Credit Law Research Articles

Research on Credit Construction of Art Market Based on Collaborative Governance

The art market in China started late, but developed rapidly, showing a good momentum of vigorous development. However, as an emerging market, there are still some credit problems, such as forgery of art series, which seriously hinders the high-quality development of China art market. On the basis of analyzing the credit problem of China art market, this paper puts forward some countermeasures, such as perfecting the credit laws and regulations system of China, establishing the credit mechanism of art market, strengthening the supervision of art market and perfecting the appraisal and evaluation system of art.

Income assistance programs and population health – The dual impact of minimum wages and the earned income tax credit

In this study, we provide new evidence on the interaction of state-level minimum wages and Earned Income Tax Credit (EITC) laws on several measures of population health. Using data from the National Vital Statistics Reports between 1999 and 2018, we estimate difference-in-differences models to evaluate the dual impact of minimum wages and the EITC on various causes of mortality, such as suicides, motor accidents and assaults. While several researchers have examined the health effects of both these policies separately, few studies have examined the potential interaction effects of these policies. Specifically, while previous work has provided evidence that both minimum wages and the EITC can reduce suicide rates, our study contributes to the literature by showing that the policies have a positive dual impact on population health. We find that a $1 increase in minimum wages reduces death rates due to suicides and assaults by 3.8 percent and 15.2 percent in states with EITC laws, respectively. In contrast, we show that minimum wages do not impact these outcomes in states without state-level EITC laws.

From Consumer Credit to Consumer Credits? Merits and Flaws of the 2008/48/EC Directive’s Reform Proposal

European consumer credit law is at a crossroads. The modest effectiveness and the increasing obsolescence of the 2008/48/EC (European Community) Directive’s legal toolkit have convinced the EU (European Union) policymaker to take action to ensure better protection for borrowing consumers. The Commission’s Proposal for a Directive on consumer credits, released in June 2021 and now on the verge of the final approval, is a promising attempt to strengthen and update the legal framework. The Proposal sets forth stringent responsible lending obligations, tailored business conduct rules, and revisited scope and definitions to encompass previously excluded credit services. The present work critically engages with the reform’s rationale and contents. The Proposal presents itself as the long-awaited modernization of consumer credit that catches up with digitization and newly emerged credit markets. This paper shows that the most significant merit of the reform draft is the attempt to implement the principle of responsible lending in unsecured consumer credit. This is mainly – but not exclusively – achieved through aligning the Directive with other pieces of EU regulation on credit and financial markets. On a different note, the paper argues that the extension of the Directive’s reach to crowdfunding, as conducted without sufficient adaptation of the substantive rules, came with the risk of legal loopholes and ambiguities in one of the most innovative and elusive domains of financialization. The partial reconsideration of this extension in the latest versions of the Proposal is therefore less criticisable than it appears at first glance.

Using Fintech to protect the strict compliance principle in letter-of-credit law

AbstractThe focus of this paper is on the uncertainty and controversy associated with the substantial compliance standard as part of the strict compliance principle in the letter of credit law, as well as the possibility of applying new technology to solve such problems. The letter of credit confirms a payment under international sales contracts and contains a promise from the bank to pay the seller if they can present the complying documents as required in the letter of credit. Thanks to the basic principles of a letter of credit, it is stable and trustworthy. Such basic principles as well as the practice of letters of credit are recognized in the Uniform Customs and Practice for Documentary Credit of the International Chamber of Commerce.To retain the commercial utility of the letter of credit, the strict compliance principle should be revitalized and consistently applied. However, this principle is not associated with exact standards, which leads to the scenario that courts apply different standards. Such a situation might reduce the commercial utility of letters of credit. Hence, the financial industry is trying to apply new technologies such as blockchain, smart contracts, and the Internet of Things to support the strict compliance principle, and try to reduce the uncertainty related to the substantial compliance standard.

The relationship between responsible financial behaviours and financial wellbeing: The case of buy‐now‐pay‐later

AbstractBuy‐now‐pay‐later (BNPL) in Australia is a rapidly growing payment innovation. Regulators and consumer groups have expressed concerns at the financial risks posed by BNPL. As BNPL is not regulated under consumer credit law, financial regulator and consumer groups have recommended that BNPL users adopt a range of responsible financial behaviours for their financial wellbeing. This study, using a survey of BNPL users and structural equation modelling, shows a link between most of these recommended financially responsible behaviours and financial wellbeing and that the financial behaviours of younger users (aged under 25) place them at greater risk of reduced financial wellbeing.

