Regulatory Alerts2021-10-04
Guideline on Disclosure of Information to Guarantors
The Bank of Mauritius issued this revised guideline to require licensed banks and non-bank deposit-taking institutions to disclose credit facility information and statements of account to guarantors. Institutions must provide written or electronic statements detailing outstanding principal, interest, and applicable rates whenever accounts remain in arrears for over 60 days, exceed authorized limits, or demonstrate impairment. The framework additionally mandates that institutions clearly inform prospective guarantors of their rights to access contracts and credit bureau records, alongside their financial liabilities arising from borrower defaults.
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