2. Senior managers engaged in guarantee business shall have the qualifications recognized by the National Development and Reform Commission, or have more than 2 years working experience in financial business. The major shareholders and senior managers have no record of economic crimes within 5 years;
3. It has a scientific and standardized risk control system and corresponding internal risk control institutions;
4. Having a fixed business place;
5. The business scope shall not involve banking and non-banking financial business;
6. It is not allowed to raise guarantee funds by membership;
7. Abide by relevant national laws and regulations.
Legal basis: Civil Code of People's Republic of China (PRC).
Article 389 The scope of guarantee of a security interest includes the principal creditor's right and its interest, liquidated damages, damages, expenses for keeping the secured property and realizing the security interest. Unless otherwise agreed by the parties, such agreement shall prevail.
Article 390 During the guaranty period, if the mortgaged property is damaged, lost or expropriated, the owner of the secured property may get the insurance money, compensation or compensation in priority. If the performance period of the secured creditor's rights has not expired, the insurance money, compensation or compensation may also be deposited.