Lao People’s Democratic Republic
Peace Independence Democracy Unity Prosperity
Bank of Lao PDR No.: 03/BOL
Vientiane Capital, dated: 02 January 2018
Decision
On the Credit Information Access
The President of the Bank of Lao PDR agrees on the following:
Chapter 1
General Provisions
Article 1 Objectives
This Decision determines principles, regulations, [and] management methods and facilitation toward providing the credit information in order to make a user able to access to the credit information systematically, conveniently and safety.
Article 2 Credit Information Access
The credit information access is the credit information services through the information searching and providing of the credit information center.
Article 3 Definitions
The terms used in this decision shall have the following meaning:
Article 4 Scope of Application
This decision shall apply to the departments of the Bank of Lao PDR, the members, the information owners, and non-information owners whose functions involving credit information assess.
Chapter 2
Credit Information Access
Article 5 Approaches of Credit Information Access
a member, information owner, and non-information owner are able to access to the credit information by the following methods:
Article 6 Registration Fee
a commercial bank and financial institution under the management of the Bank of Lao PDR that has received the approval letter for the membership application of the credit information center shall pay for the registration fee as following:
The registration fee might change in each period based on the determination of the Bank of Lao PDR.
Article 7 Information Searching and Providing Fees
The member access to any credit information pursuant to the Article 5 (1) of this decision shall pay a fee for information searching whether the required information has been found or not found. the searching fees are as follows:
The information owners who request the credit information pursuant to Article 5 (2) of the decision shall pay a fee for the providing information as follows:
The non-Information owners, who request the credit information pursuant to Article 5 (2) of the decision, shall pay a fee for the information providing as follows:
Article 8 Database Maintenance Fees
A member shall pay a fee for database maintenance as follows:
The database maintenance fees might change in each period based on the determination of the Bank of Lao PDR.
Chapter 3
Payment Method
Article 9 Payment Method for the Registration Fee
The registration fee shall be paid within seven working days after obtaining the approval document from the Bank of Lao PDR. The registration fee shall be paid by transferring the amount of the registration fee to the bank account of the credit information center which is under the Department of Bank Service, the Bank of Lao PDR.
Article 10 Payment for the Information Searching and Providing
Payment for the searching shall be made in the monthly basis and no later than 5th of the next month. The payment shall be made by transferring the amount of the searching fee to the bank account of the credit information center which is under the Department of Bank Service, the Bank of Lao PDR. In case, the member could not pay the fees on time, it shall be acted as follows:
A commercial bank: the Department of Bank Service, the Bank of Lao PDR will deduct the fees from the current bank account of that commercial bank which is opened with the Department;
A financial institution under the management of the Bank of Lao PDR: The credit information center will inform it to pay a fee for the finding information within five working days.
In case a financial institution under the management of the Bank of Lao PDR does not follow the notification of the credit information center which is determined in the Article 2 or in case the member regularly does a payment late, it shall be subject to measure against a violator as defined in the concerned regulations.
The payment for the information providing shall be based on the actual information provided in each time. The payment can be made in cash to the Department of Currency or by transferring the fee to the bank account of the credit information center which is under the Department of Bank Service, the Bank of Lao PDR.
Article 11 Payment for the Database Maintenance
The payment for the database maintenance shall be made in yearly basis and on 15th January of the next year. The payment for the database maintenance shall be made by transferring the amount of the database maintenance to the bank account of the credit information center which is under Department of Bank Service, the Bank of Lao PDR.
Chapter 4
Final Provisions
Article 12 Implementation
Department of Bank Service, Department of Currency, the credit information center, the member, the information owners and the non-information owner shall recognize and implement this decision strictly.
Article 13 Entry into Force
This decision shall enter into force on the date it is signed and replace Decision 927/BOL, dated 20 September 2012, on the Service Fee for Member Registration and Credit Information.
The Governor of
The Bank of Lao PDR
[SEAL OF THE PRIME MINISTER OF THE
LAO PEOPLE’S DEMOCRATIC REPUBLIC AND SIGNATURE]
Dr. Somphao PHAYSITHT