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NEW 2019 REGULATIONS ON CAR LICENSE PLEDGE BUSINESS (CAR TITLE LOAN) (Thailand)

NO&T Asia Legal Review

Author
Luxsiri Supakijjanusorn, Nopparak Yangiam, Parot Promkam (co-author)
Publisher
Nagashima Ohno & Tsunematsu
Journal /
Book
NO&T Asia Legal Review No.9 (March, 2019)
Reference
Practice Areas
*Please note that this newsletter is for informational purposes only and does not constitute legal advice. In addition, it is based on information as of its date of publication and does not reflect information after such date. In particular, please also note that preliminary reports in this newsletter may differ from current interpretations and practice depending on the nature of the report.

Introduction
At the end of January 2019, the Bank of Thailand issued specific controls which regulate the business of providing car title loan1, commonly known as “car4cash” in Thailand. Although the car title loan business has been one of Thailand’s largest consumer lending industries, it was previously among the least regulated. However, government authorities have since shown their willingness and interest to regulate this industry with the passage of the new regulations. The new regulations depart from the traditional pledge system which was not an effective business model for borrowers. The new regulations also provide clarity on the rights and duties of both business operators and borrowers, but it remains to be seen how the new regulation will truly improve the market conduct in practice.

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