Decree on the Protection of Financial Service Consumers
关于保护金融服务消费者的法令
ດຳລັດ ວ່າດ້ວຍການປົກປ້ອງຜູ້ຊົມໃຊ້ການບໍລິການທາງດ້ານການເງິນ
Summary
This decree stipulates principles, regulations, and measures for the management and supervision of consumer protection in financial services, clarifying rights and obligations of service providers and consumers, information disclosure, dispute resolution, and supervisory bodies, to ensure quality, correctness, transparency, and fairness in financial services.
Articles
Article 1
Purpose. This Law stipulates principles, regulations, and measures for the management and supervision of consumer protection in financial services, aiming to ensure that financial services are of quality, correct, transparent, and fair, with the goal of building confidence in the financial system and contributing to the socio-economic development of the country.
Article 2
Financial Service Consumer Protection. Financial service consumer protection refers to the adoption of various measures to protect consumers' assets, legal rights, and interests affected by the use of financial services.
Article 3
Interpretation of Terms. The terms used in this Decree-Law shall have the following meanings: 1. Consumer: means any domestic or foreign individual, legal entity, or organization that uses financial services; 2. Service Provider: means commercial banks, deposit-taking microfinance institutions, non-deposit-taking financial institutions, credit and savings cooperatives, credit leasing companies, pawnshops, and other financial service providers managed by the Bank of the Lao People's Democratic Republic; 3. Bundled Product: means a financial service that combines two or more products into a single bundled product; 4. Card: means a payment instrument, including savings cards and credit cards, used for paying for goods, service fees, and conducting financial transactions via the internet or card-accepting devices (such as POS terminals, cash deposit and withdrawal machines); 5. Price: means the remuneration for financial services, such as interest, service fees, handling fees, and agency fees, but excluding default penalties; 6. Default Penalty: means the amount payable by the consumer to the service provider under the conditions and proportions agreed upon between the consumer and the service provider before or after the conclusion of the contract, in the event of total or partial non-performance of the contract.
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