T The development of the financing industry in indonesia has seen the emergence of disguised financing practices that use sale and repurchase agreements to circumvent regulatory obligations from the financial services authority (ojk). pt. x implemented a scheme in which it purchased motor vehicles by paying 70% of the vehicle\\\'s value to pt. y, while the physical vehicle remained with the seller and the vehicle registration certificate (bpkb) was held as collateral. the core issues of this thesis are: whether pt. x’s actions can be categorized as a business financing activity under article 1 point 3 in conjunction with article 2 paragraph (1) letter b of ojk regulation no. 35/2018, and what the legal consequences are of using a sale and repurchase agreement as a form of business financing outside the mechanisms stipulated in indonesian laws and regulations. the research uses a normative juridical method with a descriptive approach, relying on secondary data analyzed qualitatively, with conclusions drawn deductively. the findings show that pt. x\\\'s activities can be classified as working capital financing as they fulfill the four elements of business financing under article 1 paragraph (3) of pojk 35/2018. the legal consequences include violation of business licensing obligations under pojk 28/2014, issues related to unlawful cause as stipulated in articles 1320 and 1337 of the indonesian civil code, as well as the risk of administrative sanctions and unfair competition with licensed financing institutions.