Regulatory Alerts2017-03-28
Added · Updated
Exemption Notice Microlender 2004
Government Notice No. 189 exempts micro loan transactions from the Usury Act, 1968, except for sections 2, 13, 14, and 17, provided the microlender is registered with the Registrar. A micro loan transaction is defined as a loan not exceeding N$50,000 with a repayment period of up to 60 months. The notice establishes registration requirements, including a N$2,000 application fee, and sets conditions for cancellation or summary suspension of registration. It mandates specific obligations regarding confidentiality, disclosure of terms, cooling-off periods, and collection methods for microlenders.
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