Housing, Consumer Credit Regulations - Consumer Protection Center

Housing consumer credit, as one kind of consumer credit, mainly grants loans to the consumers, which can bring about a great advance in housing reformation. In this dissertation, the author makes a thorough and systematic research on the regulation of housing consumer credit. Normally the financial institutions have much greater financial expertise than the consumers. This advantage may not have been of as much importance formerly as it is today, because the financing has in many instances become extremely complex. Furthermore, in modern civil law credit receiving has become the right of consumers. For these reasons, when dealing with the financial institutions the consumers is in need of legal assistance. So how to protect the rights and interests of the consumers is the main purpose of the thesis.During the course of housing consumer credit transactions, in some aspects, such as the terms of transaction, credit investigations, the contract, credit guarantees and insurance, there are many problems which have made damages to the consumers. So we should make a research on the regulation of open-terms, credit investigations, the contract, credit guarantees and the insurance of housing consumer credit.The financial institutions have the duty to open the terms of transactions, which shows the respect for the consumer's rights and the basic principles of the contract. Through analysing the Truth in Lending Act of U.S.A, the author puts forward a series of proposals for the regulation of open-terms.During the process of credit investigations, the financial institutions have the duty to maintain consumers' secrecy, which displays the respect for the right to privacy. Therefore, the author makes a series of corresponding lawmaking suggestions of how to perfect the system of consumer credit intelligence in our country.As a matter of practice standard form contract are widely used in housing loans, and it is recognized that this practice likely will continue. The standard clauses arecomplex and restrictive and are frequently not understood by the layman. In order toprotect the rights and interests of the consumers, the author presents a study on the standard clauses hi the contract of housing loans.At present, the forms of housing loans guarantee mainly includes mortgage of transferable right, security, hypothecation and mortgage. However, the existing problem is that the consumers have no choice of providing effective guarantees. Thereby ,we should develop the new patterns of guarantees and impose restrictions on the bank's guarantee rights.In our country the insurance companies have already offered several lands of products in the insurance of housing loans. The thesis analyses some typical problems in the insurance system of housing loans, such as compulsory insurance, insurance beneficiary, insurance premium and twice- insurance.