Regulatory Alerts1993-01-01
Money Lenders (Amendment) Act 1993
The Parliament of Lesotho enacted this legislation to amend the Money Lenders Order 1989 by upgrading its statutory designation and empowering the Commissioner with enhanced supervisory authority. The Act mandates licensed money lenders to submit monthly and quarterly asset-liability statements, appoint approved auditors for annual financial reporting, and comply with targeted examinations of their operations and affiliates. It establishes clear procedures for licence revocation, grants the Commissioner power to rectify unlawful business practices, and imposes fines or imprisonment for non-compliance, false reporting, or obstruction of examinations.
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