The home loan regulations : a higher degree of consumer protection?

Abstract

This thesis deals with the Home Loan Regulations and will put strong emphasis on consumer protection. Comparisons will also be made to the Consumer Credit Regulations in view of the latter also being an important tool in the area of consumer lending. In this context the author considers whether the main aim of the Home Loan Regulations, namely to afford the borrower a higher level of protection, is actually reflected within or achieved by the Regulations. The study examines the provisions of the Home Loan Regulations, focusing on the rights and obligations of the two parties to the contract, the creditors and the consumers. The author also seeks to highlight aspects of the regulation of home loans with the Italian, French and Australian jurisdictions. Additionally, in light of latest attempts by the European Union to create a uniform legal framework for home loans the Directive 2014/17/EU of the European Parliament and of the Council of 4 February 2014 on credit agreements for consumers relating to residential immovable property, also known as the Mortgage Credit Directive, will be looked at in detail in terms of both the principles on which it is based on, as well as, by way of comparison to the regulatory regime already in place in Malta. The author discusses how certain amendments will be required to be made to the Home Loan Regulations due to the eventual transposition of the Mortgage Credit Directive. Furthermore, the author endeavours to indicate certain areas where it is believed that clarification to aid implementation and to achieve consistency would be warranted. The study will include information and material up to May 2014.