Decree No. 81/2008/ND-CP dated July 29, 2008 of the Government on the amendment, supplement of several articles of the Decree No. 79/2002/ND-CP dated October 4, 2002 of the Government on organization and operation of Finance Companies

DECREE

ON THE AMENDMENT, SUPPLEMENT OF SEVERAL ARTICLES OF THE DECREE NO. 79/2002/ND-CP DATED 4 OCTOBER 2002 OF THE GOVERNMENT ON ORGANIZATION AND OPERATION OF FINANCE COMPANIES

THE GOVERNMENT

- Pursuant to the Law on the Government's organization dated 25 December 2001;
- Pursuant to the Law on the State Bank of Vietnam No. 01/1997/QH10 dated 12 December 1997 and the Law on amendment, supplement of several articles of the Law on State Bank of Vietnam No. 10/2003/QH11 dated 17 June 2003;
- Pursuant to the Law on Credit Institutions No. 02/1997/QH10 dated 12 December 1997 and the Law on amendment, supplement of several articles of the Law on Credit Institutions No. 20/2004/QH11 dated 15 June 2004;
- Pursuant to the Law on Enterprises No. 60/2005/QH11 dated 29 December 2005;
- Upon the proposal of the Governor of the State Bank of Vietnam,

DECREES:

Article 1. To amend, supplement several articles of the Decree No. 79/2002/ND-CP dated 4 October 2002 of the Government on organization and operation of Finance Companies as follows:

1. Article 2 shall be amended, supplemented as follows:

"Article 2. Definition of Finance Company

1. A finance company shall be a form of non-banking credit institution, which performs the function of using own capital, mobilized capital and other capital sources for lending, investment, supply of financial and monetary consultancy services and for the implementation of several other services in accordance with provisions of applicable laws, but is not permitted to perform payment services, and receive deposits with the term of less than one year.

2. A finance company also includes the form of a general finance company which is entitled to perform all functions, operations in accordance with applicable provisions and the form of a specialized finance company which mainly engages in some sectors such as: consumer credit or credit card issuance and other activities in accordance provisions of applicable laws, of this Decree and guidance of the State Bank of Vietnam."

2. Article 3 shall be amended, supplemented as follows:

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