The Unlikely Continuity. The Communist Legacy of Romanian Consumer and Residential Credit Laws

Abstract The study challenges the dominant narrative that Romanian consumer and residential credit laws are a product of the country’s return to capitalism and the market economy, proposing an alternative interpretation. It demonstrates that the origins of Romanian consumer and residential credit laws lay in the pre-World War II and communist legislation that survived the 1989 Revolution. This shows that the communist legacy in consumer and residential credit is real and more enduring than expected and that communism did not differ from capitalism in this respect, other than how consumer and residential credit was organised. Using legal history and doctrinal analysis in a functional approach coupled with statistical and empirical data, the study proves the existence of a normative continuity between pre-and post-1989 Romanian consumer and residential credit laws that ended with the EU accession efforts. Finally, this continuity between communist and capitalist consumer and residential credit laws indicates functional similarities between the monarchic (capitalist) and communist legal systems, further undermining the relevance of political and economic ideology and the idea that communism was inimical to consumers and consumer or residential credit.

Basket Case: Reform and China’s Social Credit Law

Abstract The social credit system (scs) has become a cornerstone of China’s drive toward informatization in pursuit of its governance goals. Its definition and scope, two decades in the making, have evolved dramatically over time, however. What began as a financial tool for the stimulation of market-based activity has been applied in a broader regulatory context as well as in the propagation of a state-arbitered moral-legal agenda. Layered on top of these sometimes conflicting ambitions has been a persistent tension in central-local implementation, further complicating rollout of the system. Domestic criticism of the scs in policy and academic circles has led to a clamor for reform, culminating in the publication of a number of clarificatory documents, including a draft version of a Social Credit Law in November 2022. This article provides a genealogy of this new law, exploring the origins and evolution of the scs and its governing legal logic.

Some theoretical and practical aspects of the banking credit contract exercise in the republic of Moldova and the Russian Federation

The article presents the main aspects of the banking credit contract exercise in Moldova and Russia. Author highlights the importance of the regulation of credit law, including the regulation of bank lending, drawing on the experience of countries that have incorporated such legal structures into national legislation, doctrinal findings and challenges and expectations of modern economic processes.

Some theoretical and practical aspects of the banking credit contract exercise in the Republic of Moldova and the Russian Federation

The article presents the main aspects of the banking credit contract exercise in Moldova and Russia. Author highlights the importance of the regulation of credit law, including the regulation of bank lending, drawing on the experience of countries that have incorporated such legal structures into national legislation, doctrinal findings and challenges and expectations of modern economic processes.

European Union Cost Caps: One Step Forward Two Steps Sideways to Substantive Harmonisation of Consumer Credit Law

European Union Cost Caps: One Step Forward Two Steps Sideways to Substantive Harmonisation of Consumer Credit Law

The algorithmic law of business and human rights: constructing private transnational law of ratings, social credit and accountability measures

AbstractThis paper examines the rise of algorithmic systems – that is, systems of data-driven governance (and social-credit-type) systems – in the form of ratings systems of business respecting human rights responsibilities. The specific context is rating or algorithmic systems emerging around national efforts to combat human trafficking through so-called Modern Slavery and Supply Chain Due Diligence legal. Section 2 provides a brief contextualisation of the problems and challenges of managing compliance with emerging law and norms against forced labour and, in its most extreme forms, modern slavery. Section 3 examines the landscape of such algorithmic private legal systems as it has developed to date in the context of forced labour ratings systems. There is a focus on the connection between the power to impose the normative basis of data analytics and the increasingly tightly woven-in connection between principal actors in this endeavour.

JUAL BELI SISTEM KREDIT: TELAAH PENDEKATAN KAJIAN FIQH

This study explains credit when examined using the fiqh approach, because credit has become a polemic in society regarding the law. This study also discusses sharia, fiqh, and Islamic law, because many people have not been able to distinguish these terms. The method used in this study is a qualitative method of literature (library research). The results of this study indicate, a) fiqh as an approach is an activity and method of studying Islam through sharia law in the field of amaliyah based on detailed textual arguments. Sharia is a legal norm established by Allah that must be followed by Muslims based on faith in relation to Allah as well as to fellow human beings and things. Fiqh is sharia law relating to human actions taken from texts or other sources if they are not contained in the texts. Islamic law is a norm that comes from Allah and the Prophet Muhammad to regulate human behavior. b) If analyzed using the fiqh approach, basically buying and selling credit systems are allowed and there are no texts that forbid it. However, if it reaches the limit of injustice, then the law of credit turns into haram.

