THE STATE BANK
OF VIETNAM
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THE SOCIALIST
REPUBLIC OF VIETNAM
Independence - Freedom - Happiness
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No.
43/2016/TT-NHNN
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Hanoi, December
30, 2016
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CIRCULAR
PRESCRIBING
CONSUMER LENDING BY FINANCE COMPANIES
Pursuant to the Law on the State Bank of Vietnam
dated June 16, 2010;
Pursuant to the Law on Credit Institutions dated
June 16, 2010;
Pursuant to the Government's Decree No.
39/2014/ND-CP dated May 7, 2014 on operations of finance companies and
financial leasing companies;
Pursuant to the Government's Decree No.
156/2013/ND-CP dated November 11, 2013 on defining the functions, tasks, powers
and organizational structure of the State Bank of Vietnam;
Upon the request of the Chief of Banking
Inspection and Supervision Department;
The Governor of State Bank of Vietnam hereby
introduces the Circular providing for consumer lending by finance companies.
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1. This Circular deals with consumer lending by
finance companies.
2. Consumer credit activities performed through
credit card issuance operations by finance companies in compliance with
regulations set forth by the State Bank of Vietnam (hereinafter referred to as
State Bank) regarding bank card operations, relevant laws and other regulations.
3. Other non-consumer lending activities performed
by finance companies, as provided in Clause 1 of this Article, in compliance
with regulations of the State Bank on lending transactions of credit
institutions and/or foreign bank branches with customers.
Article 2. Subjects of
application
1. Finance companies, including general finance
companies and consumer finance companies.
2. Borrowing customer (hereinafter referred to as
customer)
3. Other institutions or persons involved in
consumer lending operations of finance companies.
Article 3. Definition
For the purposes of this Circular, the terms used
herein is construed as follows:
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2. Demand of fund for purchase or use of goods
or services, referred to in Clause 1 of this Article, is comprised of:
a) Demand of credit for purchase of means of
transport, items or equipment for personal or family uses;
b) Demand of credit for payments of educational,
medical, tourism, cultural, sports and fitness activity costs;
c) Demand of credit for payments of home repair
costs.
3. Installment loan is defined as a form of
consumer lending arrangement under which a finance company and a customer agree
to repay the principal and interest in installments over a set period of time.
4. Plan to use a borrowed fund is defined as
a collection of information about total needed amount, total loan amount,
borrowing duration and purpose.
Article 4. Application of
relevant legal instruments
Since other lending regulations concerning consumer
lending operations performed by finance companies are not covered by this
Circular, they shall carry out lending operations aimed at meeting living
demands in accordance with regulations of the State Bank on lending
transactions by credit institutions or foreign bank branches with customers.
Article 5. Consumer lending and
borrowing principles
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2. Finance companies will be required to manage,
supervise and make a statistical report of consumer lending transactions which
is separate from other lending transactions by finance companies.
3. Customers applying for loans from finance
companies shall be bound to use these loans for the right purposes, make a due
repayment of the outstanding amount of principal and interest within an agreed
period.
Article 6. Consumer credit
counseling points
1. Finance companies carrying out consumer lending
activities shall be allowed to open consumer credit counseling points at the
place where consumer goods and services are supplied to advise and promote
consumer credit lines, collect and receive information and demands for loans
from customers in order to facilitate consumer lending operations. Finance
companies shall not be allowed to perform operations other than those
stipulated in the previous paragraph at any consumer credit counseling point.
2. Finance companies shall be required to enter
into a contract to open their consumer credit counseling points with consumer
commodity or service suppliers having their business facilities where the
consumer credit counseling points of these finance companies will be
established under which rights and liabilities of parties involved as well as
term of that contract must be clearly defined.
3. Finance companies shall assume responsibility
for operating these consumer credit counseling points and ensuring that
information about consumer credit lines extended to customers at such points
are consistent, adequate and authentic.
4. Within a period of 5 (five) first days of the
beginning of each quarter, finance companies must prepare a quarterly written
report on the list (including name and address) of consumer credit counseling
points which have already been established or closed within the territory of a
province or city for submission to the Banking Inspection and Supervision
Departments or the State Bank branches of cities or provinces (where none of
the Banking Inspection and Supervision Department is located) where these
finance companies open or end operations of their consumer credit counseling
points.
Article 7. Internal rules
1. Subject to provisions of the Law on Credit
Institutions, this Circular and other relevant laws, finance companies shall
issue internal rules on consumer lending and borrowed fund management as
appropriate to operational characteristics of finance companies (hereinafter
referred to as internal rules on consumer lending).
