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Distance contracts for financial services

(1) For the purpose of distance contracts as regulated in this Act, contracts for financial services shall mean contracts relating to bank, payment, credit or insurance services; contracts relating to private pension schemes; contracts relating to the provision of investment services; or contracts relating to transactions executed in the investment instruments market. In cases of doubt, it shall be presumed that for the purposes of distance contracts, a contract concluded within a line of business referred to in the first sentence and where the contractor is a bank, a foreign bank branch, a foreign exchange entity, an electronic money institution, a building society, a savings or credit union, an insurance company, an insurance intermediary, an insurance broker, an insurance agent, an investment firm, a pension fund, an investment company, an investment fund, an off-exchange market operator or an investment intermediary, or a foreign entity with a similar line of business, shall always be deemed a contract for financial services.

(2) Where means of distance communication referred to in Article 53 (1), which enable a contract to be concluded without the simultaneous physical presence of the contractor and consumer, are used to conclude a contract for financial services (hereinafter referred to as a “distance contract for financial services”), the contractor shall be obliged to meet the obligations in Articles 54b to 54d. Some obligations for the conclusion of distance contracts for financial services are regulated differently by a special legal rule 2b).