Decision No. 688/2002/QD-NHNN On the Implementation of Transferring Overdue Debts of Customer Loans at Credit Institutions

Pursuant to …;

Regarding the implementation of transferring overdue debts of loans

from customers at credit institutions

GOVERNOR OF THE STATE BANK OF VIETNAM

BASED ON THE LAW ON THE STATE BANK OF VIETNAM AND THE LAW ON CREDIT ORGANIZATIONS dated December 12, 1997;

Pursuant to Decree No. 15/CP dated March 2, 1993 of the Government on the tasks, powers, and responsibilities for state management of Ministries and ministerial-level agencies;

Article 1.

Pursuant to …;

Article 1:

1. As of July 1, 2002, credit institutions shall implement the transfer of overdue debts for loans of customers arising before and after February 1, 2002, in accordance with Clause 2, Article 13 of the Loan Regulations for Credit Institutions to Customers issued pursuant to Decision No. 1627/2001/QĐ-NHNN dated December 31, 2001 of the Governor of the State Bank of Vietnam.

2- The loans of customers subject to the provisions of Clause 1 of this Article include:

a) Ordinary loans.

b) Preferential loans under the commission and designation of the Government and the Prime Minister.

c) Loans under state investment and development credit.

d) Loans under the commission of organizations and individuals within and outside the country.

Article 2. This Decision takes effect from July 1, 2002. The provisions in Article 3 of Decision No. 1627/2001/QĐ-NHNN dated December 31, 2001 of the Governor of the State Bank of Vietnam on the issuance of Loan Regulations for Credit Institutions to Customers contrary to the provisions of this Decision shall cease to be effective.

Article 3. Heads of units under the State Bank of Vietnam, Governors of provincial and centrally-administered city branches of the State Bank of Vietnam, Boards of Directors and General Directors (Directors) of credit institutions, and loan customers of credit institutions are responsible for implementing this Decision.