Regulatory Alerts2014-01-01
Borrowers and Lenders Act 2014
The Bank of Sierra Leone, acting under parliamentary authority, enacted this legislation to establish a comprehensive legal framework for credit agreements and movable property security interests. The Act mandates the creation of a centralized Collateral Registry to record and prioritize security interests, while imposing strict pre-agreement disclosure requirements and standardized borrower protections. It further empowers the Bank to conduct investigations, execute premises searches, and enforce specific lender remedies upon default, thereby ensuring a transparent and competitive national credit market.
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