The Financial Services Authority (FSA) stated that a fiduciary registration is not required as long as finance company does not charge a guarantee on customers. It was stated by the Executive Head of Nonbank Financial Industry, FSA, Firdaus Djaelani, during socialization of online Registration of Fiduciary warranty in Jakarta on Monday (4/22). “Fiduciary registration is not mandatory for multifinance company who channels motor vehicle financing”, he said.
According to Firdausi, there are still a number of branch offices of finance companies that impose fiduciary warranty, but do not register the fiduciary warranty. Therefore, it has coordinated with law enforcement officials to curb such practices as well as finding a common ground that finance company that does not impose fiduciary warranty on customers is not required to register at the Fiduciary Registration Office. “FSA along with the police and stakeholders have coordinated. The issue is expected to be more orderly and will always be based on existing regulations”, he said
FSA, Firdaus added, has structure the Finance Minister Regulation No. 130 of 2012 on fiduciary warranty Registration to clarify the fiduciary provisions. Earlier, the minister of finance established rules related to motor vehicle financing, i.e. Minister of Finance Regulation No. 130/PMK.010/2012 which comes into force in October 2012.
Furthermore Firdaus said that 99% of finance companies in Indonesia impose fiduciary warranty to customers. “Currently, only one percent of finance companies that do not impose fiduciary guarantee, meaning that 99% did impose, and is obliged to register it”, he said.
He added that many fiduciary registration fees has not been paid, so based on the result of examination of the supreme Audit Agency (BPK), there is a potential loss to the state. To that end, Firdaus asked all parties to understand that a financing company that imposes fiduciary guarantee to the customers must register the guarantee at the fiduciary registration office and pay some costs.
The fiduciary law mentioned that there is a deadline of 30 days for the company to register a fiduciary warranty. The law is needed, because not all consumer and companies have good faith and certainly there are those who violated fiduciary agreement.
In the fiduciary guarantee scheme, finance companies proposed the imposition of a fiduciary warranty to its customers, so if the customer cannot pay the financing installments, the company can take the motor vehicle belonging to the customer. In this case, the finance company that imposes fiduciary warranty shall register and pay some administrative costs.
To facilitate fiduciary registration, on march 5, 2013 the ministry of justice and human rights has launched an online fiduciary warranty registration. FSA as the regulator attempts to conduct dissemination related to it.
With the transformation from manual to online registration, it is expected that obstacles in the fiduciary warranty registration which has been the concern of the finance industry actors and the public can be resolved soon. In the future, with an online fiduciary registration system, the registration process is expected to become more conducive, better and smoother.
With better condition. It is expected that the fiduciary registration process can meet the expectation of the players in the financing industry to register all transactions with the imposition of fiduciary warranty in a timely manner in accordance with applicable regulations
Meanwhile, Chairman of the Indonesian financial services association (APPI), wiwie, said that online fiduciary registration system could cut the registration time to become shorter than the time-consuming manual system which took many months.
Yet, however, online fiduciary registration in traduced since March 5, 2013 still has a few draw backs, the main one is that online fiduciary registration must be done by a notary, so it still requires a third party. While the industry required that the registration can be carried out by the finance company, making it more concise.
Fiduciary registration by multifinance companies can also cut costs, because the notary will charge the cost of making deed to the finance company. During this time, the registration fee is not standard, even it is expensive because the registration process requires a lot of time and involve multiple parties. In fact, fiduciary registration fee for goods, such as motor vehicles with a guarantee value of up to Rp.50 million is only Rp.25.000. as for goods with a value of between Rp.100 million is Rp.50.000.
Business New - July 26, 2013