And, finally, the (long overdue) regulation of consumer credit...

Abstract

A set of regulations were published in the Government Gazette in terms of the Consumer Affairs Act of 1994. These regulations, designated the Consumer Credit Regulations (CCR), are intended to regulate aspects of consumer credit transactions. The publication of these regulations is a historic event. For the very first time our legal system has before it a set of rules which (someday soon) will regulate certain aspects of consumer credit. Once they enter into force, Malta will have completed its transposition obligations under chapter 23 of the EU acquis, which deals with consumer protection. This article examines the broader implications of this development. It suggests a rather troubled backdrop to these regulations and asks whether a Maltese consumer policy still exists. I do not propose to review the detail of the regulations. The wider context is more interesting. In this context, two things should be stated at the outset: some legal control over consumer credit in general has been long overdue. This is yet another area of consumer interest where, for many years, the Maltese consumer has been let down. The regulations have a very intimate EU connection. The EU consumer credit directives (hereafter collectively referred to as the "EU directive") should have been transposed by Malta on its accession to the EU almost a year ago. Clearly, this transposition is overdue. Though published, the regulations do not bind, as they are not yet in force. Another legal notice is required for that purpose. Various other important consumer measures have found their way into our law very late. These include EU-inspired regulation of product liability, product safety, timeshare, distance selling and unfair contractual clauses. The introduction of these new rules has been inextricably linked to the timing and progress of Malta's road to accession.