Credit Cards, Overdraft Facilities and European Consumer Protection: A Blank Cheque for Unfairness?

Muynck, Michiel De

doi:10.2139/ssrn.1970212

Cited by 2 publications

(7 citation statements)

References 29 publications

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“…The consumer uses only the card"s transaction function as long as there are enough funds on the account. When the balance becomes negative, "the consumer uses the card simultaneously to transact and to borrow" (Muynck, M. De. (2010).…”

Section: Types Of Payment Cardsmentioning

confidence: 99%

“…Second, "consumers are not always able to [distinguish} mere transacting from borrowing and credit therefore occurs unintentional, even unconsciously" (Muynck, M. De. (2010).…”

Section: Specific Features Of Consumer Credit Drawn With Payment Cardmentioning

confidence: 99%

“…"[Disclosure is not an end itself but is deemed to mitigate market failures as well as individual shortcomings" (Muynck, M. De. (2010).…”

Section: Purpose Of Disclosurementioning

confidence: 99%

“…p. 405). This dichotomy is not strict and both types of disclosures may be considered to be parts of the single information regime (Muynck, M. De. (2010).…”

Section: Classification Of Disclosuresmentioning

confidence: 99%

“…The problem is that almost no one does that. This can be because of insufficient literacy, complexity of the rules, or just simply lack of interest in gaining knowledge about the terms of the credit (Muynck, M. De. (2010).…”

Section: Pre-contractual Disclosuresmentioning

confidence: 99%

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Disclosure Mandates for Consumer Credits Drawn With Payment Cards: Does It Have Sense? Russian Perspective

Mikoni¹

2020

BSSR

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It is commonly recognized that special legislation shall be crafted to regulate consumer credit and financial services. Disclosure mandates have always been considered the preferred method of regulation in comparison with the substantive restrictions. Russian law is no exception. Most of the provisions of the Federal Law No. 112-FL of 05 May 2014 on Consumer Credit deal with the information duties of financial institutions. The problem is that only a small part of these duties reflect the specific features of the credits drawn with payment cards. Considering the fact that these types of credit have become more popular in Russia ignoring of these features by a law maker can lead to dramatic consequences.The purpose of the paper is to assess the effectiveness of disclosure mandates provided by the Federal Law No. 112-FL and, based on the results of such an assessment, propose possible changes to disclosure regulation which can improve the protection of consumers" rights.The paper starts with a description of the features of credit drawn with payment cards which influence the consumers" ability to understand and use information. It proceeds with a general description of disclosure rules to give certain guidelines for further analysis of the provisions of Russian law. Then a detailed description of the disclosure mandates stipulated by the Federal Law No. 112-FL and applicable to credit cards and overdrafts is presented. The assessment of the current provisions and proposals for their improvement are provided in the final part of the paper.

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Section: Types Of Payment Cardsmentioning

confidence: 99%

“…Second, "consumers are not always able to [distinguish} mere transacting from borrowing and credit therefore occurs unintentional, even unconsciously" (Muynck, M. De. (2010).…”

Section: Specific Features Of Consumer Credit Drawn With Payment Cardmentioning

confidence: 99%

“…"[Disclosure is not an end itself but is deemed to mitigate market failures as well as individual shortcomings" (Muynck, M. De. (2010).…”

Section: Purpose Of Disclosurementioning

confidence: 99%

“…p. 405). This dichotomy is not strict and both types of disclosures may be considered to be parts of the single information regime (Muynck, M. De. (2010).…”

Section: Classification Of Disclosuresmentioning

confidence: 99%

Section: Pre-contractual Disclosuresmentioning

confidence: 99%

See 3 more Smart Citations