Laws and Regulations on Overdue Credit Cards
The laws and regulations on overdue credit cards mainly include the Contract Law of the People's Republic of China and the Commercial Bank of China Law" and "Bank Card Business Management Measures", etc.
Among them, the "Contract Law of the People's Republic of China" stipulates the rights and obligations of both parties to the contract, including the rights and obligations between the credit card holder and the bank. If the cardholder fails to repay the card within the due date, the bank can pursue the debt from the cardholder in accordance with this law. The card-issuing bank should order it to make corrections and impose a fine of not more than 1,000 yuan.
The "Law of the People's Republic of China on Commercial Banks" stipulates the operation and management of commercial banks, including the operation and management of credit card business. This law stipulates the responsibilities and obligations of commercial banks in the credit card business, including credit assessment of cardholders, risk management, and debt collection.
The "Bank Card Business Management Measures" specifically stipulate the management and regulation of credit card business, including regulations on the issuance, use, transactions, settlement and other aspects of credit cards. The Measures also stipulate the calculation method for interest, late fees and other related fees for overdue credit card repayments.
To sum up, overdue credit card repayments will not only affect your personal credit record, but you may also face legal liability. Therefore, cardholders are advised to repay their loans on time and comply with relevant laws, regulations and rules.
Legal basis:
Article 107 of the "Contract Law of the People's Republic of China": If one party fails to perform its contractual obligations or the performance of its contractual obligations is inconsistent with the agreement, it shall Bear the liability for breach of contract such as continuing to perform, taking remedial measures or compensating for losses.
Article 42 of the "Law of the People's Republic of China on Commercial Banks": If the borrower fails to repay the credit loan when due, it shall bear responsibility in accordance with the contract.
Article 61 of the "Bank Card Business Management Measures": The card-issuing bank shall order it to make corrections and impose a fine of not more than 1,000 yuan.