Chapter 1 General Provisions
Article 1: In order to standardize the registration of pledges of accounts receivable and protect the legitimate rights and interests of the pledgor and interested parties, these Measures are formulated in accordance with the Property Law of the People’s Republic of China.
Article 2: The Credit Reference Center of the People's Bank of China (hereinafter referred to as the Credit Reference Center) is the registration agency for pledges of accounts receivable.
The Credit Reference Center has established a pledge registration and publicity system for accounts receivable (hereinafter referred to as the “Registration and Publicity System”) to handle pledge registrations of accounts receivable and provide inquiry services to the general public.
Article 3: The People's Bank of China shall supervise and manage the activities related to the registration of accounts receivable pledges handled by the Credit Reference Center.
Article 4: The accounts receivable referred to in these Measures shall mean the right of the rights holder to demand payment from the obligor arising from the provision of certain goods, services, or facilities, including both existing and future monetary claims and any proceeds derived therefrom; however, such rights shall exclude claims for payment arising from bills of exchange or other negotiable securities.
The accounts receivable referred to in these Measures include the following rights:
(1) Receivables arising from sales, including the sale of goods, the supply of water, electricity, gas, and heating, as well as the licensed use of intellectual property rights;
(2) Credit claims arising from leasing, including the leasing of movable or immovable property;
(3) Claims arising from the provision of services;
(4) Rights to collect fees for immovable properties such as highways, bridges, tunnels, and ferry crossings;
(5) Claims arising from loans or other credit facilities.
Article 5: If multiple security interests are established on the same accounts receivable, the holders of these security interests shall exercise their rights in the order of registration.
Chapter 2: Registration and Inquiry
Article 6: The registration of accounts receivable pledges shall be conducted through the registration and publicity system.
Article 7: The registration of pledge of accounts receivable shall be handled by the pledgee.
The pledgee may also entrust another party to handle the registration. If another party is entrusted to handle the registration, the provisions of these Measures concerning the pledgee’s own registration shall apply.
Article 8: Before registering the pledge, the pledgee shall sign an agreement with the pledgor. The agreement shall specify the following contents:
(1) The pledgee and the pledgor have already signed a pledge contract;
(2) The pledgee shall handle the pledge registration.
Article 9: When the pledgee registers a pledge of accounts receivable, it shall register as a user of the registration and publicity system.
Article 10: The registration content shall include the basic information of the pledgee and the pledgor, a description of the accounts receivable, and the registration term. The pledgee shall submit the agreement specified in Article 8 of these Measures as an attachment to the registration publicity system.
If the pledgor or pledgee is an entity, the following information shall be provided: the entity’s legally registered name, registered address, name of the legal representative or person in charge, organizational institution code or financial institution code, and business registration code.
If the pledgor or pledgee is an individual, they shall provide information such as the valid identification number and the address stated on the valid identification document.
The pledgee may agree with the pledgor to include items such as the principal debt amount as part of the registration content.
Article 11: The pledgee shall submit the completed registration information to the registration and publicity system. The registration and publicity system will record the submission time, assign a registration number, and generate an initial registration certificate for the pledge of accounts receivable as well as a modification code, which will be provided to the pledgee.
Article 12: The pledgee shall independently determine the registration term, which shall be calculated in years and may not exceed five years at most. Upon expiration of the registration term, the pledge registration shall become invalid.
Article 13: Within 90 days prior to the expiration of the registration period, the pledgee may apply for an extension.
The pledgee may extend the pledge term multiple times, with each extension period not exceeding 5 years.
Article 14: If there are omissions or errors in the registration details, or if the registration details have changed, the pledgee shall apply for a change of registration.
If the pledgee adds new accounts receivable as additional collateral to the original pledge registration, the newly added portion shall be treated as a new pledge registration, and the date of registration shall be the date on which the pledgee completes the entry of the new accounts receivable and submits it to the registration publicity system.
Article 15: If the statutory registered name of the pledgor or the number of the valid identification document provided by the pledgor when the pledgee registers undergoes a change, the pledgee shall complete the amendment registration within four months from the date of the change. Failure to complete the amendment registration shall result in the invalidation of the pledge registration.
Article 16: If the pledgee applies for an extension or a change of registration, it shall submit the agreement reached with the pledgor regarding the extension or the change.
Article 17: If any of the following circumstances arises, the pledgee shall, within 10 working days from the date on which such circumstance occurs, complete the cancellation registration:
(1) The principal debt is extinguished;
(2) Enforcement of a security interest;
(3) The pledgee waives all pledges over the accounts receivable registered in the registry;
(4) Other circumstances that lead to the extinction of the registered pledge.
Article 18: The pledgee shall use the modification code to handle extension, change registration, and cancellation registration.
Article 19: If the pledgor or other interested party believes that the registered information is incorrect, they may request the pledgee to amend or cancel the registration. If the pledgee does not agree to the amendment or cancellation, the pledgor or other interested party may file a notice of objection.
The pledgor or other interested party who has filed an objection registration may voluntarily cancel the objection registration themselves.
Article 20: The pledgor or other interested party shall notify the pledgee immediately upon completion of the registration of the objection.
Article 21: If the pledgor or other interested party fails to file a lawsuit within 15 days from the date of the objection registration, the Credit Information Center shall cancel the objection registration.
Article 22: The Credit Information Center shall, upon request of the pledgor or other interested parties or the pledgee, cancel the registration of accounts receivable pledge or the objection registration in accordance with an effective court judgment or ruling.
Article 23: After the pledgee completes the registration of amendment or cancellation, or after the pledgor or other interested party completes the registration of objection, the registration and publicity system shall record the time of registration, assign a registration number, and generate a certificate of amendment registration, cancellation registration, or objection registration.
Article 24: The pledgee, pledgor, and other interested parties shall accurately register information as prompted by the registration and publicity system.
If the pledgee or pledgor provides false materials to register a pledge and thereby causes damage to others, they shall bear the corresponding legal responsibilities.
Article 25: Any entity or individual may, after registering as a user of the registration and publicity system, inquire about the registration information for pledges of accounts receivable.
Article 26: If the pledgor is an entity, the inquirer shall conduct the search using the pledgor’s complete and accurate legally registered name.
If the pledgor is an individual, the inquirer shall conduct the search using the pledgor’s identification number.
Article 27: The Credit Information Center shall provide a verification certificate upon the applicant’s request.
Article 28: The pledgee, pledgor, or other interested parties and requesters may verify the registration certificate and inquiry certificate in the registration and publicity system by using the certificate number.
Chapter 3: Duties of the Credit Reference Center
Article 29: The credit information center shall take necessary measures to ensure the security and normal operation of the registration and publicity system.
The credit information center shall not be held legally liable for its failure to perform registration or provide inquiry services due to force majeure.
Article 30: The Credit Reference Center shall formulate operational rules for pledge registration and internal management systems, and shall file these with the People's Bank of China for record.
Article 31: After the registration is canceled or the registration period expires, the Credit Information Center shall retain the registration records for a period of 15 years.
Chapter IV: Supplementary Provisions
Article 32: These Measures shall come into force on October 1, 2007.