Consumer Credit

This subject has the following teaching availabilities in 2011:

This subject is concerned with the nature of, and laws relating to, consumer (i.e. individual) credit products. It will follow a range of consumer credit products, from their development and marketing, through to their formation and ‘life of contract’ issues, such as servicing and enforcement. Principal topics will include:

• The regulatory framework supporting consumer credit regulation, including the role of regulators (and issues arising out of self-regulation), as well as the different regulatory methods that may be used in this area (the importance of disclosure in consumer credit regulation will be a particular focus)
• Threshold issues, including fundamental consumer credit concepts
• Licensing regimes and issues arising out of licensing as a core regulatory method for regulating consumer credit providers
• Attracting consumers to consumer credit products, including general law issues as they apply to consumer credit, as well as consumer credit-specific obligations
• Issues arising when consumers apply for consumer credit, with a particular focus on privacy laws
• The role of intermediaries in distributing consumer banking products
• Obligations both prior to and during the life of consumer credit products
• The changing regulatory environment, including changes to privacy laws impacting the provision of consumer credit.

A student who has successfully completed this subject should:

• Understand the regulatory framework in which consumer credit products are offered, including the benefits and drawbacks of various regulatory methods
• Be conversant with the features of a range of consumer credit products, including credit cards (including store cards), home loans (including reverse mortgages) and personal loans, in addition to the various manners in which these products may be distributed to consumers
• Understand how these products and distribution methods may require different regulatory methods to be employed
• Understand, and be able to apply, the laws governing consumer credit products, and some of the consequences of breach of those laws
• Identify the particular roles played by each party in the consumer credit transaction, including the unique issues arising because of the nature of the ‘consumer’ as the protected class.

Visit the Melbourne Law Masters website for more information about this subject.

This subject is not available as a breadth subject.