Regulatory Alerts2021-09-16
Hire Purchase and Credit Sales Guidelines
The Financial Services Authority of Seychelles issued these guidelines to implement the Hire Purchase and Credit Sales Act, 2013 by establishing mandatory licensing procedures and operational standards for all hire purchase and credit sales providers. Applicants must submit comprehensive documentation demonstrating corporate integrity, managerial competence, financial viability, and robust internal controls, while licensees are required to conduct mandatory creditworthiness checks via the Central Bank’s Credit Information System and maintain strict record-keeping and advertising standards. The Authority retains full discretion to grant, renew, or revoke licenses based on ongoing compliance, imposes annual fees and penalties for late payments, and enforces strict penalties for unlicensed operations or breaches of consumer protection and contract stipulations.