China to make motor mortgage registration easier

Time: 2019-05-29
Summary: steel market

China will streamline procedures of registering motor vehicle mortgage to make the process easier, starting June 1, according to the Ministry of Public Security.

The move was made in response to complaints from the public and businesses that the registration process needed too many materials including original identity certificates.

The process was especially inconvenient when it required the business licences of the lenders such as banks, said the traffic management bureau of the ministry.

After streamlining, copies of business licences with seals can be submitted as alternative and e-seals will also be acceptable.

Traffic management agencies will work with financial institutions to review and verify mortgage information online to make registration easier.

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