The Riigikogu passed with 80 votes in favour the Act on Amendments to the Law of Obligations Act and the Advertising Act (347 SE), initiated by the Government. The Act specifies the regulation of responsible lending applied to consumer credit agreements in the Law of Obligations Act, and the regulation of advertising of financial services, including consumer credit, in the Advertising Act. The Act gives a content to the concept of creditworthiness of the consumer. The Act provides for the circumstances which a creditor must take into account when assessing the creditworthiness of the consumer. The Act provides that an advertisement in which consumer credit is offered or the arrangement of consumer credit contracts is offered may contain only essential information on the creditor or the credit intermediary and the service provided. An advertisement must be responsible and balanced. According to the Act, an advertisement may not leave an impression that taking consumer credit is a risk-free and easy opportunity to solve financial problems. An advertisement may not induce consumers to take irresponsible loans.
The Riigikogu concluded the second reading of the Bill on Amendments to the Copyright Act (394 SE), initiated by the Government. The Act is brought into conformity with the relevant EU Directive amending the Directive on the term of protection of copyright and certain related rights. The term of protection for fixations of performances and for phonograms is extended by 20 years, that is, to 70 years. The amendment concerns featured performers who receive royalties for their performance, as well as non-featured performers, that is, anonymous studio musicians who transfer or assign their exclusive rights in return for a one-off payment.
The Riigikogu Press Service
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