New Regulations on Credit Collection Times and Procedures: OJK Regulation POJK Number 22 of 2023

JAKARTA, KOMPAS.com – The Financial Services Authority (OJK) issued new regulations regarding procedures for collecting credit or financing carried out by financial services actors (PUJK) from consumers.

This is regulated in OJK Regulation (POJK) Number 22 of 2023 (POJK 22/2023) concerning Consumer and Public Protection in the Financial Services Sector.

“Credit or financing product billing to consumers must be carried out in accordance with the norms applicable in society and the provisions of laws and regulations,” wrote the regulation, quoted on Tuesday (9/1/2024).

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In this new regulation, one of the things that is interesting and deserves public attention is related to credit collection times.

In Article 62 paragraph 2, it is stated in one of the points that financial services businesses are obliged to ensure that billing is only carried out on Mondays to Saturdays outside national holidays from 08.00 to 20.00 local time.

Not only that, this regulation also requires business actors to ensure that billing is not carried out using threats, violence or actions that embarrass consumers.

Also read: How does Pinjol Debt Collector Collect Bad Credit?

Billing is also not permitted to use pressure, either physical or verbal.

In relation to consumer protection, financial services businesses are also obliged to ensure that billing is not carried out continuously in a disruptive manner.

Credit billing can also only be done at the consumer’s billing address and domicile. Billing outside the specified place or time can only be done on the basis of prior approval and agreement with the consumer.

Furthermore, credit collection must also comply with statutory provisions.

Financial services business actors who violate these provisions may be subject to administrative sanctions in the form of written warnings and business license revocation.

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Previously, OJK Chief Executive for Supervising the Behavior of Financial Services Business Actors, Education and Consumer Protection, Friderica Widyasari Dewi, said that the issuance of POJK Number 22 of 2023 was a follow-up to the mandate of Law Number 4 of 2023 concerning Development and Strengthening of the Financial Sector (UU P2SK ).

“The issuance of the POJK on Consumer and Community Protection in the Financial Services Sector is a quick response from the OJK as the regulator to the mandate of the P2SK Law to strengthen consumer and community protection,” he said in a written statement, Tuesday (9/1/2024).

He added that strengthening consumer protection regulations in the POJK takes into account the expansion of financial services business actors, digitalization of products and services in the financial services sector, as well as the development of an increasingly complex and dynamic financial services industry.

Also read: Don’t want to be visited by debt collectors, this is what you can do when your credit is bad

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2024-01-09 09:00:00
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