Francisco de Elizalde, Sara SánchezFrom: Unfair Terms in Banking and Financial Contracts
Edited By: Danny Busch, Matthias Lehmann
This chapter discusses Spain’s unfair contract terms in financial and banking contracts. It notes the serious impact on Spain of the 2007–08 Global Financial Crisis before discussing how Spanish law has established a regime of control of standard terms in consumer contracts, which differs from the more generally applicable rules of the Spanish Civil Code (SCC). Even though Spanish law controls the incorporation of terms in standard form contracts for both business-to-business (B2B) and business-to-consumer (B2C) contracts, the unfairness assessment is restricted to B2C contracts. The chapter explores the implementation of the Unfair Terms Directive (UTD) under Spanish law.