Hunan Financial Bureau: 4 types of unlicensed but actually operating financing business will be included in the supervision

Hunan Financial Bureau: 4 types of unlicensed but actually operating financing business will be included in the supervision
On March 13, the official website of the Hunan Financial Supervision Bureau issued the “Notice on Incorporating Supervision of Non-licensed Housing Property Guarantee Companies and Credit Enhancement Companies”.The Hunan Financial Bureau stated that it intends to supervise and supervise four types of institutions, such as housing property guarantee companies that have not obtained a financing guarantee business operation license but actually operate a financing guarantee business, and implement strict license management.It is reported that the goal of this circular issued by the Hunan regulator is to “fully and thoroughly implement the Regulations on the Supervision and Management of Financing Guarantee Companies” (State Council Order No. 683), and to achieve full coverage of the financing guarantee institutions and financing guarantee business. “According to reports, the 4 types of “unlicensed” guarantees or credit enhancement agencies that are expected to be officially included in the supervision include: (1)<住房置业担保管理试行办法>Notice (Building Housing[2000]No. 108) established a home purchase guarantee company (center); (2) car dealers, car sales service providers and other institutions that operate a car consumer loan guarantee business; (3) various types of loansInstitutions that provide services such as customer referrals and credit evaluations; (4) Credit enhancement companies that conduct bond issuance guarantees and guarantees.According to the Hunan Financial Supervision Bureau, the above 4 types of Hunanese institutions that have not obtained a financing guarantee business operation license, but actually operate a financing guarantee business, need to fill out the “Statistical Table of Non-licensed Operating Finance Guarantee Business Companies”, and in 2020 4Before the 15th of the month, take the initiative to register with the local financial office.The reporter saw in the “Statistical Table of Non-licensed Operating Financing Guarantee Business Companies” that in addition to the regular “registered capital”, “legal representative” and other industrial and commercial information, “October 9, 2019-end of February 2020 newInformation on new or existing stocks such as “increased guarantee business volume” and “stock financing guarantee business volume as of October 9, 2019” are also included in the statistics that need to be registered with the regulator.As for the setting of the cut-off time, according to the explanation of Hunan Financial Supervision Bureau, the Department of Banking and Insurance Regulatory Commission, Development and Reform Commission, Ministry of Industry and Information Technology, Ministry of Finance, Ministry of Housing and Urban-Rural Development, Ministry of Agriculture and Rural Affairs, Ministry of Commerce, Central Bank, and General Administration of Market SupervisionOn October 9, 2019, eight ministries and commissions jointly issued the “Notice on Printing and Distributing Supplementary Provisions on the Supervision and Administration of Financing Guarantee Companies” (Yinbaojianfa[2019]No. 37, hereinafter referred to as “Supplementary Provisions”).In the “Supplementary Provisions”, the relevant national ministries and commissions require strict regulation of the financing guarantee business license management.The stock loan guarantee business that occurred before the issuance of the Supplementary Provisions may not be included in the liability balance, but should be separately reported to the supervisory authority.At the same time, the “Supplementary Provisions” also stipulates that for financial guarantee companies that have illegal or illegal operations and seriously infringe on the legitimate rights and interests of consumers (guarantees), the regulatory authorities should increase their efforts to crack down and notify the banking financial institutions of the relevant situation in a timely manner.Jointly protect the legitimate rights and interests of consumers.In this circular, the Hunan Financial Supervision Bureau stated that non-licensed institutions that meet the conditions in the Supplementary Provisions and intend to apply for continued financing guarantee business, as well as other companies that intend to apply for financing guarantee business, shall follow theThe “Regulations on Management” and the relevant documents on financing guarantee of Hunan Province stipulate that an application for the establishment of a financing guarantee company shall be applied.In addition, the Hunan Financial Supervision Bureau stated that, except for a certain grace period in accordance with the Supplementary Provisions, companies that do not hold a financing guarantee business operation license in the future shall not operate financing guarantee business, and the name and scope of business shall not be marked with the word “finance guarantee”The Hunan Financial Supervision Bureau will work with relevant departments to clean up and rectify, and will impose administrative penalties on companies that violate regulations.In fact, with regard to the situation that local financial regulators “opened fines” against illegal financing guarantee companies, Chongqing Financial Supervision Bureau has officially stated it in the “Handling Items” of the “Power List” in late October 2019.For Chongqing-type guarantees or credit-increasing institutions, such as setting up a financing guarantee company or operating a financing guarantee business without approval, using the word financing guarantee in the company name without approval, Chongqing Financial Supervision Bureau saidFaced with “a fine of more than 100,000 yuan but less than 500,000 yuan; if there is illegal income, the illegal income shall be confiscated and may be ordered to suspend business for rectification; if the circumstances are serious, its financing guarantee business operation license shall be revoked.”Sauna, Yewang Huang Xinyu Editor Li Weijia Proofreading Liu Baoqing