Study On The Legal Protection Of The Rights Of Credit Consumers

It was proved not only by the experience of developed countries but also by theconsumer economic theory that a country’s economy development mode should transfer frominvestment, exports to consumer-lead as soon as it developed to a certain stage. Meanwhile,the economy development will also causes benign upgrade of the consumption structure fromdaily necessities to consumer durables, and the high price of consumer durables will make thedomestic-demand-stimulating highly relied on the support of consumer credit. The disparityof strength and the conflicts of interest between the subjects of the consumer credit marketdetermined the necessity of protecting the rights of disadvantaged credit consumption.Additionally, the rights-protection for the credit consumption is an important tool to reducethe systematic risks of financial market. Thus, the significance of the credit consumptionrights protection system is not only the rights protection for individuals of micro-society, butalso concerned with the safety of financial market and the results of economy developmentmode transformation, which actually confirmed the Coase’s viewpoint：“market failure doesexists, but the key to the solution lies in institutional arrangements, the source of economygrowth in history came from efficient institutional arrangements.”Based on the above situation, this paper followed the logical path of “how the rightforms”,“protect the right for what reason”,“how to protect it”,“the development ofprotection”,“compared with the situation in China”,“system construction” to develop itsviewpoints. The contents of this paper include：Chapter one： the formation and legal attribution of the credit consumption rights. Thestrong productivity outbroke from the Second Industrial Revolution brought changes to thesupply-demand relationship and demand structure, made the credit consumption came out as anew consumption pattern just in time, and caused the credit grantor and the credit consumerexist contradictorily as two new social group types, however, the interest impairment problemunder the interest confrontation posed impact and challenges to the traditional civil law andcommon consumer protection act, it also give birth to the formation of credit consumer rightsas a economic law rights and the generation of related legislation.Chapter two： the theoretical interpretation of credit consumer rights protection. Thecredit consumer rights protection promoted the domestic demand stimulation and economy development mode transformation, which was perfectly proved by the consumer economictheories and the practices of developed countries. From a information economicsinterpretation, to protect the rights could cause the credit grantor abandon false disclosuresbecause of the interest motivation lose, and thus overcomes the negative impacts of moralhazard and adverse selection brought by the information asymmetry thoroughly. Analyzingwith the institutional economics, this institutional arrangement could benefit both the creditconsumer and the government, while its power to change is strong. From a sociologicalinterpretation, the differentiation of the roles and the status of credit consumer and creditgrantor lead to social conflicts, and an integration from the rights protection system isnecessary. From a law interpretation, the credit consumer rights wear both the properties ofhuman rights of subsistence and development, which make the legal protection necessary.Chapter three： the institutionalization of credit consumer rights protection and itexperiences abroad. This chapter overviewed the credit consumer protection system ofdeveloped countries and summed up their institutionalization experiences, it mainly includethree parts of universal level. Firstly, it announced that the credit consumer enjoys thosesubstantive rights as the right to information, the right of information security, the right to goback on the right, the right to consume credit and the right to extend the defense. Secondly, inorder to prevent the credit consumer being aggrieved from the malpractice of credit grantorand other related institutions, it constructed a supervisory system to protect credit consumerrights with feed forward control and post-processing. Thirdly, in order to ensure the trulyrealization of credit consumer rights, it established a rights and relief system with the aspectsof internal processing, third-part intervention and judicial relief.Chapter four： the development of credit consumer right protection system in thepost-crisis era. The latest financial crisis originated from the inadequate credit consumerrights protection in the substandard loan process, those developed countries, represented bythe U. S. A and the United Kingdom, profound rethought their deficiency in consumerprotection and realized that consumer-protection is the crucial foundation of financial stabilityand development, as a matter of fact, they took the credit consumer protection system as animportant revolution aspect after the crisis, they strengthened the credit consumer rightsprotection via rebuilding the supervisory objective of consumer protection, setting up afull-time financial consumer protecting agency and expanding the credit consumer’s rights as the rights to information, the rights of property security and the rights to receive education.Chapter five： the status quo and system defects of credit consumer rights protection inChina. The credit consumer rights was severely impaired in China, it mainly embodied in thefollowing aspects： the rights to know the information of consumption credit is difficult toguarantee, the rights of credit consumption is impaired by the inauthenticity of credit reports,fair trading rights is difficult to achieve under the monopoly situation, the rights of extensiondefense is deficiency and the information security is on the ropes, the emerge of theseproblems are comprehensively result from realities of the legislation vacuum of creditconsumer rights protection system, the insufficiency of the rights system, the neglect offinancial supervision and the weakness of the rights to relief system.Chapter six： the conception of establishing China’s credit consumer rights protectionsystem. The reality of China’s economy development mode is in urgent needs to change intoconsume-lead type and its credit consumer rights is severely impaired impelled theinstitutional needs for credit consume rights protection. Learning from the foregoinginstitutionalize experience of credit consumer rights protection, combined with China’spractical system condition, this paper established a credit consumer rights protection systemfit for China’s social and economic environment from the aspects of building pluralisticsystem of rights, perfect the supervision system and create a relief mechanism of three aspectsinteract together.