The Economic Stimulus During Covid-19 Pandemic Era on Leasing Agreement for Motor Vehicles in North Sumatera
Tengku Keizerina Devi Azwar

Master of Notarial Law,
Universitas Sumatera Utara, Medan - Indonesia

Abstract

Abstract - Finance institutions are popular for low-income people since it was more flexible in serving community needs in providing the needs of capital. This institution provides funds or capital goods by installments. In March 11, 2020, WHO stated the world is currently experiencing the Covid-19 Pandemic. This pandemic not only has an impact on increasing the number of casualties, but also socio-economic conditions. The weakening of the economy sector had disable many people to pay lease loans. The government then issued a Financial Services Authority Regulation No. 11 / PJOK.03 / 2020 Regarding National Economic Stimulus as a Countercyclical Policy on the Impact of the Spread of Covid-19. This study discuss the realization of the economic stimulus in motor vehicle lease agreements in North Sumatra using the empirical normative law method. Analyzed OJK regulations, Bank Indonesia regulations, and leasing agreements. The results show various weaknesses in the implementation of OJK regulations by various leasing companies, such as a lack of knowledge for both the leasing party and the community, and therefore those who effcected by Covid-19 pandemic cannot enjoy the bennefit of credit relaxation in question. Based on these findings, it was concluded that there needs to be better supervision and outreach from OJK on the implementation of this stimulus program, especially in the regions.

Keywords: Stimulus, economy, leasing, North Sumatra

Topic: Trade and Business