Regulatory Alerts2021-01-25
Regulation Relating to Penalties for Non-Compliance with Microlending Act (002)
The regulatory authority issued this regulation to establish standardized penalties for non-compliance with the Microlending Act. The document outlines specific monetary sanctions and enforcement procedures applicable to licensed microlenders who fail to meet statutory requirements. It further mandates immediate implementation of these penalty frameworks and requires affected entities to adhere to updated reporting standards effective upon publication.
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