THE NATIONAL CREDIT ACT: NEW PARAMETERS FOR THE GRANTING OF CREDIT IN SOUTH AFRICA

The National Credit Act, which repeals and replaces the Credit Agreements Act and the Usury Act, has been assented to by the President on 10 March 2006. The Act is designed to prohibit certain unfair credit and credit marketing practices and to protectconsumers. A further objective is to promote responsible credit granting and use. The Act therefore prohibits reckless credit granting, regulates credit information and also provides for debt-reorganisation in cases of over-indebtedness by consumers. The purpose of this article is to provide an overview of the provisions of the Act and at the same time to provide an explanation of, and a commentary on the provisions discussed. In conclusion it is suggested that the Act introduces extensive changes to South African consumer credit law and that participants in the South African consumer credit market will have to review their credit practices and documentation to ensure compliance. Moreover, the Act sets out new parameters for the granting of credit as credit providers will in future have to assess a consumer’s credit worthiness before granting credit. It is pointed out that the Act has a wide field of application as it applies to a far greater number of contracts than the repealed legislation. Except for the few transactions specifically excluded from its ambit, the Act applies to all credit agreements irrespective of the type of movable goods or the amount of money involved. Consequently a large group of consumers, including the low-income consumers, will enjoy the protection of the Act. It is our submission that the Act will result in improved consumer protection, especially with regard to certain areas where protection of the consumer was lacking.We suggest that the success of the Act in practice depends on effective enforcement thereof and on consumer education. On the negative side we feel that the legislature perhaps tries to over-regulate the credit industry.

State-Level Social and Economic Policies and Their Association With Perinatal and Infant Outcomes.

Rates of preterm birth and infant mortality are alarmingly high in the United States. Legislated efforts may directly or indirectly reduce adverse perinatal and infant outcomes through the enactment of certain economic and social policies. We conducted a narrative review to summarize the associations between perinatal and infant outcomes and four state-level US policies. We then used a latent profile analysis to create a social and economic policy profile for each state based on the observed policy indicators. Of 27 articles identified, nine focused on tax credits, eight on paid parental leave, four on minimum wages, and six on tobacco taxes. In all but three studies, these policies were associated with improved perinatal or infant outcomes. Thirty-three states had tax credit laws, most commonly the earned income tax credit (n = 28, 56%). Eighteen states had parental leave laws. Two states had minimum wage laws lower than the federal minimum; 14 were equal to the federal minimum; 29 were above the federal minimum; and 5 did not have a state law. The average state tobacco tax was $1.76 (standard deviation = $1.08). The latent profile analysis revealed three policy profiles, with the most expansive policies in Western and Northeastern US states, and the least expansive policies in the US South. State-level social and economic policies have the potential to reduce adverse perinatal and infant health outcomes in the United States. Those states with the least expansive policies should therefore consider enacting these evidence-based policies, as they have shown a demonstratable benefit in other states.

Consumer Credit Law and the Protection of Low-income Consumers in the United Kingdom

Since the mid -1980’s consumer credit has grown rapidly in most European countries. Consumer credit is of great importance in our lifestyle model of consumption. Consumer credit plays an important role in lifecycle budgeting, balancing saving, spending and income smoothing”. Consumer credit furthermore “permits the accumulation of capital assets”. However, one cannot deny that whether consumer credit is used for the accumulation of capital assets (such as housing), depreciating assets or expensive external services, low - income consumers are nevertheless the most vulnerable against the use of credit. This is because nearly two-thirds of low-income households have no savings and of those who do save, have insufficient money that precludes the need for borrowing Keywords: Consumer Credit, Low-Income, Protection, United Kingdom DOI: 10.7176/JLPG/118-03 Publication date: February 28 th 2022

TỶ LỆ LÃI SUẤT TRONG HỢP ĐỒNG VAY TIỀN THEO QUY ĐỊNH CỦA PHÁP LUẬT DÂN SỰ VIỆT NAM QUA CÁC THỜI KỲ TRONG MỐI LIÊN HỆ VỚI PHÁP LUẬT TÍN DỤNG