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a) Loan eligibility criteria; rejected loan
demands; lending methods; lending interest rate and method for calculating loan
interest rate; customer’s lending application dossiers and other submissions to
finance companies which are appropriate to loan features, types of loans and
target customers; debt collection; conditions, processes and procedures for
debt rescheduling; debt delinquency;
b) Procedures for processing, assessing, approving
a loan application and deciding to extend a loan under which the maximum
duration to process, assess a loan application and decide to extend a loan
should be specified; delegation or assignment of rights and responsibilities
for each individual or department in loan application processing, assessment,
approval and grant of a loan decision and other workloads as part of the
lending procedures;
c) Procedures for inspection and supervision of
loan application, use and debt repayment of customers; delegation and
assignment of rights and responsibilities of each individual and department for
inspection and supervision of loan application, use and debt repayment of
customers;
d) Requirement concerning security for loans,
assessment of assets pledged as collateral for loans; management, supervision
and monitoring of collateral appropriate to loan security, collateral features
and customers;
dd) Actions to be taken to promote debt repayment
and recovery which are appropriate to circumstances of each customer and
legislation in which the time allowed to send a debt repayment reminder should
be agreed upon in a consumer credit contract, begins at 7 a.m. and ends at 9
p.m., and in which threats and intimidation are prohibited;
e) Loan termination and treatment; loan interest
rate and fee exemption and reduction;
g) Rules and standards of conduct in consumer
lending operations and measures to be applied to ensure strict compliance with
these rules and standards;
h) Specialized departments and methods of receiving
and processing feedbacks or complaints of customers;
i) Information technology system or database
necessary for consumer lending operations; collection, update and verification
of figures, management of customer's information, identification of false
information and prevention of fraudulent acts for the purpose of granting a lending
decision, controlling loans and recovering debts;
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l) With respect to finance companies owning consumer
credit counseling points, internal rules must contain requirements concerning
procedures, authority and responsibility for establishing and closing their
consumer credit counseling point; ethical standards, authority and obligations
of staff working at their consumer credit counseling points; procedures for
carrying out their business operations, inspection, prevention and control of
fraudulent acts, prevention of risks arising from ethical behaviors of staff
working at these points.
3. At least once a year, finance companies shall
review and assess their internal rules on consumer lending to make any proper
amendment or adjustment to adapt to any change in applicable laws and actual
contexts thereof.
4. Within a permitted period of 10 (ten) business days
from the date of release or revision of internal rules on consumer lending,
finance companies must submit these rules to the State Bank through the
entities prescribed hereunder:
a) For finance companies whose main offices are
located within the jurisdiction of the Banking Inspection and Supervision
Department, submit the internal rules to the Banking Inspection and Supervision
Agency and the Banking Inspection and Supervision Department;
b) For finance companies whose main offices are
located outside of the jurisdiction of the Banking Inspection and Supervision
Department, submit the internal rules to the Banking Inspection and Supervision
Agency and the State Bank branches of cities or provinces.
Article 8. Lending methods
Finance companies shall agree with customers on
application of the following consumer lending methods:
1. One-shot loan: The finance company and its
customer implement lending procedures and conclude a consumer loan contract in
each time when a loan is needed.
2. Line of credit loan: The finance company defines
and agrees with its customer on the maximum outstanding balance of a loan which
is maintained in a set period of time. Within a credit line, the finance
company offers a one-shot loan. At least once a year, the finance company
reviews and redefines the maximum outstanding balance of a loan and the period
of time for maintenance thereof as appropriate to the customer’s financial
capability.
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1. Consumer loan interest rate fixed by a finance
company shall conform to regulations of the State Bank on lending transactions
of credit institutions and/or foreign bank branches with customers.
2. Finance companies shall adopt regulations on the
range of consumer loan interest rates to be used consistently in its entire
network in specific periods of time, including the maximum and minimum interest
rates applied to each consumer credit line.
3. Within a permitted period of 10 (ten) business
days from the date of release or revision of internal rules its consumer loan
interest rate range, the finance company must submit a report to the State Bank
as prescribed in Point a, b Clause 4 Article 7 hereof on the interest rate
range which specifically describes fundamental factors and principles of
determination of the consumer loan interest rate range, factors relating to
costs of capital, cost of risk, return on equity, market interest rate,
assurance that all related costs and risks will be offset, and assurance that
interests of customers are reserved and growth of the finance company is
certain to happen.
