Regulatory Alerts2021-01-01
Microcredit Act, 2021
The Parliament of Jamaica enacted the Microcredit Act, 2021 to license and regulate microcredit institutions providing financing to individuals and micro, small, and medium-sized enterprises. The legislation establishes the Bank of Jamaica as the primary regulatory authority responsible for supervising licensees, enforcing compliance, and ensuring that operators and substantial shareholders are fit and proper persons. It mandates a formal licensing process, defines prohibited activities such as unauthorized lending, and outlines strict secrecy obligations and cooperation protocols for regulatory bodies.
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