Reported 12 months ago
Huang Shijie, Deputy Minister of the Ministry of Justice, mentioned on July 3, 2024, that there have been numerous legislative proposals to amend the Civil Code to regulate the fees charged by lenders, categorizing them as part of the agreed-upon interest rates. While acknowledging the positive intent behind the amendments, Huang emphasized the need to gather opinions from various sectors before solidifying the direction of the amendments. The proposed amendments aim to prevent financial companies from circumventing the current 16% annual interest rate ceiling by imposing various fees. However, Huang stressed the importance of balancing consumer rights and commercial development, requiring careful evaluation and consideration by the Ministry of Justice and relevant agencies.
Source: YAHOO