MALANGVOICE - Today, the Legislation Body of the Indonesian House of Representatives held a socialization of Law No. 1 of 2016 at the Harris Hotel. According to Totok Daryanto, Chairman of the Legislation Body of the Indonesian House of Representatives, this socialization is intended so that the implementation of Law No. 1 of 2016 concerning Guarantees runs optimally.
"So that the role of the guarantee institution can be maximized in providing positive contributions, with a focus on driving the economy through MSMEs that need credit guarantees," said Totok in his speech a few minutes ago.
He added that the guarantee business that has been going on for so long has not received a legal umbrella at the level of law like banking and insurance which have been regulated in law.
"The House of Representatives through its right of initiative submitted a Bill on Guarantees, and then the Bill was passed into Law No. 1 of 2016 concerning Guarantees," he added
Furthermore, the Guarantee Law provides certainty to financing institutions, if a risk occurs. The law, consisting of 16 chapters and 65 articles, regulates licensing of guarantee institutions, guarantee mechanisms, and dispute resolution through alternative institutions.
Previously, the Guarantee Bill was an initiative of the Golkar Party Faction in the DPR. Through a plenary meeting of the DPR on December 17, 2015, the Guarantee Bill was passed into law, and then the President ratified the Guarantee Law on January 15, 2016 and it was promulgated on January 19, 2016 with the State Gazette number 9 of 2016. (http://malangvoice.com/)