The National Financial Regulatory Administration, in conjunction with the People's Bank of China, formulates the "Provisions on Explicit Display of Comprehensive Financing Costs in Personal Loan Business"

The National Financial Regulatory Administration, together with the People’s Bank of China, has formulated the “Regulations on the Disclosure of the Total Cost of Personal Loan Business.” When lenders conduct personal loan business, they shall present the borrower with a disclosure form of the total financing cost. The disclosure form shall specify the principal amount of the loan and itemize each interest and fee charged by the lender and its partner institutions, including the charging method, standard, and entity responsible. Based on this, the annualized total financing cost borne by the borrower under normal performance conditions shall be calculated comprehensively. Additionally, the form shall itemize potential costs and their charging standards and responsible entities in cases of default, such as overdue or misappropriation. The charging standards for each interest and fee item under normal performance shall be converted into an annualized rate in accordance with requirements such as the “Announcement of the People’s Bank of China” ([2021] No. 3). The disclosure form shall also clearly indicate that, aside from the costs already disclosed, the lender and its partner institutions will not charge the borrower any other interest or fees related to the loan.