Guidelines for reporting the consumer credit counseling points of finance companies to the State Bank of Vietnam

Currently, 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.

According to Clause 5 Article 1 of Circular No. 18/2019/TT-NHNN of the State Bank of Vietnam, which amends and supplements Clause 4 Article 6 of Circular No. 43/2016/TT-NHNN, whenever it is necessary to substitute a manager or supervisor of a consumer credit counseling points, the finance company controlling such point must report to the State Bank branch in the province or city where the point is located under the following regulations:

- Methods of sending and receiving reports: A report must be made in writing and sent to a State Bank branch in a province or city in one of the following modes: sending reports directly, by post or via electronic mails of that State Bank branch;

- Time limit for sending reports: These reports must be sent within 05 (five) working days of receipt of the request for substitution of a manager or supervisor of a consumer credit counseling point;

- A report shall be made by using the sample report shown in the Appendix No. 01 hereto.

In case of opening, closure or proposed opening or closure of a counseling point, a finance company shall have to report to the Banking Inspection and Supervision Agency and a State Bank branch in the province or city where that finance company decides to open, close, propose opening or closing that counseling point in accordance with the following regulations:

- Methods of sending and receiving reports: A report must be made in writing and sent to the Banking Inspection and Supervision Agency and a State Bank branch in a province or city in one of the following modes: sending reports directly, by post or via electronic mails of the State Bank;

- Report data shall be collected from the first day of the first month of the reporting quarter to the end date of the last month of the reporting quarter;

- Time limit for sending reports: A report must be sent within 05 (five) working days beginning the first month of the quarter immediately preceding the reporting quarter.

View other provisions at Circular No. 18/2019/TT-NHNN of the State Bank of Vietnam, effective from January 01, 2020.

Thu Ba

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