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Effective from May 17 2018 - Aug 11 2018 To view other versions open the versions tab on the right
2.
The principles herein aim to encourage responsible lending that meets the actual needs of consumers, especially those related to owning housing and assets rather than consumer purposes. The principles also aim to enhance financial inclusion by providing adequate financing for all segments of society, taking into account reasonable deductible ratios that the consumer can afford. In addition, the principles focus on ensuring fairness and competitiveness among creditors to make sure that their procedures and mechanisms are effective and efficient.
3.
The principles apply to all creditors and finance activities directed at consumers. These activities encompass all credit products and programs designed for individuals, including, but not limited to, personal finance, vehicle finance, credit cards and real estate finance.
4.
The creditor must set appropriate internal controls and procedures to ensure compliance with the principles herein, other relevant laws, regulations, and instructions. It must also pay special attention to documenting information and maintaining documents provided by consumers, thereby gaining an acceptable degree of reliability.
5.
If the creditor assigns certain related work to another party or other parties, it must ensure that those parties act in compliance with the principles herein and that they do not contravene the provisions hereof, other relevant laws, regulations and instructions.
6.
The creditor must take necessary measures to ensure that the principles herein are fully understood and adhered to by its staff and are shared with its consumers. It must not only focus on the number of financing agreements or the value of finance, but it must also take into account such principles when preparing its incentive programs for its staff. It must ensure that no programs are developed in a way that may lead to irresponsible finance.
7.
The creditor must keep sufficient records that show its commitment to the principles herein, other related laws, regulations, and instructions.
