This memo will deal with the most frequently used terms in consumer finance contracts that, according to the case-law of the Consumer Rights’ Protection Centre (Pateretaju tiesibu aizsardzibas centrs) and courts, are considered as unfair contract terms. This memo will also deal with unfair commercial practice in the light of the latest amendments to the laws on consumer protection.

In Latvia, consumer finance is mainly regulated by the Consumer Rights’ Protection Law (Pateretaju tiesibu aizsardzibas likums) and the Regulation of the Cabinet of the Ministers No. 6921. Rules concerning unfair commercial banking practice are set forth in the Law on Prohibition of Unfair Commercial Practices (Negodigas komercprakses aizlieguma likums).

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Practices involved

Banking & Finance