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Debt collection service businesses must meet strict conditions

10:57 | 25/03/2020

VCN- As updated by the National Assembly’s Portal, the 43rd session of the National Assembly Standing Committee gave comments on controversial issues of the draft revised Law on Investment. The National Assembly Standing Committee said to prevent negative arising, it proposes supplementing regulations on strict conditions for debt collection service operators, ensuring close management for this business.

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debt collection service businesses must meet strict conditions
To prevent negative, strict regulation for debt collection service operators should be supplemented

In March, within the framework of the 43rd session, the National Assembly Standing Committee commented on controversial issues of the draft revised Law on Investment.

At the session, the National Assembly Standing Committee and Economic Committee reported some contents, including the principle on application of the Law on Investment, relevant law and international treaties, the Economic Committee said the revised law supplements regulation in Article 4 to specify the scope of adjustment as well as the applicable principles of the Law on Investment and related laws (such as the Law on Construction, Law on Public Investment, the Law on Management and Use of State Capital invested in business and production at enterprises, the draft law on Investment Mode of Public-Private Partnership).

At the same time, the draft law supplements and amends 10 specific regulation groups to ensure consistency and synchronisation with the Law on Land, Law on Construction, Law on Housing, Law on Corporate Income Tax, Law on Securities, Maritime Code, Civil Aviation Law; supplements and amends some articles of the other five laws to ensure consistency with supplemented and amended content.

Regarding the ban on investment in debt collection service business, the National Assembly Standing Committee agreed with comments that debt collection service business should not be stipulated in Point h, Clause 1 Article 6 of the draft law, it should specify  in the list of conditional business investment lines as per the current law, because hiring an intermediary unit to collect debt stems from the actual demands of life, meeting the needs of customers when debt collection service firms use tools and methods to achieve results and be consistent with the provisions of law.

To limit negative issues arising, the draft law should supplement regulations on strict conditions for debt collection service operators, ensuring strict State management for this business.

General Secretary, Chairman of the National Assembly's Office Nguyen Hanh Phuc, Chairman of the NA's Ethnic Council, Ha Ngoc Chien proposed  not to prohibit “debt collection service business”, but to limit negative issues arising, there is a  need to supplement regulations on strict conditions for debt collection service business operators, ensuring  strict State management for this  business or may consider replacing “debt collection service” into “debt handling service”.

Chairman of the Finance and Budget Committee Nguyen Duc Hai suggested it is necessary to review the relationship between this law and laws related to tax, because this tax provides many contents related to tax incentives; review the relationship between this law and the Enterprise Law on investors and investment capital. For policies related to large projects, it not only stipulates capital levels but also provides application of science and technology and  environmental protection.

At the meeting, National Assembly Chairwoman Nguyen Thi Kim Ngan said this draft law received positive comments from the NA's Ethnic Council. She also proposed to consider properly handling conflicts between the Law on Investment and other relevant laws.

Concluding the discussion, Deputy Chairman of the National Assembly Phung Quoc Hien proposed the drafting board  and verification agency  receive the comments of members of the National Assembly Standing Committee; finalise the report to submit it to the National Assembly delegation and then to the National Assembly at the next session.