Fiduciary is known in the world of credit, especially motor vehicle loans. As long as the motorized vehicle is still not fully paid, the current ownership rights are still in the hands of the bank or leasing that provides financing.
Even though the motorized vehicle was basically bought by the creditor (the lender), ownership rights are still in the hands of the debtor (loan recipient) until the debt is paid off.
Therefore, fiduciary is used as collateral if at any time the creditor is unable to pay his debts, the debtor can take the motor vehicle as a substitute or compensation for the failure of the creditor to pay his obligations in accordance with applicable law.
In its development, fiduciary guarantees can now be registered online to reduce long queues. Previously, fiduciary registration was carried out manually at the fiduciary registration office in the regional offices of the Ministry of Law and Human Rights of the Republic of Indonesia in each province.
Initially the registration process for fiduciary guarantees must be carried out by a notary. However, after the online system was put in place, fiduciary guarantee registration is not specifically done by notaries only.
Fiduciary collateral is needed by financial institutions that provide financing or loans. While institutions that apply for fiduciary guarantees to guarantee their business are not limited to banks or leasing, but also other institutions, such as cooperatives and other financial institutions.
The corporation in question is a finance company such as a leasing and banking institutions such as commercial banks and rural banks both adhering to sharia and conventional principles.
For retail groups who wish to register for fiduciary guarantees online, there are a number of document requirements that must be prepared.
These conditions must be scanned in the form of clear, legible images. Then uploaded via the form provided.
With this online fiduciary, business insurance arrangements that require fiduciary guarantees can be done in one day (one day service). Starting from the certificate registration process to certificate printing can also be done alone or by their proxy.
After fulfilling these requirements and registering, we will get a username and password. By using the username and password, we can only apply for fiduciary registration online.
Like conventional fiduciary registration, the documents that must be prepared are the basic agreement and fiduciary deed. After being registered, then you will get a fiduciary certificate.
Online fiduciary sites have several services that make it easy, including search features:
Access to these features can be done by the general public in this case the debtor to avoid collateral items are still registered or not when the position has been paid in full.
Fiduciary online is considered a transparent monitoring solution because it can be accessed not only by notaries as in the past. It also protects creditors so as to avoid multiple guarantees.
With such transparency, each party can be protected by his rights and obligations both as a creditor and a debtor.
One of the strengths of this online fiduciary certificate is that it is equipped with a QR Code feature that guides whether the fiduciary certificate is genuine and registered with the Directorate General of General Law Administration (Dirjen AHU). QR Code is the proof of the authenticity of fiduciary certificates, although they can be printed independently, but cannot be falsified let alone manipulated.
The entire registration and data collection process through online fiduciary is carried out in realtime. Its function is to be able to find out data that is updated at that time anytime and anywhere as long as there is internet access. In addition, the process provides a guarantee of legal certainty for issued fiduciary certificates.
For the state, non-tax state revenue from handling fiduciary certificates online has increased. The banking and financial business sector has also been helped by the modern collateral management service with a very easy and fast process.
It should also be noted that the practice of executing vehicles in arrears cannot be carried out on the road without following the mechanism stipulated in Law No. 42 of 1999 concerning fiduciary guarantees.
The mechanism is, the creditor must provide a warning letter, first, second, and so on and then have the right to execute after the 30-day deadline expires, accompanied by a fiduciary certificate and power of attorney from the leasing or the banking institution (creditor).