2024-04-21 08:15:00
The video “Life of a Sandow Monkey” unexpectedly revealed the chaos of excessive lending from finance companies, which led young people to fall into heavy debt. What surprised the outside world was that non-financial institutions, notably leasing companies, finance companies, and BNPL (buy now, pay later), completely freed from the constraints of banking laws, lend money to many “cardless” young people without restrictions, and even goes to campus, forcing many young people to accumulate debt before entering society, and even involves their parents.
It remains unclear who is the authority in charge of the financing company’s target sector. The problem lies with the Executive Yuan, which has not yet decided whether it will appoint him to the Financial Supervisory Commission or the Ministry of Economic Affairs. Today, classification is based on “behavior”. Fraud is handled by criminal investigations and consumer disputes are handled by the Commercial Affairs Bureau of the Ministry of Economic Affairs.
However, as the problem becomes more and more serious, under the instructions of Huang Tianmu, chairman of the Financial Supervisory Commission, bank director Zhuang Xiuyuan recently appealed to the presidents of the three major leasing companies, including Chailease, Yurong and Herun, to hold a meeting and ask the leasing association across the three operators to formulate two self-regulatory regulations, one for BNPL and the other for car loans.
According to the two main self-regulatory regulations that the Financial Supervisory Commission requires the Leasing Association to develop, it was recalled that: damages and late payment interest cannot be collected at the same time, and the fixed interest rate cannot exceed 16%. ceiling set in article 205 of the Civil Code. The car loan amount cannot exceed the residual value of the car itself. If the service received by consumers through BNPL is not good, there must be a feedback mechanism in case of fraud. is discovered. We got the key points right, but the problem is that there are no penalties.
An owner in the leasing industry privately pointed out that there are two main problems with the self-regulatory rules established by the Financial Supervisory Commission for leasing companies. One is that not all leasing companies have joined the association, and the other problem is that there aren’t any. sanctions for self-regulatory regulations.
The Cooperative Bank is the listed bank with the largest loan volume among domestic banks. Dong Ruibin, chairman of Heku Financial Holdings, bluntly stated that many leasing companies do not directly provide loans, but are “financing companies” affiliated with the leasing company (rumored) More commonly known as finance companies), in this case the finance company will not join the leasing association. On the other hand, even if the leasing company is a member of the association, there is no way to require the association. financing company to use self-regulatory regulations. Implementation creates a management blind spot.
At the meeting of the Legislative Yuan Finance Committee on the 17th of this month, DPP legislators Guo Guowen and Wang Shijian and others criticized the use of “fake sales contracts” to provide usurious loans to young people or to small and micro business owners who are short of cash. , including a car. A motorcycle can actually be borrowed for five million yuan; a restaurant wants to borrow money and borrows two million yuan in the name of imported Wagyu, but the truth is that it is a fake sales contract of 2.53 million yuan. (including 530,000 yuan of interest). A performance bond of 800,000 yuan was deducted, and a processing fee of 100,000 yuan was deducted as follows: “A cow has three layers of skin peeled off.
Among them, People’s Party lawmakers Huang Shanshan and Guo Guowen are preparing to propose a “special corporate finance law.” Huang Shanshan bluntly said that the current loan chaos is a three-way zone. Neither the Financial Supervisory Commission nor the Ministry of Economic Affairs are the competent authority if special laws are not adopted to deal with the situation, people and small businesses. , and Taiwanese start-ups that borrow money from financial companies will be in trouble. This is equivalent to entering a “lawless place.” Huang Shanshan advocates that the Financial Supervisory Commission should be the competent authority.
Dong Ruibin also advocated that BNPL be jointly managed with the finance company through the establishment of special laws. And like the UK, it has moved away from the idea of ”institutional supervision” and moved to “conduct supervision” management, that is, as long as the company lends money. money to consumers, whether it is a financial institution or not. , it will be managed by the same set of rules to avoid regulatory loopholes.
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