Loan Requirements/Format Suggestion

[superh2o]

Hello, my suggestion is that all loans should have same form, and information contained inside contracts.

The current loaning conditions are:

VIII.

Loaning

With regard to giving loans, the lender must have a date and exact time for log check. The exact time can be found by using /time at the time of giving the loan. The Courts will not entertain any case without this information (even if you have a screenshot). The loaner must also take all precautions before giving a loan. If the Court believes that the lender has not taken precaution and has given the loan being rash and negligent, the Courts may not entertain the case. Precautions to be taken include - knowing the player(check the date of registration, 1.5 - 2 months is good enough to know the player), ensuring past history of the borrower's loans(enquire with other people/check Court cases[both closed and active topics] to see if he has paid his loans to them) and such other measures such as checking if person own a house, a business or a car+ the location of cars.

Loans out of proportion or with extreme rates will not be accepted by the state. (Over 35k or with interest superior to 20 percent will be rejected unless made by affidavit)
If a default of payment appears and money can be taken back from the defendant, it will be fully done.
If a default of payment occurs and money cannot be taken back, only the amount of the loan will be repaid and this is only if judged acceptable. The court reserves itself the right to deny payment. The court reserve itself the right to abatement.
Any loan given to a person with an interest rate superior to 18% per month will be declined. Any loan given to a new player (person who plays for less than one (1) month will be denied.


A loaning company/player has to do the following:
-Follow the loan rules of Liberty City Court (stated above)
So the current requirements are date and time for logs check if needed, player must play on the server for more then 1 and half months, player must not had a recent case opened against him for unpaid loan, player must own some assets (in such value so they can cover for the loan), maximum interest rate is 18% per month.

I would suggest adding a bit more mandatory things to future loans.
A contract must be made, the contract must state the following:
-The names of the company/player giving the loan
-Name of the receiving party
-Exact date and time of loan when the loan must be repaid
-The interest rate must be mentioned int the contract
-The loan sum with interest rate must be mentioned in contract
-Total value of current assets, and names of the same.

Example:

The LC bank is giving Mane_Jugovic a loan of 1000$ with interest rate of 10%, the loan is due on 10.11.2017, if the sum of 1100$ isnt paid Mane_Jugovic asset of Big Balkan (restorant) will be liquidized.

*all court rules apply to this contract too so dont forget /time*
You now just need the client to sign this and a screen shot of this will, make any case valid for reimbursement of the given loan.


Please discuss.

[JackDockz]

Uh yeah we surely need this.

[Commander_Cj]

Could be helpful to newcomers.

[superh2o]

Bumper

[James Conway]

With regard to giving loans, the lender must have a date and exact time for log check.

Like managers checking logs? I don't think that should happen as a loan is a roleplay thing. Only for rulebreaks logs should be checked.

But I agree on having some kind of ruleset to give out loans. The government is not a bank that gives out free money. The company giving out a loan needs to accept some kind of risk. If they take out a high risk loan to a person, then I don't think that company deserves the full amount back. A good loan deal should give profit, not giving out loans to everyone and expect a reimbursement if they disappear or not pay back.