Pursuant to this Circular, in addition to existing requirements, followings are additional requirements that must be incorporated into consumer lending rules and regulations of finance companies:
- The maximum frequency of sending payment reminders is 05 times/day and the method of sending such payment reminders must be negotiated between contracting parties;
- Sending payment reminders, debt collection requests or information about collection of client’s debts to entities or persons not liable for any debt obligation to finance companies is banned, unless otherwise required by competent bodies prescribed in regulations currently in force;
- Client information needs to be treated as confidential in accordance with existing regulations.
According to regulations currently in force, internal rules and regulations on consumer lending services which are laid down in Article 7 in the Circular No. 43 contain the following requirements:
- Approaches to pushing clients into debt repayment or collecting debts must be relevant to clients, conform to laws and not include client intimidation acts.
- Time frame for payment reminder will be agreed upon between contracting parties in loan agreements, but will be from 7 a.m. to 9 p.m.
Circular No. 18/2019/TT-NHNN is entering into force on January 1, 2020.
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