Regulatory Alerts2019-01-01
The Borrowers and Lenders Act, 2019
The President and Members of Parliament of Sierra Leone enacted the Borrowers and Lenders Act, 2019 to repeal and replace the 2014 legislation. The updated framework expands the Collateral Registry to encompass encumbrances on immovable assets and permits unlicensed lenders outside Bank of Sierra Leone supervision to register security interests. These amendments modernize credit registration processes and broaden access to formal lending mechanisms across the country.
SIGNED this 17th day of June, 2019.
DR. JULIUS MAADA BIO,
President.
LS
No. 4
2019
Sierra Leone
The Borrowers and Lenders Act, 2019
Being an Act to provide for the repeal and replacement of the Borrowers and Lenders Act, 2014 (Act No. 13 of 2014), to provide for the broadening of the scope of the Collateral Registry to include the registration of encumbrances in immovable assets, to provide for lenders who are not licensed and supervised by the Bank of Sierra Leone to be able to register their security interests and for other related matters.
[ ] Date of commencement.
ENACTED by the President and Members of Parliament in this present Parliament assembled.
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