Decree on Credit Information Work
关于信贷信息工作的法令
ດຳລັດ ວ່າດ້ວຍວຽກງານຂໍ້ມູນຂ່າວສານສິນເຊື່ອ
Summary
This Decree issued by the Government of the Lao PDR prescribes principles, rules, and measures for management, monitoring, and supervision of credit information work, specifying collection, storage, product creation, provision, and correction of credit information, establishing the Lao Credit Information Company, and defining its organizational structure, finance, members, responsibilities of related parties, prohibitions, and management supervision.
Articles
Article 1
Purpose. This Decree stipulates the principles, rules, and measures for the management, tracking, and supervision of credit information work, in order to make such work efficient and high-quality, ensure the reduction of credit risks for financial institutions, promote access to financing channels, aim to maintain financial stability, and keep the implementation of monetary policy sound, thereby contributing to the national socio-economic development.
Article 2 Credit Information Work: Credit information work refers to activities such as the collection, verification, storage, product creation, provision, and correction of credit information.
Article 2
Interpretation of Terms. The terms used in this Decree shall have the following meanings: 1. "Financial institution" means commercial banks, microfinance institutions, credit and savings cooperatives, financial leasing companies, and other financial institutions under the supervision of the Bank of the Lao People's Democratic Republic in accordance with relevant laws and regulations; 2. "Incorrect information" means credit information that does not conform to the format of the credit information report form or does not correspond to reality; 3. "Customer" means an individual, legal entity, or organization that has credit transactions with a financial institution or uses public utility services; 4. "Financial liability obligation" means a contractual obligation between a financial institution and a customer as stipulated in the contract, existing in the form of credit limits, letters of credit, guarantees, payment commitment letters, and other forms prescribed by the Bank of the Lao People's Democratic Republic.
Article 3
State Policy on Credit Information Work. The State encourages and promotes credit information work and creates conditions for all parties to participate in the development of credit information work to ensure the accurate and complete provision of credit information products.
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