Order of the Governor of the Bank of the Lao PDR on Prohibiting Microfinance Institutions from Withholding Loan Guarantees and on Deposit-Taking by Non-Deposit-Taking Microfinance Institutions
老挝人民民主共和国银行行长关于禁止小额信贷机构扣留贷款保证金及关于不吸收存款类小额信贷机构吸收存款问题的命令
ຄຳສັ່ງ ຂອງ ຜູ້ວ່າການ ທະນາຄານແຫ່ງ ສປປ ລາວ ວ່າດ້ວຍ ການຫ້າມຫັກເງິນຄຳປະກັນເງິນກູ້ ຂອງສະຖາບັນການເງິນຈຸລະພາກ ແລະ ການຮັບເງິນຝາກ ຂອງສະຖາບັນການເງິນຈຸລະພາກທີ່ບໍ່ຮັບເງິນຝາກ
Summary
The Governor of the Bank of Laos issued an order prohibiting deposit-taking and non-deposit-taking microfinance institutions from withholding loan security deposits from clients, and prohibiting non-deposit-taking microfinance institutions from accepting deposits from ordinary clients, to protect clients' legitimate rights and interests and regulate industry operations.
Articles
Article 1
Deposit-taking microfinance institutions and non-deposit-taking microfinance institutions are prohibited from withholding customers' loan guarantee deposits.
Article 2
Non-deposit-taking microfinance institutions are prohibited from accepting deposits from ordinary customers. However, this prohibition does not apply to non-deposit-taking microfinance institutions that have transitioned from aid funds or aid projects and are used to manage village bank support funds or village funds; such institutions are permitted to adopt a related current account system.
Article 3
Deposit-taking microfinance institutions and non-deposit-taking microfinance institutions that violate this order and thereby cause damage to national interests, social interests, or the lawful rights and interests of citizens shall, depending on the severity of the circumstances, be subject to measures such as warnings, educational admonitions, fines, and legal liability.
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