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Part IIa Non-EU/EEA Jurisdictions, 18 Norway

Marte Eidsand Kjørven

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: 27 February 2024

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

This chapter discusses unfair terms in banking and financial contracts in Norway. Even though Norway is not part of the European Union (EU), Norway is bound by the provisions of Directive 93/13/EEC on unfair terms in consumer contracts through the Agreement on the European Economic Area (EEA Agreement). Moreover, the legal basis for unfair terms control in Norway can be found in both contract law and public law. The chapter clarifies that Norwegian courts and the ADR body, Norwegian Financial Services Complaints Board for Consumers (FinKN) do not apply the Unfair Contract Terms Directive (UTD) due to the strong legal culture among Norwegian lawyers. It notes that consumers in Norway are effectively deprived of their rights under the UTD in contracts for financial services or products.

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