Legal basis: Interim Measures for the Administration of Online Microfinance Business.
Thirty-seventh small loan companies that engage in online micro-loan business across provincial administrative regions without the approval of the State Council Banking Regulatory Authority shall fully meet the requirements of these Measures during the transition period stipulated in these Measures; If it fails to meet the requirements of these measures within the time limit, it shall not carry out new network microfinance business across provincial administrative regions.
The transition period mentioned in the preceding paragraph is 3 years from the date of implementation of these measures. During the transition period, small loan companies that have not obtained the business qualification of inter-provincial administrative regional network small loan business should control the balance of inter-provincial administrative regional network small loans and the number of loan households within the stock scale, reduce them in an orderly manner and gradually repel them.
Thirty-eighth the State Council banking supervision institutions shall supervise and manage the network microfinance business operated by microfinance companies across provincial administrative regions according to law, and may take the supervision and management measures stipulated in these Measures.