Regulations on granting first-time licenses to people's credit funds

Fees for first-time issuance of Licenses and renewal of Licenses are in accordance with the law on fees and charges.

This Circular provides for the dossier and procedures for granting the first License of a people's credit fund; principles, dossiers and procedures for granting and renewing Licenses of a people's credit fund; authority to grant the first License, renew Licenses, and issue copies of Licenses from the original; Licenses, procedures for granting copies of Licenses from the original; payment of fees for granting the first License, renewing Licenses; opening of operations; notification of information on granting the first License, renewing Licenses of a people's credit fund to the business registration authority.

Authority to issue first-time License and renew License

According to the Circular, the Director of the State Bank of the Region has the authority to decide to grant the first License, renew the License, and issue a copy of the License from the original book for people's credit funds with headquarters located in the area.

The State Bank of the Region shall specify the content of activities, area of ​​operation, and duration of operation in the License according to the form prescribed in Appendix No. 01 issued with this Circular.

In case the License is lost, torn, burned or damaged, the People's Credit Fund shall submit an application for a copy of the License from the original book according to the form prescribed in Appendix No. 02 issued with this Circular, sent directly or by post to the One-Stop Department of the State Bank of the Region or submitted online via the Public Service Portal of the State Bank of Vietnam (State Bank) to request consideration for issuance of a copy of the License from the original book according to the provisions of law.

Within 4 working days from the date of receipt of the application, the Regional State Bank shall review and issue a copy of the License from the original book to the people's credit fund.

Pay License Fee

The Circular stipulates that people's credit funds that are granted a first-time License or a renewed License must pay the first-time License or renewed License fee at the State Bank of the Region or pay online on the National Public Service Portal within 15 days from the date of being granted the first-time License or renewed License.

The fee for the first time issuance of a License and the issuance of a new License shall comply with the provisions of law on fees and charges.

First License Issuance Procedure

According to the Circular, the Regional State Bank shall exploit necessary information in the National Population Database when reviewing and assessing information on residence. In case it is unable to exploit necessary information in the National Population Database, the Regional State Bank shall have the right to request the Preparatory Committee to provide a copy of one of the valuable documents proving information on residence in accordance with the provisions of law on exploitation and use of information on residence to resolve administrative procedures and provide public services.

The Preparatory Committee is a group of people selected by the founding members to represent the founding members in carrying out tasks related to the application for a License. The Preparatory Committee must have at least 03 members, of which 01 member is the Head of the Committee.

The preparatory committee prepares a dossier to request a License according to regulations and sends it to the Regional State Bank.

Within 30 days from the date of receipt of the application for a License, the Regional State Bank shall send a written notice to the Preparatory Board confirming that it has received sufficient valid documents for consideration and approval in principle. In case the application for a License is incomplete, the Regional State Bank shall send a written notice to the Preparatory Board requesting additional documents.

Within 5 working days from the date of confirmation of receipt of valid documents, the State Bank of the Region shall send a written request for comments from:

a- The People's Committee of the commune, ward or the People's Committee at the grassroots level under the province or centrally-run city (Commune-level People's Committee) where the people's credit fund proposes to be established and plans to locate its head office shall be responsible for the establishment of the people's credit fund in the area.

b- The People's Committee of the commune where the personnel expected to be elected or appointed resides shall provide a list of personnel expected to be elected or appointed as Chairman and other members of the Board of Directors, Head and other members of the Supervisory Board, and Director of the proposed people's credit fund.

c- Other State Banks of the region are requested to provide information according to the form prescribed in Appendix No. 06 issued with this Circular (if deemed necessary).

d- The cooperative bank on the list of personnel expected to be elected, appointed as Chairman and other members of the Board of Directors, Head and other members of the Supervisory Board, Director of the proposed people's credit fund to be established (if deemed necessary).

Within 15 days from the date of receipt of the request document of the State Bank of the Region, the consulted units shall submit their written comments.

Within 45 days from the date of sending the written confirmation of receipt of the complete and valid dossier, the Regional State Bank shall issue a written approval in principle to establish a people's credit fund. In case of disapproval, the Regional State Bank shall issue a written reply to the Preparatory Committee, stating the reasons for disapproval. The content of the written approval in principle includes: approval in principle to establish and operate a people's credit fund; approval of the list of expected personnel of the people's credit fund.

The Circular takes effect from June 15, 2025.

Minh Hien

Source: https://baochinhphu.vn/quy-dinh-ve-cap-giay-phep-lan-dau-cua-quy-tin-dung-nhan-dan-102250506103023969.htm