Name
Global FinTech Guide
Country Name
Hungary
SectionTitle
Signature requirements
Body
The signature requirements pertain the legal or contractual requirements in order to make a legally effective declaration of intent or a legally binding contract.

Possibility to replace a specific formal requirement of making a binding declaration of intention

 If there is a formal requirement of making a binding declaration of intention, that formal requirement should be complied with. 

If there is a requirement that a legal declaration be in the written, it should be in the written form – i.e. signed and dated in wet ink or electronic signature (i.e. eIDAS-compatible qualified electronic signature and a time stamp).

Presence of any specific formal requirements to effectively conclude a loan agreement

Financial institutions are obliged to execute transactions that involve any degree of exposure in writing, including loans and credit facility agreements.

Process of conclusion of a contract by using a qualified electronic signature in practice

A legal declaration signed by an eIDAS-compatible qualified electronic signature and a time stamp qualifies as a written legal declaration. There is no separate license from the Hungarian National Bank required in order to be able to use an electronic signature.

Legal consequences to a contract in case of not fulfilling formal requirements

If there is a statutory formal requirement that the contract must be made in writing, the contract will be void, unless it is made in writing.
 

Usual practice of signing contractual agreements in the B2B sector

In writing, on paper (wet ink).

Usual practice of signing contractual agreements in the B2C sector

In writing, on paper (wet ink). All contracts are mainly concluded with a handwritten signature.

Authors

Disclaimer

© 2022, Lakatos, Köves and Partners Law Firm. All rights reserved by Lakatos, Köves and Partners Law Firm as author and the owner of the copyright in this chapter. Lakatos, Köves and Partners Law Firm has granted to Multilaw non-exclusive worldwide license to use and include this chapter in this guide and to sublicense Lexis Nexis, a division of RELX Inc. and its affiliates certain rights to use and distribute this guide.

The information in this guide provides a general overview at the time of publication and is not intended to be a comprehensive review of all legal developments nor should it be taken as opinion or legal advice on the matters covered. It is for general information purposes only and readers should take legal advice from a Multilaw member firm.

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