The legal and economic systems in the Nordic-Baltic region are increasingly being integrated. This is especially true of the credit market which is characterized, inter alia, by orientation to modern credit products (highly developed internet banking, increased use of electronic distribution channels such as instant consumer loans obtainable via mobile phones and/or via internet). The legal regulation of credit agreements in those states, however, still varies to a great extent: despite the maximum-harmonizing Consumer Credit Directive 2008/48/EC, there are still many aspects that the Directive does not (fully) cover and that therefore fall within the regulatory discretion of the Member States.

      The main objectives of the comparative study are to provide knowledge about the common principles as well as differences of consumer credit contract law and practice in Estonia and Norway, including the restrictions on party autonomy? highlight the variations in contractual and court practices regarding consumer credit contract and explore reasons for these variations? assess whether the consumer protection instruments provided in the 2008 Consumer Credit Directive have been functioning efficiently in Estonia and Norway in relation to the two key objectives: the functioning of the internal market and on the level of consumer protection; find out the importance of the civil procedure rules on the effectiveness of legal remedies of the consumer in consumer credit transactions? evaluate the effectiveness of the various methods protecting consumers against usurious electronic loans, incl whether the national/EU legislator should make use of interest rate/APRC restrictions and provide recommendations for the further development of legal policy for consumer credit contracts. Special focus will be set on the problems of usurious electronic consumer credit, principle of responsible lending, restrictions of party autonomy in consumer credit contracts and consumer protection in financial leasing transactions and consumer securities.


Funded by the Norwegian Financial Mechanism 2009-2014