This concerns loans, installments, insurance, payment and other financial services which are arranged through websites and mobile applications. The draft provides that it should be possible to cancel a contract in the same way in which it was concluded. If the service is arranged online, the consumer should be able to cancel the contract online, without additional procedures and “mandatory consultations”.
Information on the right to cancel should be clear, understandable and easily accessible, not hidden in voluminous terms and conditions in small print. In case of refusal, the consumer pays only for the actual services rendered for the period of use, without penalties and hidden fees.
Why a new law is needed
The need for a new law is due to the fact that the current Act on the conclusion and execution of distance contracts on consumer financial services was adopted back in 2014. It is based on an EU directive that has now lapsed and does not take into account the realities of the digital market, where financial services are arranged in a few clicks. Although the law recognizes the consumer’s right to cancel a contract within 14 days, it does not define a convenient mechanism for the online exercise of this right. In particular, there is no online “cancel button” or similar tool as required by the modern EU directive.
The new bill aims to strengthen consumer protection in the online environment. It introduces stricter requirements for prior information about services, prohibits manipulative practices and interfaces that make it more difficult to cancel a contract, and establishes additional transparency requirements for online platforms so that the consumer clearly understands who the provider of a financial service is. Special attention is paid to the accessibility of information for people with disabilities, including the visually impaired.
Compliance with the new rules will be monitored by the author of the bill – the National Commission for Financial Market, and service providers will be held liable for violations. It is expected that the law will be adopted by October 2026, after which the current Law No. 157/2014 will cease to be in force. At present, the draft is submitted for public discussions, and all interested parties can send their suggestions and comments until March 5 of this year.
