Criminal bedroom furniture law updated to fight credit card crimesbedroom furniture beijing escort beijing escort beijing escort beijing massage beijing massage beijing massage bellow seal globe valve bellow seal globe valve bellow sealed valve Bellow Sealed Valve bellow sealed valve Bellow Sealed Valve bending machine bentonite best swiss watches best watches beta-sitosterol Betulin Betulinic acid Criminal law updated to fight credit card crimesPublished: 15 Dec 2009 11:02:01 PST
By Sun Zhe
Looking to address rising fraud cases and new criminal tactics, laws on credit card fraud taking effect today were updated to clearly define – for the first time – baleful credit overdraft, China's central bank and two central judicial bodies announced at a joint press conference Tuesday.
The definition of baleful credit overdraft, one of eight judicial interpretations released Tuesday by the Supreme People's Court (SPC), Supreme People's Procuratorate (SPP), and the People's Bank of China (PBC), is when a credit card holder does not pay off an overdraft within 30 days of receiving a second collection notice from the bank.
The SPC and SPP are the only two judicial bodies authorized by China's congress to interpret the country's laws.
Other new interpretations released Tuesday set the grace period for delinquency, which had previously not been codified, and created conviction standards and sentencing criteria for credit card counterfeiting, illegal credit cashing and credit card fraud.
"It is necessary to clearly state the conviction and sentencing standards for credit card crimes because means of credit card crime have kept changing and it is increasingly difficult to address these crimes," said Xiong Xuanguo, vice president of the SPC.
The country's police filed 6,362 cases of credit card crime in the first eight months of the year, twice the figure from the same period last year, according to the latest data from the PBC.
The country's bad credit...
