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China on Friday issued a new rule.......>

CHINA PRESS
CHINA PRESS: China on Friday issued a new rule governing the illegal practices
of payday loan companies, China Business reported. The new rule requires
financial technology companies to stop offering payday loans when consumers do
not outline a specific purpose for the loans in their applications. The rule
also requires regulators to decrease the existing volume of paydays loans
"within a certain period," without specifying when the deadline is, according to
the report. Fintech companies giving out payday loans should all have be
licensed, and no violence, threats, insults or defamatory behavior should be
exercised in collecting money from debtors, the rule stats. (China Business
News)

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