Regulatory Alerts2008-07-26
International Money Lending (Short Term and Unsecured Small Loans) Regulations 2008
The International Financial Services Commission of Belize issued these regulations to govern international lenders offering short-term, unsecured loans up to $5,000 exclusively to non-residents. Licensees must maintain minimum capital, conduct underwriting and operations primarily within Belize, verify borrower identities, and adhere to a maximum 48% annual percentage rate while submitting all fee schedules for regulatory approval. The framework enforces strict consumer safeguards including mandatory written disclosures, limits on refinancing and delinquency charges, prohibitions on aggressive collection practices, and binding arbitration in Belize for dispute resolution.
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