Rethinking the Regulation of Coercive
نویسندگان
چکیده
The phenomenal growth of personal installment credit over the past forty years' has generated inevitable pressures for regulatory reform of consumer credit markets. Much of the impetus for consumer protection has stemmed from the perceived abuses that mark the process of coercive collection upon default. Some of these abuses have been identified, quite properly, as the sort of deceptive or fraudulent practices often associated with industries experiencing rapid growth. But other creditor remedies, though troublesome to many observers, cannot be as easily characterized. For example, many critics have challenged the common practice of self-help repossession and resale of consumer goods by secured creditors. Repossession belongs to a family of contractually created remedies, including wage assignments, confessions of judgment and waivers of exemption from execution, that is often characterized as coercive. Creditors are assumed to use the threat of these self-enforcing remedial options to coerce defaulting debtors to agree to one-sided settlements. The concept of "lost value" underlies the objection to most coercive creditor remedies.2 Creditors often pursue coercive collection in cases in which the benefits to the creditor appear to be significantly less than the costs imposed on the debtor. The punitive aspect of this de-
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تاریخ انتشار 2016