Mortgage Reduction Mortage
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Article 13 Determination of interest on a loan
The lender shall confirm the interest rate for each loan in accordance with the maximum and minimum lending interest rates specified by the People’s Bank of China， and specify the rate in the loan contract.
Article 14 Calculation and collection of interest on a loan
The lender and the borrower shall calculate and collect or pay interest on schedule in accordance with the lending contract and regulations of the People’s Bank of China regarding the calculation of interest.
If the extended and the original terms， when added together， fall within a new interest rate bracket， lending interest from the date of the extension shall be calculated and collected in accordance with the new interest rate bracket.
Penalty interest shall be calculated and collected on overdue loans in accordance with regulations.
Article 15 Subsidized interest for loans：
Based on State policy， relevant departments may subsidize interest for loans， in order to promote the economic development of certain industries or regions.
A bank that undertakes loans for which relevant departments subsidize interest， shall investigate and grant such loans on their own initiative， and shall strictly administrate such loans in accordance with relevant regulations of these General Provisions.
Article 16 Suspension， reduction or deferment of， or exemption from， loan interest：
Except where decided by the State Council， no work units or individuals shall have the right to decide on a suspension， reduction or deferment of， or exemption from， interest. Lenders shall specifically handle the suspension， reduction or deferment of， or exemption from， interest based on the decision of the State Council， in accordance with their limits of authority and responsibility.
PART FOUR BORROWERS
Article 17 A borrower shall be an enterprise legal person， institution legal person or other economic organization， individual industrialist or merchant approved and registered by the administrative authorities for the administration of industry and commerce （or the authorities-in-charge）， or a natural person with full capacity for civil acts and a PRC national.
A borrower applying for a loan shall satisfy such basic conditions as having a market for his or its products， having profitable production or business operations， not wrongfully seizing or misappropriating loan funds， and being scrupulously creditworthy， and shall comply with the following requirements：
1. To be able to pay off the principal and interest according to schedule， and to have already paid off the interest on previous loans and due loans； where such payments have not been paid off， to have made a repayment plan approved by the lender；
2. To have gone through the annual inspection by the departments for industry and commerce， except in the case of a natural person or an institution legal person that is not required to undergo approval and registration by the departments for industry and commerce；
3. To have already opened a basic account or an ordinary savings account；
4. That， in the case of a limited liability company or company limited by shares， the cumulative amount of its equity investment in outside shares does not exceed 50 per cent of its total net assets， except where otherwise stipulated by the State Council；
5. That the debt-equity ratio of the borrower conforms with the requirements of the lender； and
6. Where an application for a medium- or long-term loan is made， the ratio of the ownership interest of the enterprise legal person in a new construction project to the total investment necessary for the project is not less than the capital fund ratio for investment projects stipulated by the State.
Article 18 Rights of a borrower：
1. A borrower may apply for a loan on his or its own initiative from the management organization of his or its loan organizer or other bank and obtain a loan according to the conditions；
2. A borrower shall have the right to draw down and use the entire loan as agreed in the contract；
3. A borrower shall have the right to reject attached conditions not included in the loan contract；
4. A borrower shall have the right to refer and report relevant details to the lender’s superior authorities and to the People’s Bank of China； and
5. Upon soliciting and obtaining the consent of the lender， a borrower shall have the right to transfer the debt to a third party.
Article 19 Obligations of a borrower：
1. A borrower shall provide such true information as the lender may require （with the exception of such information that may not be provided by law）， provide to the lender true details of all banks with which he or it has opened accounts， all account numbers and all deposit balances， and co-operate with the lender in investigation， examination and inspection；
2. A borrower shall be subject to the lender’s supervision of his or its use of credit funds and of the relevant production， operation and financial activities；
3. A borrower shall use the loan as agreed upon in the loan contract；
4. A borrower shall promptly pay off the principal of the loan together with the interest thereon， as agreed in the loan contract；
5. A borrower shall obtain the lender’s consent if the borrower wishes to assign all or part of the debt to a third party； and
6. A borrower shall notify the lender in a timely manner of any details that may jeopardize the security of the lender’s claim， and at the same time shall take measures to preserve the claim.
Article 20 Restrictions on a borrower：
1. A borrower may not obtain loans from two or more branches of the same lender at the same level and in the same jurisdiction；
2. A borrower may not provide false details to， or withhold important details， from the lender concerning balance sheets， profit and loss accounts， etc.；
3. Except where otherwise stipulated by the State， a borrower may not use the loan to engage in equity investments；
4. A borrower may not use the loan to engage in speculation in areas such as securities or futures；
5. A borrower may not use the loan to engage in property business， except where the borrower has lawfully obtained qualifications to engage in property business. Borrowers that have obtained qualifications to engage in property business may not use the loan to engage in property speculation；
6. A borrower may not divert loan funds in order to seek illegal profit by on-lending such loan；
7. A borrower may not use foreign currency loans in violation of State administration of foreign exchange provisions； and
8. A borrower may not use deceptive practices to fraudulently obtain a loan.
PART FIVE LENDERS
Article 21 Lenders must be approved by the People’s Bank of China to engage in lending business， hold a Financial Institution Legal Person Licence or a Financial Institution Business Licence issued by the People’s Bank of China， and be approved and registered by the administrative departments for the administration of industry and commerce.
Article 22 Rights of a lender：
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