Measures for Loans Secured on Individuals' Time Deposits
Measures for Loans Secured on Individuals' Time Deposits
Measures for Loans Secured on Individuals' Time Deposits
Order of the China Banking Regulatory Commission [2007] No. 4
July 3, 2007
The Measures for Loans Secured on Individuals' Time Deposits, which were adopted at the 55th Chairman's meeting of the China Banking Regulatory Commission on December 28, 2006, are hereby issued and shall come into force as of the date of issuance hereof.
Chairman: Liu Mingkang
Appendix: Measures for Loans Secured on Individuals' Time Deposits
Article 1 With a view to enhancing the management of loans secured on individuals' time deposits, these Measures are hereby formulated in accordance with the Law of the People's Republic of China on Commercial Banks, the Security Law of the People's Republic of China and other relevant laws and regulations.
Article 2 A loan secured on an individual's time deposit (hereinafter referred to as a "loan secured on a deposit") refers to a loan in which a borrower who has a time deposit that has not yet matured pledges the deposit as security to receive an RMB loan of a certain amount from a commercial bank (hereinafter referred to as a "lender") for which the principal and interest is paid back by the borrower on maturity.
Article 3 A lender, as referred to in these Measures, means any natural person, legal person or organization with the requisite civil capacity within the territory of the People's Republic of China.
To qualify as a lender for the purposes of these Measures, a lender who is a foreigner, a stateless person, or a resident of Hong Kong, Macao or Taiwan, shall have resided within China for a full year and have a fixed address and occupation.
Article 4 A secured time deposit certificate includes any certificate or document of title in the nature of a fixed term time deposit, savings withdrawal slip, fixed term foreign currency time deposit, etc., that has not yet matured.
No certificate, ownership of which is disputed or which has been used as a pledge or is reported lost or cancelled, or for which payment has been stopped in accordance with the law, shall be used as security for a loan.
Article 5 A small loan secured on a time deposit held in the borrower's name (hereinafter referred to as a "small loan secured on a time deposit") may be authorized and issued by an outlet of the relevant lending enterprise subject to the authorization of the bank with which the time deposit is held.
Any head office of a commercial bank may, in accordance with the bank's circumstances, confirm the lending ratio applicable to small loans secured on time deposits.
Article 6 For loans secured by third party time deposits, lenders shall formulate strict internal procedures and carefully examine the authenticity, legality and validity of deposit certificates to prevent the misuse of third party deposits.
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Order of the China Banking Regulatory Commission [2007] No. 4
July 3, 2007
The Measures for Loans Secured on Individuals' Time Deposits, which were adopted at the 55th Chairman's meeting of the China Banking Regulatory Commission on December 28, 2006, are hereby issued and shall come into force as of the date of issuance hereof.
Chairman: Liu Mingkang
Appendix: Measures for Loans Secured on Individuals' Time Deposits
Article 1 With a view to enhancing the management of loans secured on individuals' time deposits, these Measures are hereby formulated in accordance with the Law of the People's Republic of China on Commercial Banks, the Security Law of the People's Republic of China and other relevant laws and regulations.
Article 2 A loan secured on an individual's time deposit (hereinafter referred to as a "loan secured on a deposit") refers to a loan in which a borrower who has a time deposit that has not yet matured pledges the deposit as security to receive an RMB loan of a certain amount from a commercial bank (hereinafter referred to as a "lender") for which the principal and interest is paid back by the borrower on maturity.
Article 3 A lender, as referred to in these Measures, means any natural person, legal person or organization with the requisite civil capacity within the territory of the People's Republic of China.
To qualify as a lender for the purposes of these Measures, a lender who is a foreigner, a stateless person, or a resident of Hong Kong, Macao or Taiwan, shall have resided within China for a full year and have a fixed address and occupation.
Article 4 A secured time deposit certificate includes any certificate or document of title in the nature of a fixed term time deposit, savings withdrawal slip, fixed term foreign currency time deposit, etc., that has not yet matured.
No certificate, ownership of which is disputed or which has been used as a pledge or is reported lost or cancelled, or for which payment has been stopped in accordance with the law, shall be used as security for a loan.
Article 5 A small loan secured on a time deposit held in the borrower's name (hereinafter referred to as a "small loan secured on a time deposit") may be authorized and issued by an outlet of the relevant lending enterprise subject to the authorization of the bank with which the time deposit is held.
Any head office of a commercial bank may, in accordance with the bank's circumstances, confirm the lending ratio applicable to small loans secured on time deposits.
Article 6 For loans secured by third party time deposits, lenders shall formulate strict internal procedures and carefully examine the authenticity, legality and validity of deposit certificates to prevent the misuse of third party deposits.
......