Gatot Siswa Adiyatna (1), Diyan Isnaeni (2), Moh. Muhibbin (3)
General Background: The rapid expansion of peer-to-peer lending in Indonesia has generated complex regulatory challenges involving platform responsibility, contractual relationships, borrower safeguards, and lender risk allocation. Specific Background: Licensed platforms operate as digital intermediaries within tripartite relationships, while abusive debt collection, illegal operators, information asymmetry, and credit-default allocation create significant concerns for platform users. Knowledge Gap: Existing regulation leaves uncertainty regarding responsibility for lender losses, particularly when default arises from deficient credit scoring, fraud, or platform misconduct. Aims: This study examines the juridical position and responsibilities of licensed and unlicensed P2P lending operators and formulates a prescriptive framework for borrower and lender protection through normative legal research using statutory and conceptual approaches. Results: Licensed operators qualify as Other Financial Services Institutions and platform providers, maintain a mandate relationship with lenders, and bear vicarious liability for unlawful debt-collection practices. Unlicensed operators constitute financial-sector offenders whose agreements are void ab initio and unenforceable under the Ex Turpi Causa doctrine. Safeguards comprise preventive mechanisms, including CAMIL restrictions, SupTech, interest-rate limits, and Escrow and Virtual Accounts, alongside LAPS SJK, OJK sanctions, civil remedies, and integrated criminal enforcement. Novelty: The study proposes a mandatory Protection Fund to address lender exposure to default associated with platform fraud or negligence. Implications: This framework clarifies platform accountability while providing a regulatory basis for more balanced safeguards for borrowers and lenders.
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Keywords: Consumer Protection, P2P Lending, Platform Provider, Vicarious Liability, Protection
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