Lãi suất là một công cụ tài chính nhằm đảm bảo quyền lợi của bên cho vay trong các hợp đồng vay tiền; theo đó, bên vay có nghĩa vụ trả lãi nếu có thỏa thuận hoặc pháp luật có quy định. Qua các lần sửa đổi Bộ luật Dân sự, lãi suất là một nội dung có nhiều sự thay đổi so với các quy định khác trong chế định hợp đồng vay tài sản. Tuy nhiên, tỷ lệ lãi suất được quy định trong Bộ luật Dân sự hiện hành vẫn còn gây ra nhiều cách hiểu khác nhau, đặc biệt là trong mối liên hệ với pháp luật tín dụng. Điều này dẫn đến việc áp dụng pháp luật không thống nhất, đặc biệt là khi giải quyết các tranh chấp về hợp đồng tín dụng. Vì vậy, trong phạm vi bài viết, trên cơ sở nghiên cứu các quy định về tỷ lệ lãi suấttrong hợp đồng vay tiền theo quy định của pháp luật Việt Nam qua các thời kỳ, chúng tôi phân tích một số vướng mắc về tỷ lệ lãi suất theo quy định của Bộ luật Dân sự Việt Nam hiện hành trong mối liên hệ với pháp luật tín dụng và đưa ra một số kiến nghị cụ thể giải quyết vấn đề này.

The fraud rule under letter of credit law in the people’s republic of China and implications for Vietnam

In international trade where the buyer and the seller do not have information about each other, letter of credit is used to assure the other parties' fears in the sale contract. For instance, the sellers are afraid of not being paid after sending the goods bought by the purchasers, meanwhile, the buyers have no reasonable grounds to believe the sellers will send the conforming goods under the requirements of the sale contracts. The letter of credit is a settlement between parties to reduce the risks and inserts security into the international sale of goods. However, there are fraudsters who tries to defraud the process of the letter of credit and fraud rule is expected to prevent this issue. There are countries tried to develop specific regulations for the letter of credit and fraud rule, one of those countries is the People's Republic of China (P.R.C). The practices of letter of credit in China had been an aiming point of critiques through years by letter of credit experts. In such wise, the Supreme People's Court of P.R.C has issued the Rules of the Supreme People's Court Concerning Several Issues in Hearing Letter of Credit Case (``the 2005 Rules'') in an effort to partly solve the problems. This paper will give a brief introduction about the letter of credit's operation, the law regulating the letter of credit in international trade as well as illustrate the specify law for the fraud rule in letter of credit law in P.R.C by emphasizing the history and summarizing the structure of the fraud rule. Thenceforward, the author will evaluate the case study in Vietnam to show the situation of Vietnam in these days and giving recommendations.

Syndicated lending: Law enforcement and legislation improvement

Subject. This article deals with the issues related to the development of the syndicated lending institution in the aspect of the emerging legal framework in this area. Objectives. The article aims to consider the problems of the development of syndicated lending in Russia and describe the main areas for further changes in the legal regulation. Methods. For the study, I used logical and structural analyses, and functional analysis system and legalistic approaches. Results. The article describes the essence, features and legal regulation of syndicated lending, and evaluates enforcement practices based on the new syndicated credit law. It also formulates key issues and identifies further areas for changing the legal regulation of syndicated lending. Conclusions. The development of syndicated lending can significantly support large and medium-sized businesses in terms of job preservation, tax revenue growth, and improving business competitiveness. The results of the study can be used both in theory of syndicated lending in the Russian Federation, and in practical activities to develop proposals to improve regulation in this area.

Earned income tax credit and crime

AbstractThis study examines the relationship between earned income tax credit (EITC) laws and crime. Using data from 1999–2017, a period with 73 state EITC changes, I evaluate the effects of state‐level EITCs on violent and property crime. Estimating difference‐in‐differences models, I find that higher EITCs are associated with significant reductions in violent crime, while not affecting property crimes. Introducing high state EITC is associated with a 10.0% reduction in violent crimes, which corresponds to 40 fewer crimes per 100,000 individuals. Event study estimates confirm the negative association between EITC generosity and violent crime.

Hierarchy of Letters of Credit Laws in Ghana and Its Effect on International Trade

Hierarchy of Letters of Credit Laws in Ghana and Its Effect on International Trade