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.