On May 04, 2015, the State Bank of Vietnam issued the Circular No. 05/2015/TT-NHNN guiding credit institutions to collaborate with credit guarantee fund in offering secured loan of credit guarantee fund as stipulated under Decision No. 58/2013/QD-TTg dated October 15, 2013 of the Prime Minister.
Also in accordance with this Circular, before lending, the lending party and Credit Guarantee Fund, based on the regulations on operation, agree contents in accordance with the regulations on the lending of credit institutions for the customers. Agreement on collaboration between the lending party and Credit Guarantee Fund includes orders of collaboration among parties in the receipt, appraisal of documents and handle with the demands on borrowing capital from customers; contents related to collaboration on providing disbursement documents; collaboration in considering the time for payment for customers; measures on collecting the loan that shall be applied when the loan is due but the customers can’t pay; specific regulations on each case that credit guarantee fund can refuse to perform a part or whole part of guarantee obligations in accordance with the Regulations and the law related to the borrowing and risk management of the lending party; responsibilities on coordination among parties in the receipt and handle with guarantee assets in the case that credit guarantee fund refuse to perform its guarantee obligations…
Within that, f refusing to perform the whole part of guaranteed obligations: the credit guarantee fund shall transfer the rights of receipt and handling with the guaranteed assets of customers to the lending parties. The lending party shall give the letter of guarantee back to the credit guarantee fund right after the credit guarantee fund fully transfers the guaranteed assets.
This Circular takes effect on June 18, 2015 and replaces the Circular No. 01/2006/TT-NHNN dated February 20, 2006.
Source: luatvietnam.vn
