Legal basis: general rules of loans
Article 21
The lender must be approved by the People's Bank of China to operate the loan business, hold the License for Legal Person of Financial Institution or the Business License of Financial Institution issued by the People's Bank of China, and be approved and registered by the administrative department for industry and commerce.
Article 61
Administrative departments at all levels, enterprises and institutions, supply and marketing cooperatives and other cooperative economic organizations, rural cooperative foundations and other foundations shall not engage in financial business such as deposits and loans. Enterprises shall not handle lending or disguised lending financing business in violation of state regulations.