Legal Aspects on Financial Technology (Fintech) Peer to Peer (P2P) Lending that Declared Illegal by Otoritas Jasa Keuangan (OJK)

Fintech P2P Lending is a financial service that utilizes digital technology to bring together parties who need loans and parties who are willing to provide loans digitally. The presence of Fintech P2P Lending allows consumers to borrow money digitally with easy terms and a fast process. But in reality, not all Fintech P2P Lending is legal due to the rise of Illegal Fintech P2P Lending Companies that can potentially harm consumers because they often violate the privacy rights of consumers when they are about to collect online loan debts that are due by threatening and intimidating that they will spread consumer personal data on social media, even though based on Article 39 POJK No. 77/POJK.01/2016 that business actors are prohibited in any way, providing data and/or information regarding its consumers to third parties. The research method in this study is juridical-normative. The results indicated that Fintech P2P Lending business actors who were proven to have committed a criminal act in the form of distributing consumer personal data could be subject to criminal penalties under Article 32 jo. Article 48 of Law No. 19 of 2016 concerning Amendments of Law No. 11 of 2008 concerning Information and Electronic Transactions (ITE).