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.
Online
System
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
Save
Time
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
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