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(Adopted and Promulgated by the Second Session of the Ninth National People's
Article 196 Definition of Contract for Loan of Money
A contract for loan of money is a contract whereby the borrower borrows a sum
of money from the lender, and returns the sum borrowed and pays interest thereon
at the prescribed time.
Article 197 Writing Requirement; Terms
A contract for loan of money shall be in writing, except where the loan is between
natural persons who have agreed otherwise.
A contract for loan of money includes terms such as the loan's type, currency,
purpose, amount, interest rate, term and method of repayment, etc.
Article 198 Assurance by Borrower
In entering into a contract for loan of money, the lender may require the borrower
to provide assurance. Such assurance shall be arranged in accordance with the
Security Law of the People's Republic of China.
Article 199 Borrower's Disclosure Obligation
In entering into a contract for loan of money, the borrower shall provide true
information concerning its business operation and financial condition in connection
with the loan as required by the lender.
Article 200 Deduction of Interest in Advance Prohibited
No interest shall be deducted from the principal in advance. Where any interest
amount is deducted from the principal in advance, the repayment of principal
and calculation of interest shall be based on the actual amount borrowed.
Article 201 Remedies in Case of Failure to Make Loan
Amount Available Or Failure to Draw Down
Where the lender failed to make the loan amount available on the prescribed
date and in the prescribed amount, thereby causing loss to the borrower, it
shall pay damages.
Where the borrower failed to draw down on the prescribed date and in the prescribed
amount, it shall nevertheless pay the interest on the prescribed date and in
the prescribed amount.
Article 202 Lender Entitled to Monitor Use of Proceeds
The lender may examine and monitor the application of the proceeds in accordance
with the contract. The borrower shall periodically provide the lender with materials
such as related financial and accounting reports, etc. in accordance with the
contract.
Article 203 Lender's Remedies in Case of Borrower's
Misuse of Proceeds
Where the borrower fails to use the proceeds for the prescribed purpose, the
lender may withhold funding, call the loan, or terminate the contract.
Article 204 Minimum and Maximum Interest Rates
The interest rate on the loan provided by a financial institution engaged in
lending operation shall be prescribed between the minimum and maximum rates
mandated by the People's Bank of China.
Article 205 Time of Interest Payment
The borrower shall pay the interest at the prescribed time. Where the time of
interest payment was not prescribed or clearly prescribed, and cannot be determined
in accordance with Article 61 hereof, if the loan term is less than one year,
the interest shall be paid together with the principal at the time of repayment;
if the loan term is one year or longer, the interest shall be paid at the end
of each annual period, and where the remaining period is less than one year,
the interest shall be paid together with the principal at the time of repayment.
Article 206 Time of Principal Repayment
The borrower shall repay the principal at the prescribed time. Where the time
of repayment was not prescribed or clearly prescribed, and cannot be determined
in accordance with Article 61 hereof, the borrower may repay at any time; and
the lender may demand repayment from the borrower within a reasonable time.
Article 207 Delayed Repayment Interest
Where the borrower failed to repay the loan at the prescribed time, it shall
pay delayed repayment interest in accordance with the contract or the relevant
stipulations of the state.
Article 208 Calculation of Interest in Case of Prepayment
Where the borrower prepays the loan, unless otherwise agreed by the parties,
the interest shall be calculated based on the actual period of loan.
Article 209 Extension of Loan Term
The borrower may apply to the lender for extension of the loan term before its
maturity. Upon consent by the lender, the loan term may be extended.
Article 210 Time of Effectiveness of Loan Contract
between Natural Persons
A contract for loan of money between natural persons becomes effective at the
time the lender makes the loan amount available.
Article 211 Interest under Loan Contract between Natural
Persons
Under a contract for loan of money between natural persons, if payment of interest
was not prescribed or clearly prescribed, the loan is deemed interest free.
Under a contract for loan of money between natural persons, the interest rate
on the loan may not contravene the relevant stipulations of the state regarding
limit on loan interest rate.
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