Study On Perfecting Our Country's Consumer Finance Company Legal System

For expanding domestic demand, changing the mode of economic growth of our country and resisting the global financial crisis, on 22 July 2009, CBRC issued the Consumer Finance Company Experimental Management Measures (hereinafter referred to as the Experimental Management Measures) and the pilot work of examination and approval of consumer finance company officially launched. On 6 January 2010, the applications of the bank of China, Chengdu bank, Beijing bank setting up consumer finance companies first were obtained CBRC' official reply, which marks consumer finance company formal setting sail in China. Consumer finance company provides consumers with a kind of brand-new consumption financing channel, this is an inexorable trend of the development of market economy, and the establishment of consumer finance company has the very vital significance for stimulating consumption to expand domestic demand, reducing economic foreign dependency and perfecting our country's financial system. However, because of the restriction of residents' consumption concept, the imperfection of social security system and the personal credit system, the fierce competition from industry and the imperfection of the legal system about regulating consumer finance company, the development of consumer finance company in our country is very difficult. Meanwhile, America's subprime crisis make us see that consumer finance can cause many disadvantages such as excessive consumption, blind consumption. If there is no proper guidance, it would cause residents debt' expansion, the irrational growth of property prices and in eventual destruction of entity economy.At present, there are many questions in the process of legal regulating consumer finance company in our country:the Experimental Management Measure for special regulating consumer finance company is quite low on legislation, and its legal regulations are general, lacking specific operability; Auxiliary legislation is not perfect, for example our country' "credit act" and the "consumer credit law" have not established; The relevant laws and regulations lag, for example the provisions of the "commercial bank law", "insurance law", and the "tax law" can not fit the development of the consumer finance company. To solve these problems, based on China's national conditions, referred on the legislative experience of overseas consumer finance company in developed countries, some legislative suggestions of consumer finance company were put forward:First, legislative principle of the consumer finance company has been determined, such as full safeguarding consumers' lawful rights, prohibiting discrimination principles, the principle of differential treatment etc. These legislative principles made baseless requirements for China's consumer finance company legislation; Secondly, issuing " implementation rules for the Consumer Finance Company Experimental Management Measures", making detailed regulations for consumer finance company' established subject, interest rates,business scope, punishment principles, and making it practiced; Thirdly, hustling "credit act", "the personal bankruptcy law" and other supporting legal systems and proposing their main content and matters needed attentions. Finally, revising unreasonable regulations in the laws and regulations about consumer credit in order to promote the development of consumer finance company.