On 18/2019 / TT-NHNN, the State Bank issued Circular 18/2019 / TT-NHNN, amending Circular 43/2016 / TT-NHNN, providing consumer loans of financial companies by the Governor of the Bank. State Bank of Vietnam issued. This Circular takes effect from January 1, 2020.
Previously, Circular 43/2016 / TT-NHNN only provided general regulations on measures to urge and recover debts based on criteria that must be consistent with customer characteristics and the provisions of law.
Therefore, in Circular No. 18/2019 / TT-NHNN has more specific provisions on measures to urge and recover debts, namely: “Measures to urge and recover debts in accordance with the characteristics of Customers, the provisions of the law and do not include measures to threaten customers, in which the maximum number of debt reminding times is 05 (five) times / 01 (one) day, the form of debt reminding, time of debt reminding as agreed upon by the parties in the consumer loan contract but must be between 7 (seven) hours and 21 (twenty one) hours; failing to remind debtors, collecting debts, sending information on debt recovery of customers to organizations and individuals that are not obliged to pay debts to financial companies, except at the request of competent state agencies. rights prescribed by law; Customer information security in accordance with the law ”.
In general, the issuance of Circular No. 18/2019 / TT-NHNN is appropriate, meeting current practical requirements, not only to protect individuals and organizations having credit relations at finance companies, but also to the related persons of the above individuals and organizations, in order to limit the negative effects from debt collection measures of credit institutions.