THE USAGE OF SAVING-LOAN COOPERATIVES AS ILLEGAL BANKS IN COLLECTING FUNDS FROM THE PUBLIC IN THE FORM OF DEPOSITS AND EXTENDING ONLINE LOANS TO THE PUBLIC
Rouli Anita Velentina

Faculty of Law, Universitas Indonesia
Kampus UI Baru, Depok 16424
Indonesia

Abstract

The Investment Alert Task Force (Satuan Tugas Waspada Investasi) has discovered that some saving-loan cooperatives have offered online loans to the public. Besides that, they have collected public funds. The online loans have been increasing along with the need for public funds during the 2019 coronavirus disease (covid-19) pandemic. Collecting funds from the public in the form of deposits (simpanan) is banking activities. The cooperatives should be the pillars for the national economy. They shall uphold the values and character of cooperatives as mandated by the 1945 Indonesian Constitution. Under applicable cooperative regulation, the loan shall be only for members of cooperatives. Saving-loan cooperatives that have collected public funds in the form of deposits could be classified as illegal banks. The loss amount of community members who became victims was not small. How to properly overcome the use of saving-loan cooperatives as illegal banks in collecting funds from the public in the deposit and extending online loans? This legal research employs a qualitative normative juridical method. This research will use secondary data. To provide a deterrent effect and provide the best protection for the interests of the public, the cooperatives that collect funds from the public and extend online loans to the public should be given an administrative sanction in the form of the dissolution of the cooperatives. Besides that, those who give the order or the leader of the fundraising in the form of deposits shall be legally responsible under Article 46 of the Banking Law.

Keywords: covid-19, illegal bank, legal solution, online loans, saving-loan cooperatives

Topic: Trade and Business