Consumer Credit other than for House Purchase Regulation in the Czech Republic and Selected EU Countries

Ivan Soukal , Eva Hamplova , Anna Cierniak-Emerych , Jiri Haviger , Szymon Dziuba

Abstract

A transposition of 2014/17/EU changed consumer credit markets throughout the EU. In the Czech Republic the transposition by the act 257/2016 Coll. was taken as an opportunity to unify regulatory framework for all consumer credit regardless of a purchase purpose. At the same time this regulatory framework extension was motivated by adverse phenomena in a non-bank consumer credit sector such as predatory and usurious practices (regulatory arbitration, abuse of the social distress of debtors, credit cost obfuscation, pre-contract payments, insufficient or even none creditworthiness assessment and more). These issues were addressed by the market entry public regulation including employee’s professional qualification requirements. The paper compares professional qualification regulation approach in the Czech Republic and eleven selected EU countries. In the Czech Republic, Hungary, Greece was adopted the public regulation approach which combines national regulator supervisory with accredited institutions examination. On the other hand, in Germany and the Netherlands was an approach closer to a private regulation. Croatia and Portugal still did not completely transposed 2014/17/EU and are facing a legal procedure from the Court of Justice of the EU. In the Czech Republic a new regulation significantly decreased a number of non-bank consumer credit providers and their market share is diminishing since the last economic crisis. Yet, a new option of regulatory arbitrage for predatory creditors appeared although with a very limited impact on the market.
Author Ivan Soukal - University of Hradec Kralove
Ivan Soukal,,
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, Eva Hamplova - University of Hradec Kralove
Eva Hamplova,,
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, Anna Cierniak-Emerych (BM / DLCI)
Anna Cierniak-Emerych,,
- Department of Labor, Capital and Innovation
, Jiri Haviger - University of Hradec Kralove
Jiri Haviger,,
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, Szymon Dziuba (BM / DLCI)
Szymon Dziuba,,
- Department of Labor, Capital and Innovation
Pages712-720
Publication size in sheets0.5
Book Jedlicka Pavel, Maresova Petra, Firlej Krzysztof, Soukal Ivan (eds.): Proceedings of the International Scientific Conference Hradec Economic Days 2020, vol. 10, no. 1, 2020, University of Hradec Kralove, ISBN 9788074357763, 917 p., DOI:10.36689/uhk/hed/2020-01-000
Jedlicka_P_Maresova_P_Firlej_K_Soukal_I_Hradec_Economic_Days.pdf / 42,09 MB / No licence information
Keywords in Englishconsumer credit; regulation; Czech Republic; MCD
DOIDOI:10.36689/uhk/hed/2020-01-081
Languageen angielski
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Soukal_I_Hamplova_E_Cierniak-Emerych_A_Haviger_J_Dziuba_S_Consumer_Credit.pdf 706,96 KB
Score (nominal)5
Score sourcepublisherList
Citation count*
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UwagaThis paper was written with support of Specific Research Project “Investments within the Industry 4.0 concept” 2020 at Faculty of Informatics and Management of the University of Hradec Králové to the Department of Economics.
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