Regulatory Alerts2022-04-27
MoneyLenders Act, Revised Edition 2020
The Government of Belize enacted the Moneylenders Act to comprehensively regulate the moneylending and pawnbroking sectors by designating the Central Bank of Belize as the statutory Registrar. The legislation mandates that all entities conducting moneylending business must obtain a valid licence, satisfy fit-and-proper criteria, and adhere to strict reporting, compliance, and consumer protection standards, including prohibitions on compound interest and unsolicited loans. It establishes robust enforcement mechanisms, granting the Registrar powers to inspect, impose conditions, revoke licences, and pursue criminal penalties for unlicensed operations, while empowering courts to relieve borrowers from harsh or unconscionable transactions.
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