Part II EU Jurisdictions, 12 The Czech Republic

Rita Simon, Silvia Vyskočilová

From: Unfair Terms in Banking and Financial Contracts

Edited By: Danny Busch, Matthias Lehmann

From: Oxford Legal Research Library (http://olrl.ouplaw.com). (c) Oxford University Press, 2023. All Rights Reserved.date: 23 July 2024

Banker-customer contract — Credit risk — Capital markets — Financial regulation

This chapter covers the implementation of the Unfair Terms Directive (UTD) in the Czech Republic. It details the socio-economic landscape of the Czech Republic, referencing how the recession, COVID-19 pandemic, and non-bank consumer credit providers have affected the landscape. Before the implementation of the UTD, the Czech legislation did not specifically protect consumers against unfair contract terms so the introduction of unfair terms control was a novelty in 2000. However, more traditional and stronger legal principles, such as good morals, continue to be the main ruling principles in Czech financial contracts. The chapter also elaborates on the legal bases of unfair terms control.

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