The Shenzhen Internet Finance Association issued the “Circular on Regulating the Campus Lending Business in Shenzhen City†yesterday, stipulating that all types of staging platforms, P2P online loans, and e-commerce platforms should follow the nine principles when providing hospitality to college students. Raise the threshold for examination, review the repayment ability, review the use of funds (regulations that borrowing funds should be mainly used for student education and entrepreneurial needs, rather than satisfying unreasonable consumption habits), prohibiting profit collection and so on.
Earlier, news broke that female college students borrowed nude pictures as a mortgage, and some college students committed suicide because they could not pay their debts. Internet lending can originally meet some of the longer-term borrowing needs, because unrestrained lowering of the threshold has become a disguised form of loan sharks and subprime mortgages, triggering many social problems.
“Shenzhen Internet Finance Association †is Shenzhen's largest industry organization for Internet finance, established under the support of Shenzhen Municipal Party Committee and the municipal government. It is a representative and influential financial institution, internet company, internet finance company, and related supporting services in Shenzhen. The institutional self-regulatory organization formed by the organization is a financial industry organization and not an administrative agency. The legal binding force for the staging platform, P2P online loan, and e-commerce platform is not known, but this notice is issued to promote the industry to become standardized. It will take time to verify how effective it is.
The following is the full text of the Notice on Regulating the Campus Lending Business in Shenzhen.
Shenzhen Internet Finance Association
Shenzhen Mutual Finance Association [2016] No. 27
Notice on Regulating Shenzhen Campus Network Lending Business
Internet finance companies:
In recent years, some of the city's internet financial companies, including staged platforms, P2P online loans, and e-commerce platforms, have vigorously developed the campus network lending business for student groups. Due to low barriers to entry and relatively lagging supervision, there have been illegal publicity in the industry, disguised loan sharking, violent collection, and other violations of laws and regulations. This has seriously violated the students’ lawful rights and interests, disrupted the school’s teaching order, and affected the social harmony and stability.
To implement the "Ministry of Education, the China Banking Regulatory Commission, and other ministries and commissions" on the "Notice of the General Office of the Ministry of Education of the China Banking Regulatory Commission on Strengthening the Prevention of Bad Credit Risk on the Campus Network and the Education and Guidance Work", "Interim Measures on the Management of Internet Lending Information Intermediary Business Activities," and other laws and regulations , As well as related requirements for the special rectification of Internet finance risks of the state, province, and city, to further promote the healthy development of the campus network loan industry, standardize non-performing loan behavior, and crack down on illegal financial activities, the decision of the Council’s Council has determined that all enterprises (including electricity suppliers) Platforms and various economic organizations) The campus network loan business in Shenzhen and the campus network loan business carried out by Shenzhen corporate bodies in the field must strictly abide by the following “nine items,†and conduct self-examination, self-correction, and rectification. The relevant provisions are hereby notified as follows:
First, we must do a good job in risk warning. All companies must fully perform the necessary information disclosure, must inform the borrowing student about the charging policy of the campus network loan business, calculate the penalty policy, suggest the potential risks of applying for a loan, and ensure that the borrowing student has known and approved the above information.
Second, we must strengthen the information review. Each company must strictly examine the qualifications of the borrowing student, the ability to repay the loan, the use of the loan, the loan information of other institutions, the second repayment party, or the guarantor's repayment ability, and be responsible for its authenticity.
Third, we must control the cost of borrowing. All enterprises must explicitly inform the borrowing students of the actual comprehensive borrowing costs, and may not collect high fees in disguised form in terms of service fees, fees, and charges. It is not allowed to deduct borrowing funds in the form of paying deposits or business commissions.
Fourth, must examine the use of borrowing. Except for student loan, business loan, and other loan-related services that are conducive to learning, companies must not provide loans to borrowing students for other purposes.
Fifth, we must follow the principle of prudence. Any enterprise that grants any loan to a minor or a student with limited capacity for civil conduct must obtain written consent from the guardian and sign it. Granting any loan to a student with full capacity for civil conduct must obtain the written consent of the source of the second repayment and be responsible for its authenticity; the second repayment source must be a parent or other guarantor with repayment ability; If the second repayment source is a student who has the repayment ability, both the class teacher or the counselor of both students must sign and testify and notify the parent or family of the two parties; the second repayment source has valid evidence to prove that his written opinion is forged by another person. The enterprises shall no longer make any form of collection of the second repayment source. For a student loan with public welfare, if there is no source of the second repayment source, it must obtain written consent from the student’s school.
Sixth, we must ensure the safety of student information. All companies must establish a strict customer information protection system, properly manage student basic information, loan application information, etc., and must not illegally disclose, expose or sell borrowing student information.
Seven, illegal propaganda is strictly prohibited. Enterprises must not carry out any form of marketing and publicity activities on campus. Do not use ambiguous language or other deceptive methods to conduct false and one-sided online and offline publicity.
Eight, offline sales and campus agents are strictly prohibited. Each company may not authorize or authorize or authorize third parties to advertise or promote financing projects outside the electronic channels such as the Internet. It is forbidden to entrust students, campus staff or campus merchants to carry out any form of online and offline publicity, promotion or agency activities in the school.
IX. Illegal collection activities are strictly prohibited. All companies must properly handle the overdue conditions of borrowing, and strictly prohibit collection and illegal collection of various violations, including but not limited to: publishing information to the borrower's QQ group, WeChat Group and other social platforms; borrowing from non-secondary repayment sources Parents, relatives, classmates, friends, etc., to release relevant information or collections; to collect any debt collection from the relatives, friends, etc. who have no legal repayment responsibility for the second repayment source; to publicly post the arrears; "Illegal violence collection and other collection actions that interfere with the normal learning and life of borrowing students."
With immediate effect, the newly-added campus network loan business of each enterprise must be carried out in accordance with the requirements of this notice; for the existing stock business, the rectification shall be immediately carried out in accordance with the requirements of this notice and the rectification work shall be completed within three months. After the completion of the rectification, the rectification will be completed. Written to the association.
The Association will actively cooperate with the city's various regulatory departments to carry out special inspection and rectification of the city's campus network loan business; for those companies that refuse to rectify, the Association will report to the public and report to the relevant municipal departments for investigation.
The Association welcomes all sectors of the society to report violations of law on campus network loans, report telephones, and report emails:.
Shenzhen Internet Finance Association
August 30, 2016
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