The Hon. (Dr.) Anil Jayantha - Minister of Labour and Deputy Minister of Finance and Planning

¶ 01 Microfinance and Credit Regulatory Authority Bill, Second Reading.

¶ 02 Question put, and agreed to.

¶ 03 Bill accordingly read a Second time.

¶ 04 Resolved: That the Bill be referred to a Committee of the whole Parliament. - [The Hon. (Dr.) Anil Jayantha]

¶ 05 Considered in Committee. [The Hon. Presiding Member in the Chair.]

¶ 06 Clauses 1 to 44 ordered to stand part of the Bill.

¶ 07 Clause 45 - (Formulation of guidelines in customer protection)

¶ 08 Amendment moved to replace a portion on page 54 to ensure that every licensee, in formulating guidelines, acts in accordance with clauses 44, 46, 47, 48, 49 and 52, and staff are informed.

¶ 09 Amendment put, and agreed to.

¶ 10 Clause 45, as amended, ordered to stand part of the Bill.

¶ 11 Clause 46 - (Obligations of a licensee)

¶ 12 Amendments moved to require accurate and specific information to customers on services, contract terms, interest rates, charges and fees; to conduct pre- and post-lending assessments; to prohibit abusive or violent recovery practices; and to provide a grace period before repayment, determined with regard to the borrower’s business and repayment capacity.

¶ 13 Amendments put, and agreed to.

¶ 14 Clause 46, as amended, ordered to stand part of the Bill.

¶ 15 Clauses 47 and 48 ordered to stand part of the Bill.

¶ 16 Clause 49 - (Actions prohibited by a licensee)

¶ 17 Amendments moved to (i) prohibit charging interest above the maximum annual rate and below any fixed minimum rate as may be prescribed under section 37(1)(a), and to address forged/incomplete/altered loans; (ii) prohibit undue influence; and (iii) prohibit humiliation and the offsetting of social security benefits against loan repayments.

¶ 18 Amendments put, and agreed to.

¶ 19 Clause 49, as amended, ordered to stand part of the Bill.

¶ 20 Clauses 50 to 84 ordered to stand part of the Bill.

¶ 21 Schedule ordered to stand part of the Bill.

¶ 22 Enacting Clause and Title ordered to stand part of the Bill.

¶ 23 Bill reported with Amendments.

¶ 24 “The Bill be now read a third time,” moved. Also sought leave to correct typographical, grammatical, and numbering errors and make consequential amendments.

¶ 25 Question put, and agreed to.

¶ 26 Bill, as amended, accordingly read the Third time, and passed.