Regulatory Alerts2021-01-01 | Finance Leasing Act Directions No. 1 of 2021Amendment to Valuation of Immovable Properties
The Central Bank of Sri Lanka has amended its Finance Leasing Act Direction No. 04 of 2018 to update valuation requirements for Specialised Leasing Companies. The revised directive establishes strict eligibility criteria for valuers, mandating specific Institute of Valuers of Sri Lanka or Royal Institution of Chartered Surveyors memberships with relevant experience and continuous professional development. It also standardizes valuation frequency based on loan performance status, requiring reports no older than five years for occupied residential properties and four years for other credit facilities.
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