Regulatory Alerts2022-01-01
Microcredit Regulation Frequently Asked Questions
The Bank of Jamaica issued these FAQs to clarify licensing requirements under the Microcredit Act, mandating that existing operators apply for a license by July 30, 2022, or cease operations. The document outlines specific regulatory expectations, including fit and proper assessments for senior management, governance structures, and prohibitions on accepting public deposits or dealing in foreign currency. It further details the licensing fee structure, governance requirements for boards, and the roles of the Consumer Affairs Commission in enforcing codes of conduct.
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