The main exigencies of the Act as relevant for a (Thai or foreign) bank or any other financial institution, who is prospecting or servicing Thai clients, can be summarized as follows:
The Act particularly provides for consumer protection in the following four areas:
o Advertising;
o Labelling;
o Contracts; and
o Other types of consumer protection.
Section 4 of the Act stipulates the specific rights of the consumer, which include the right to:
o Receive correct and sufficient information and description as to the quality of services (and goods);
o Enjoy freedom in the choice of services (and goods);
o Expect safety in the use of services (and goods);
o Receive a fair contract (see immediately below);
o Have the injury considered and compensated in accordance with the laws on such matters or with the provision of this Act.
Sections 22-29 of the Act specifically pertain to advertising, which must not be unfair to consumers or cause any adverse effect to the Thai society. An advertisement shall not be effected by a method which may be harmful to the health or cause physical or mental harm or annoyance.
According to Sections 35bis-35novem special requirements apply with regards to contracts relating to credit/debit cards or loans;
In deciding what is fair with regards to contractual terms, various aspects are taken into account, including the following:
Good faith, mutual bargaining power, financial situation, knowledge, expertise, experience, expectations, previous course of dealings and the matters including the interests of the parties in the particular circumstances;
What is customary for the type of contract in question;
The time and place of the execution of the contract or the performance of the contract;