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Study On Consumer-Rights Protection In Consumer EFT Of Our Country

Posted on:2005-05-09Degree:MasterType:Thesis
Country:ChinaCandidate:L YuFull Text:PDF
GTID:2156360122999133Subject:Economic Law
Abstract/Summary:PDF Full Text Request
Consumer EFT (Consumer electronic fund transfer/ Retail electronic fund transfer)means that a series of operations, beginning with the originator (consumer) payment order, made for the purpose of making payment to the beneficiary of the order. The payment order issued is to make funs transfer between consumer and issuer/finance institution. The originating tools include but not limit to electronic terminal, telephone tools, computer and magnetic tape.Some familiar Consumer EFT modes are POS, ATM, Home Banking and ACH. Consumer EFT regulates its involved legal relationships by a group of contracts, all of which serve for accomplishing a consumptive payment and funds transfer. In the current Consumer EFT system in our country, there are corresponding legal relationships among all of the parties. On account of that cardholder/ consumer and issuer/finance are the ultimate receivers of these series legal relationships, the relationship between the cardholder/ consumer and issuer/finance institution is the most pivotal and fundamental relationship in the legal system for Consumer EFT. Furthermore, in order to balance their relationship and in order to accelerate the development of Consumer EFT, the core subject of the legal system for Consumer EFT is how to provide proper protection for consumers who are often deemed as weaker compared with financial institution.The reason to give special protection to Consumer in Consumer EFT is for the particularity of Consumer EFT. This particularity mainly focuses on the following aspects: (1)In the aspect of protection-modes, western countries constitute special Consumer EFT law to regulate the rights and obligations of all parties. But in U.K, commercial practice seems more important than special law. (2) In the aspect of protection-contents, many concrete provisions have been defined in and official commentary, including consumer Option-rights, Knowing-rights, the limitation of Non - state - owned Right, Withdrawal-rights, Erroneous Procedure, Suspend-obligations-rights and Compulsive enforcement of and Some obligations have been given to consumer at the same time of rights- endowment. On the other hand, issuer also has two kinds of rights: remedial rights and obligations-free rights. (3) In the aspect of protection-measures, every country has realized the essential part is Format-contract. To regulate format-contract needs the collaboration of legislation, administration and justice. (4) In the aspect of liability- assume form,3there are not only civil liability, but also criminal and administrative liability have been introduced to Consumer EFT legal system, which is an important guarantee to the development of Consumer EFT. (5) In the aspect of distribution of onus probandi, issuer/finance institution assumes the liability is a common practice in many countries.The operation of Consumer EFT in China has made a great progress in recent years. But related laws and rules isn't enough. The author thinks that to reform this vacancy, you must not only use American legislation for reference, but also U.K. banking Practice. We must constitute our own Consumer EFT Law and we should pay attention to such problem as Non-state-owned Right, the liability limit of Consumer, the range of bank- liability and so on. To learn U.K. banking-Practice is to learn how to strengthen the management of finance industry. This institution design should focus on how to construct the institution of market-admittance and market- withdrawn, strengthen the management of finance industry and how to construct Consumer EFT Liability Insurance.
Keywords/Search Tags:Consumer EFT (Consumer electronic fund transfer), Consumer- Rights Protection, Comparative Study, Legislative actuality, Perfection design.
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