EstoniaVõlaõigusseadus Section 55^2, Explanations to Consumers and Human Intervention in Online Financial Services
In force since .
An AI sector rules rule binding public and private bodies.
As of .
What it requires
- If you are a trader offering a financial services contract by means of distance communication, give the consumer free explanations before the contract is concluded so that the consumer can assess whether the contract and any additional services suit the consumer's needs and financial situation (Võlaõigusseadus, section 55^2(1)).
- If you communicate with the consumer only through online means, let the consumer demand that a human intervene, and ensure that human intervention before the contract is concluded and, in justified cases, after it, in the language used for the pre-contractual information (section 55^2(2)).
- Be ready to prove that you gave adequate explanations, including the human intervention (section 55^2(3)).
What this law does
Section 55^2(1) requires a trader to give the consumer, free of charge and before a financial services contract is concluded by means of distance communication, explanations so that the consumer can assess whether the contract and any additional services suit the consumer's needs and financial situation. Where the trader uses only online means to communicate with the consumer, the consumer has the right to demand that a human intervene.
The trader ensures human intervention before the financial services contract is concluded by means of distance communication and, in justified cases, after it, in the same language that was used for the pre-contractual information. The trader must prove that it has given adequate explanations, including ensuring human intervention.
When LexLint raises it
When your app profile says your app provides financial services, deploys a chatbot or makes high-risk automated decisions.