What does the Consumer Protection Code primarily establish?

The correct answer is that the Consumer Protection Code primarily establishes regulations for mortgage loan provisions. This code is designed to protect consumers in the lending process by setting forth rules and standards that lenders must adhere to. These regulations ensure transparency in lending practices, requiring lenders to provide clear information about the terms and conditions of mortgage loans, helping borrowers understand their obligations and rights.

By creating these standards, the Consumer Protection Code aims to prevent predatory lending practices and ensure that consumers are well-informed when taking on mortgage loans. This includes disclosures about interest rates, loan terms, and any associated fees, ultimately fostering a fair and equitable lending environment.

In contrast, other options focus on different aspects of the real estate industry. Insurance limitations pertain to insurance regulations rather than direct consumer protections in lending. Tax credits for first-time home buyers are more relevant to financial incentives rather than consumer protection. Guidelines for property appraisals relate to the valuation process of homes, which, while important, do not directly concern the protections and regulations for mortgage loans.