Credit Card Law Revamped

China's Supreme People's Court (SPC) and the Supreme People's Procuratorate (SPP) announced on Dec. 15 a judicial interpretation that elaborates on several Criminal Law articles concerning credit card crime. The interpretation became effective on Dec. 16.

Xiong Xuanguo, vice president of the SPC, said that credit card fraud, such as the use of a fake ID to apply for a card or withdrawals of large amounts of money with forged cards had been on the rise in recent years to the extent that it had become a burgeoning industry.

Under the interpretation, cardholders can be charged for "malicious overdraft" if they intentionally make an overdraft and delay payment by three months after being issued the second bank notice.

In addition, the legal document defines crimes involving credit card forgery, stealing and selling credit card data.

Credit card-related crime was written into the Criminal Law in 2005.

Translated by GC