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Part II EU Jurisdictions, 17 Estonia

Irene Kull

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: 19 April 2024

Subject(s):
Banker-customer contract — Capital markets — Financial regulation

This chapter provides an overview of Estonia’s unfair terms in financial contracts. It notes how radical reforms and the adoption of euro resulted in Estonia’s economic success and challenges respectively after regaining independence. Estonia has implemented a higher level of consumer protection than that provided by the Unfair Terms Directive (UTD) by applying the rules on unfair standard terms to all kinds of contractual relationships. Additionally, Estonia has adopted a system where the incorporation and transparency tests are separated into different stages and precede the substantive fairness test. Even though courts will generally apply the fairness test of standard terms following the aims of the UTD, the collective protection of consumers’ rights is virtually non-existent.

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