Description and Coding Systemâ (âHarmonized Systemâ or simply the âHSâ).2 It went. into effect internationally on January 1, 1988, with the entry into force of the. International Convention on the Harmonized Commodity Description and Coding. System (âHarmonized System Conventionâ) to which the Harmonized System is.
A secured debt or secured claim is one where the lender has some sort of collateral. A car loan or home mortgage would be the most common examples, but other debts may be secured as well, especially in business settings.
Consumer lending includes secured and unsecured loan types, according to the USLegal website. Secured consumer lending includes financing backed by collateral. Home, cars and boats are common personal property items purchased through consumer loans. These are secured loans because the consumer puts the property up as collateral to gain access to the financing or to get better rates and terms.