Article 22 of the Supreme Court's Provisions on Several Issues Concerning the Trial of Private Lending Cases stipulates that both borrowers and lenders form a lending relationship through the peer-to-peer lending platform, and the provider of the peer-to-peer lending platform only provides media services, and the people's court will not support it if the parties request it to assume the guarantee responsibility.
The people's court shall support the online loan platform provider who expressly provides a guarantee for the loan through websites, advertisements and other media or has other evidence to prove that the lender requests the online loan platform provider to assume the guarantee responsibility.
In other words, peer-to-peer lending is protected by law, but the online lending platform provider cannot be required to bear the guarantee responsibility, and it depends on whether it is stated in the service agreement.
What are the illegal acts of online lending institutions?
Peer-to-peer lending information intermediaries may not engage in or be entrusted to engage in the following activities: (1) financing for themselves or in disguised form;
(2) directly or indirectly accepting and collecting the lender's funds;
(three) directly or in disguised form to provide a guarantee to the lender or promise to protect the principal and interest;
(4) Propagandizing or promoting financing projects in physical places other than the Internet, fixed telephones, mobile phones and other electronic channels by itself or by entrusting or authorizing a third party;
(5) Granting loans, except as otherwise provided by laws and regulations;
(6) Time limit for splitting financing projects;
(seven) to raise funds through the sale of financial products such as wealth management, and to sell financial products such as bank wealth management, brokerage asset management, funds, insurance or trust products on a commission basis;
(eight) to carry out asset securitization business or realize the transfer of creditor's rights in the form of packaged assets, securitization assets, trust assets and fund shares. ;
(9) Mixing, bundling or acting as an agent in any form with investment, sales agency, brokerage and other businesses of other institutions, except as permitted by laws and regulations and relevant regulatory provisions on peer-to-peer lending;
(10) The authenticity and income prospect of the financing project, concealing the defects and risks of the financing project, making false one-sided propaganda or promotion by vague language or other deceptive means, fabricating and spreading false information or incomplete information, damaging the commercial reputation of others and misleading the lender or borrower;
(eleven) to provide information intermediary services for high-risk financing such as investment in stocks, OTC fund-raising, futures contracts, structured products and other derivatives;
(12) Engaged in equity crowdfunding and other businesses;
(thirteen) other activities prohibited by laws and regulations and regulatory provisions related to peer-to-peer lending.