Article 10. Consumer loan
contract
1. The consumer loan contract must be made in
writing under which the following minimum requirements are included:
a) Name, address and corporate identity code of the
finance company; name, address, identification card or citizen identification
card or passport number of the customer;
b) Amount of loan to be extended; credit limit for
a line of credit loan;
c) Loan purposes;
d) Lending method;
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e) Contractual consumer loan interest rate and
consumer loan interest rate converted into percent (%)/year (one year is
composed of three hundred and sixty five of days) which is calculated on the
basis of the actual credit exposure and time period for maintenance thereof;
principles and factors of determination of interest rate, time of determination
thereof in case of application of variable interest rate; interest rate applied
to overdue principal; interest rate applied to late payment interest; method of
calculating loan interest rate; type and amount of fee on a loan;
g) Loan disbursement and use of payment instrument
for disbursement of borrowed funds;
h) Payment and priority for recovery of principal
and/or interest; method for notifying the customer of the official schedule of
payment of loan principal and interest where any adjustment is made;
i) Terms and conditions concerning loan prepayment
under which requirements for debt prepayment, exit fee amount and method for
notifying customers of the plan to pay principal and interest with respect to
the residual outstanding amount of principal in the event that the customer has
repaid a part of consumer loan debt amount;
k) Rescheduling of debt repayment; delinquency of
the principal amount that a customer fails to repay at the agreed repayment
period and the finance company refuses to agree to reschedule; form and
contents of notification concerning debt delinquency. The minimum contents of
such notification include overdue principal amount, time of debt delinquency
and interest rate applied to such overdue principal amount;
l) Actions to be taken to promote debt repayment
and recovery which conform to laws and regulations; sanctions to be applied and
measures to deal with a customer's default on repayment of debt due;
m) Responsibilities of a customer for cooperating
with a finance company and providing documents regarding its loan in order for
the finance company to assess application for and grant a decision to offer a
loan, check and supervise use of borrowed fund and debt repayment of the
customer;
n) Cases of loan termination; collection of debt
prior to its payment due date; delinquency of the principal amount that a
customer fails to repay prior to the payment due date in the event of the
finance company's loan termination or collection of debt prior to the due date;
form and contents of notification thereof. The minimum contents of such
notification include the deadline for loan termination and collection of debt
prior to due payment date, the principal amount to be recovered prior to the
due date; deadline for repayment of principal amount to be recovered prior to
the due date, date of debt delinquency and interest rate applied to the
principal amount to be recovered prior to the due date;
o) Loan debt treatment; penalty for loan default
and compensation for any loss incurred; rights and liabilities of parties
involved;
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2. In addition to provisions set forth in Clause 1
of this Article, parties can agree on other terms and conditions in compliance
with regulations of this Circular and relevant laws.
3. Consumer loan contract referred to in Clause 1
and 2 of this Article shall take the form of a specific loan contract (with
respect to a one-shot loan) or revolving line of credit agreement and specific
credit facility (with respect to a line of credit loan).
4. The finance company shall provide a customer with
a draft consumer loan contract for his/her review and decision made prior to
signature. The finance company shall explain specific requirements set out in a
consumer loan contract in an accurate, sufficient and honest manner at a
customer's request.
5. Where using a contract template or general terms
and conditions during conclusion of a consumer loan contract, the finance
company shall be obliged to:
a) make a public notice of such contract templates
and general contractual terms and conditions regarding consumer lending
activities at its office, consumer credit counseling points, and make posts on
its website;
b) provide a full amount of information about these
contract templates and general terms and conditions of which a customer should
be informed prior to signing of a consumer loan contract, and obtain customer’s
confirmation that (s)he has already provided with all necessary information
relating to his/her consumer loan.
Article 11. Transition
provisions
Any finance company entering into a consumer loan
contract prior to the entry into force of this Circular and in compliance with
laws applicable at the signature date shall be allowed to keep on implementing
signed contracts till their expiry date. Any revision of such contracts shall
be permitted only if revised requirements thereof agree with regulations of
this Circular and relevant laws.
Article 12. Entry into force
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Article 13. Implementation
The Chief of the Office, Chief of the Banking Inspection
and Supervision Agency, Heads of affiliated entities of the State Bank,
Directors of the State Bank branches of centrally-affiliated cities and
provinces, Chairpersons of the Board of Directors, Chairpersons of the Board of
Members, and General Director (Director) of finance companies, shall be
responsible for implementing this Circular.
PP. THE
GOVERNOR
THE DEPUTY GOVERNOR
Nguyen Dong Tien