1. Protecting consumers when entering into model contracts
The financial and banking sectors are complex and highly specialized industries. Therefore, contracts of the banking and insurance industry are usually sample contracts with pre-printed contents. Accordingly, the Draft Law on Consumer Protection (Law on Consumer Protection Management) provides for consumer protection when signing model contracts or general transaction conditions.
– Specifically, the Consumer Protection Law stipulates that service providers must be responsible for:
– Explain clearly and fully to the buyer about the rights and terms of liability exclusion;
– Provide proof of transactions and regulations to control these types of contracts.
The Draft Law also provides additional provisions on:
– Protect, collect, use and ensure the safety of consumer information;
– Responsibilities of business organizations and individuals towards consumers in specific transactions;
– Resolve disputes between consumers and business organizations and individuals.
2. Regulations on consumer dispute settlement
In addition, the Draft Law also affirms that a civil case on consumer protection with a transaction value of less than 100 million will be settled according to simplified procedures. This provision, in addition to being considered consistent with reality, is particularly applicable due to the frequent occurrence of small-value consumer disputes. Consequently, the implementation of shortened procedures for such cases will result in cost savings, as well as the efficient utilization of social resources, among other benefits.
The draft Law on Consumer Protection and Management also stipulates more clearly on information disclosure in the mass media. At the same time, specify the responsibilities of social organizations. Specifically, regulations on:
– Only publicize the “notice of the court’s acceptance of the case” to ensure the objectivity and accuracy of information;
– Notifications are made at the head office, website, and application software of the social organization;
– Publicize the results of the case settlement within 07 working days.
3. Compensation for damage in case the beneficiary cannot be identified
One of the issues under scrutiny in the project to amend the Law on Consumer Protection and Management is the assignment of compensation amounts to a social organization, which would then initiate a lawsuit for the collective benefit of consumers. To address this matter, if such a situation arises, the compensation amount will be utilized by the social organization for common activities that benefit consumers, adhering to the regulations set forth by the Government. It is important to note that the compensation amount will not be directly transferred to the social organization for legal action, as there are several other regulations pertinent to this matter.
(Refer to the Government Newspaper dated June 20, 2023)
About our company
HMLF is a Law Firm licensed to provide legal services to Enterprises. With over 70 years of experience in:
– Finance, Accounting, Tax.
– Industry: Manufacturing, Service, Aviation, Transport, Technology, Finance.
– Helping Customers control transactions from internal legal to international trade. Become the best legal defender for Businesses.
– Try to offer optimal solutions to bring customers satisfaction.
Harley Miller Law Firm “HMLF”
Head office: 14th floor, HM Town building, 412 Nguyen Thi Minh Khai, Ward 05, District 3, Ho Chi Minh City.
Phone number: +84 937215585
Website: hmlf.vn Email: miller@hmlf.vn
