Research On The Legal System Of Consumer Finance Companies In China

Consumer Finance Companies were emerging with Consumer Finance Companies Pilot management Measures being first enacted in China in 2009. Consumer Finance Companies developed rapidly with the features of no indorsement, no security and quick approval while the problems of legal system were exposed gradually. Therefore, this paper further discussed how to improve the supporting facilities for the legal systems of Consumer Finance Companies.First of all, the author conducted general analysis with detailed description of legal features shown in the operation of consumer finance company, as well as thorough comparison to similar businesses.The foundations for economics and social practices were also elaborated in this paper hoping to be helpful for the research of consumer finance company both in theoretically field and in academic field, and to provide necessary and feasible theory to the further development of consumer finance company in China.Secondly, the legal systems of consumer finance company in three representative countries(USA, UK, and Japan) were described thoroughly in this paper. Meanwhile the paper compared the current situation of consumer finance companies between China and the three representative countries, and summarized the defects of legal systems for consumer finance companies in China. The author hoped that the legislative experience from oversea countries would enlighten the legislation in China. Finally, the author gave specific suggestions and solutions to the construction of legal system for consumer finance companies in China from the following aspects: improve market access and exit system;improve risk control system; and strengthen state supervision to consumer finance company etc.