Bangkok: Supamas Isarabhakdi, Minister attached to the Prime Minister's Office, is intensifying regulations on online loan businesses following the discovery of contract traps that exploit consumers. She is also preparing to overhaul Consumer Protection Board (CPB) laws to align with the digital age.
According to Thai News Agency, Prime Minister Anutin Charnvirakul, who also serves as the Minister of Interior, has expressed his concerns regarding the use of digital contracts in online services. These contracts, particularly in loan agreements, often include unreasonable terms that exploit consumers, leading to many falling into complex contract traps that disadvantage them in the long term. In response, Ms. Supamas, overseeing the Office of the Consumer Protection Board (OCPB), has instructed the OCPB to address this issue urgently. She stressed the importance of establishing standards for consumer protection contracts and emphasized the need for strict regulation of loan businesses and electronic contracts to ensure fairness for the public.
Mr. Ronnarong Poolpipat, Secretary-General of the Consumer Protection Board, has outlined three key approaches to strengthen consumer protection. Firstly, he plans to enforce contract control laws proactively through the Announcement of the Contract Committee on Consumer Lending, B.E. 2565 (2022). This announcement regulates consumer lending businesses, mandating them to use specified contract terms and prohibiting the inclusion of unfair clauses, such as sharing borrower information without consent. This applies to both written and electronic contracts.
Secondly, new regulations will be issued to control contracts in businesses potentially affecting consumers. These include sectors like condominium sales, tractor and agricultural machinery leasing, car and motorcycle rentals, and beauty services. The regulations will encompass electronic contracts as well.
Lastly, there will be an integrated effort with government, private sectors, and the public to review, enhance, and amend laws to keep up with the digital world and evolving circumstances. The OCPB aims to create standard contract templates to ensure fairness in business-consumer agreements, protecting consumer rights under the "OCPB: Close at Hand, Peace of Mind for Consumers" initiative.