Consumer Credit Legislation System

Market economy can be considered as credit economy. The more developed the credit economy runs, the more perfect the credit system becomes. The credit system is a system comprised of nation credit, bank credit, business credit and consumer credit. Only when a kind of credit system runs based on the nation credit and with the bank credit as the media, together with a reasonable and inter-stimulative structure between business credit and consumer credit can the economy be affected positively. The lawmaking experience should be introduced from abroad and a unitive Consumer Credit Law can be established adopting a form of integrative legislation. According to the differences of credit grantors,consumer credit comprises three credit types: the vendition credit , the loan credit, the integrative credit. The credit grantor should investigate the consumers' credit status to avoid or reduce the credit venture. The investigation on the consumers' credit should be carried out by an independent individual credit investigation organization. For the consumers' privacy involved in the above investigation, the Consumer Credit Law, based on reference of the consumer credit legislative experience from the U. S. and the U. K, should declare clearly the principle and extension of the consumers' privacy protection and also the exception of the financial institution's secrecy obligation. The consumers' credit contract is an agreement between consumer and financial instatutions or business instatutions for selling goods(service) on credit or debit and credit. The consumers' credit contract is represented by the Standard Form Contract, which is the stress ruled by the Consumer Credit Law. The contract is set for the purpose of restricting the 'freedom' of the credit grantor in the exchange of credit, eliminating the unfair content in the standard form contract and balancing the benefit of each side, thereby realizing the jural justice.