June 2026 – Austria has enacted the Consumer Law Amendment Act (Verbraucherrechts-Änderungsgesetz 2026, VerbRÄG 2026, not yet published in the Federal Law Gazette) and the Consumer Credit Law Amendment Act 2026 (Verbraucherkreditrechts-Änderungsgesetz 2026, VerKRÄG 2026, BGBl I Nr. 36/2026), introducing significant changes to consumer rights in distance contracts and to retail lending practices. These changes aim to strengthen consumer protection and address the rise of digital lending and embedded finance models.
Background of the reform
The primary aim of the reform is to implement Directive (EU) 2023/2225 on consumer credit agreements and Directive (EU) 2023/2673 on financial services contracts concluded at a distance. The previous consumer credit directive proved only partly effective in ensuring a high level of consumer protection, particularly in light of rapid technological change and evolving consumer behaviour. This prompted the European Commission to introduce amendments.