The Ministry of Justice has unveiled a draft bill aimed at streamlining consumer rights and modernizing contract law, particularly concerning online transactions. The proposal, released on Wednesday, incorporates adjustments necessitated by revised European Union regulations regarding consumer and insurance agreements.
A key feature of the draft is the mandated implementation of an electronic revocation button for contracts concluded online. The Ministry envisions a system mirroring the ease of online ordering, allowing consumers to cancel agreements with a single click. Officials state this measure is intended to simplify the process for consumers and enhance protection against unintended contractual obligations.
Beyond the introduction of the electronic revocation button, the bill mandates that companies providing financial services must provide clearer and more adequate explanations to ensure consumer understanding and informed decision-making prior to entering into contracts. The draft also proposes adjustments to the current provisions surrounding the “perpetual right of revocation” pertaining to financial services.
Furthermore, businesses will no longer be obligated to provide contract terms in paper form, reflecting the shift towards digital communication and documentation. The draft legislation has been circulated to regional authorities and industry associations for review and feedback, with submissions accepted until August 1st.
