Throughout the past years consumer protection has attracted a great deal of attention, and this led to a proposal and later on the adoption of the Consumer Credit Directive in May 2008. The ensuing date for completing the transposition is set for June 2010 for all member states in the European Union, and takes a maximum harmonisation approach. The Directive is intended to harmonise key aspects of consumer credit legislation in Member states, and also to maintain a high level of consumer protection. One of the proposals from the European Commission is the common standard on a right of withdrawal, and this is the essence of this thesis. At the present moment there is no statutory provision on right of withdrawal on consumer credit loan contracts in Denmark, besides the statutory provision on distance contracts. In relation to the completing transposition of the right of withdrawal and the Consumer Credit Directive in Danish law, several aspects of legal and economical influence will be analysed in this thesis. The differences between the national and European law causes discrepancy among the existing Danish law and the Consumer Credit Directive, and likewise a collision between two national laws. These issues will be analysed, and in addition the influence of a right of withdrawal in full will be discussed. As well as locating the legal issues, the economical consequences of these aspects will be analysed, and furthermore the consumer stimulus to withdrawal will be examined. The influence of withdrawal on loans – regarding consumer credit and housing, and likewise the influence of the consumer and the lender will be discussed. This leads to a final economical weighing of regulation of withdrawal, to examine whether the transposition of a right of withdrawal can promote efficiency or not. In the end of this thesis, the legal and economical analysis is compared to research made among a chosen few, which represent the finance- and consumer market. Throughout this comparison, the theoretically angle will get a practical approach, which will lead to a aggregated evaluation of, whether the Right of Withdrawal is consumer protection or a populist proposal.
|Educations||MSc in Commercial Law, (Graduate Programme) Final Thesis|
|Number of pages||137|