Regulatory Alerts2023-01-01
Banking and Financial Institutions (Mortgage Refinance Companies) (Amendment) Regulations, 2023
Issued by the Bank of Tanzania, these 2023 regulations amend the Mortgage Refinance Companies framework to update director definitions, application fee proof requirements, and business plan specifications. The amendments introduce stricter collateral coverage thresholds for credit extensions, mandating 111% security for debenture charges and 100% for government securities or fixed deposits, while clarifying that suspensions remain in force until non-compliance is rectified. Additionally, the regulations empower the Bank to direct Mortgage Refinance Companies to propose alternative members when specified criteria are unmet and streamline related scheduling provisions.
Share