Article 21 of the General Rules for Loans (People's Bank of China1June 28, 1996) stipulates that the lender must be approved by the People's Bank of China to operate the loan business, hold the Legal Person License for Financial Institutions or the Business License for Financial Institutions issued by the People's Bank of China, and be approved and registered by the administrative department for industry and commerce. Article 61 stipulates that administrative departments at all levels, enterprises and institutions, cooperative economic organizations such as supply and marketing cooperatives, rural cooperative foundations and other foundations shall not engage in financial businesses such as deposits and loans. Enterprises shall not borrow or borrow in disguised form in violation of state regulations.