On Banks In The Consumer Credit Information Disclosure Obligations

Nowadays, credit consumption is becoming more and more popular in the world,and consumer credit transaction has been greatly developed in china. However, chinalack the systematic and scientific legal system needed to protect and regulate thesocial credit operation. The main point of this dissertation is under the circumstanceof consumer credit transaction booming, how to protect the vulnerable consumers'rights and interests in legal methods. Therefore, the standpoint of this dissertation iscommercial bank's disclosure liability to credit consumers. The main body of thisdissertation is divided into four parts:1. preliminary introduction of the commercial bank's disclosure liability inconsumer credit transaction;2. what kind of information should be disclosed by commercial bank in consumercredit transaction;3. the requirements of disclosure of the required information by bank;4. suggestions on how to improve the disclosure system in China.First, I define the bank's disclosure liability, and make it clear that disclosureliability is owed by the bank, as a party to consumer credit contract, to the consumers;I analyze the significance of bank's disclosure is as to protect consumers' right tolearn the truth, to mitigate the negative effect of the boilerplate terms of the consumercredit contract;and I introduce the legal systems of the major developed countries onconsumer credit transaction. Second, I discussed what should be disclosed in creditadvertising by bank, and point out the principles that should be followed;I analyzethe disclosure of transaction terms and conditions when I make a list of specificdisclosure requirements;I further make it clear that bank should disclose consumer'spersonal credit records, and emphasize consumers rights to fair dealing and personalinformation controlling. Third, the requirements of disclosure of the requiredinformation by bank is analyzed;special attention is paid to the "clear andconspicuous" requirement, the standardization of disclosure forms, and the when bankmust disclose such information;the bank's liability is dealt when breached theirdisclosure liabilities. Last but not least, I make relevant legal suggestions to cope withthe problems both in legislation and real life in china's consumer credit transaction.