From CFO By Vincent Ryan September 23, 2014 In July, small business and middle market lender...
Consumer Protection Law (Law No. 67 of 2006)
(enacted in 2006)
The Consumer Protection Law (Law No. 67 of 2006) governs all kinds of products and services, including financial services, and sets out fundamental consumer rights, namely: (i) the right to receive true information on all products and services, (ii) the right to get decent treatment from all suppliers, and (iii) the right to have a simple recourse mechanism free of charge, including fair remedy or compensation. Under this law, any contract provision that exempts suppliers or service providers from their obligations towards consumers shall be deemed void. The law also establishes the Consumer Protection Agency and grants broad discretion to enforce the law.
Relevant provisions include:
- Art. 12: Establishes the Consumer Protection Agency and sets out its powers, including investigating consumer complaints; and
- Art. 17: Provides for the composition of the CPA’s dispute settlement committees.