Regulatory Alerts2016-05-19
Added · Updated
Borrowers and Lenders (Collateral Registry) Regulations 2016
These Regulations establish a Collateral Registry within the Bank of Sierra Leone to register security interests on movable property, judgments, and orders. Lenders must submit registration forms containing borrower identity, collateral description, and maximum secured amount, with borrower authorization required for initial registrations and amendments adding collateral. The Registry assigns registration numbers, records information without scrutiny, and allows searches by borrower identity or serial number. Fees are prescribed for initial registration, amendments, and searches, while discharge registrations are free, and non-compliance with obligations incurs a fine not exceeding ten million Leones.
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