Legal basis
- Law on Credit Institutions 2010
- Decree No. 39/2014/ND/CP
Content
Consumer credit finance company is a specialized financial company, principally engaged in the field of consumer credit under the provisions of this Decree.
Consumer credit is a form of credit for personal consumption by lending operations including installment loans, consumer loans and credit card issuance.
Conditions for consumer credit operations for consumer credit finance companies
First, Financial companies may provide loans, including installment loans, and consumer loans when they fully meet the following conditions such as credit card issuance or the following conditions:
a. Lending activities (including installment loans and consumer loans) of a financial company must be recorded in the establishment and operation license issued by the State Bank (hereinafter referred to as the License for short).
b. Having a team of qualified staff, professional capacity, material foundations, technology, means, equipment and internal regulations as prescribed by law to carry out lending activities (including lending activities). installment loans, consumer loans) stated in the License.
c. For lending activities (including installment loans, consumer loans) related to foreign exchange activities, financial companies must comply with the provisions of the law on foreign exchange management.
Second, Consumer credit outstanding balance accounts for at least 70% of the total credit balance or another ratio prescribed by the State Bank from time to time.
Above is our consultancy about this issue. If you need more detailed advice and answers as well as how to access this service, please contact directly the Deputy Director of Sales: Lawyer Nguyen Duc Trong via hotline: 0912.35.65.75, 0912.35.53.53 or call the free legal consultation hotline 1900.6575 or send a service request via email: info@hongbanglawfirm.com hoặc lienheluathongbang@gmail.com
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