The Microcredit Act, no. 1 of 2021

65. Savings. SCIIEDUrnS .. .·. ... JAMAICA No. D( - 2021 I assent, Governor-General. r J AN ACT to License and regulate microcredit institutions that provide financingto individuals and micro, small and medium sized enterprises; and for connected matters. [ The dare notified by the Minjste]r bri!l!:~!1.1!'th~ 4_,:! !!!f!) Offe!"!k••· . BE IT ENACTED by The Queen's Most Excellent Majesty, by and with the advice and consent of the Senate and House of Representatives of Jamaica, and by the authority of the same, as follows:- p ART [ Preliminary

1 — This Act may be cited as the Microcredit Act, 202 l , and sha.11S l1ort ti'.le

1. This Act may be cited as the Microcredit Act, 202 l , and sha.11S l1ort ti'.le come into operation on a day to be appointed by the Minister by notice ;:~menc~- published in th~ Gazette. 2 [No. l The Mic'rocreditAct. 202I !ntcrprcta- 2.-(l) In this Act-- tlon. ' . "advertise" means to publish, display, present, disseminate or convey any invitation or solicitation by any medium inclucling--- (a) a sky sign, notice, handbill, brochure, pamphlet, placard, board, poster or other :_:,ublication; (b) a circular; (c) an exhibition of photographs or cinematograph film.s; (d) a word, message on paper, message transmitted by way of electronic means, a social network or the Internet, or mobile message; (e) sound broadcasting; (f) programme, television or telephone commW1icationor otherforn of comrrnmication, but does not include a prospectus, as defined in the Companies Act, i:;sued by a company; "auditor" means a person who-- (a) is a registered public accountant as defined in section 2 of the Public Accountancy Act; and (b) satisfies such requirements as may be prescribed, and i11cludesa firm of such persons; "authorized officer'' means the Supervisor, Deputy Supervisor or any other person ~uthorized to perform fi.tnctionson behalf of the Supervisor or the Deputy Supervisor under the Bank o_fJamaica Act or this Act; '"Bank" means the Bank of Jamaica established by section 3 of the Bank ofJamcica Act; "branch" means an office or place of busincs3 (other than a ptincipal o±lice) where a microcredit institution carries on any microcredit service; ' . The ,'v/icrocred-;1Act, 2021 [No. ] 3 "cornmencem~t date'' means the date on which this Act comes into cperatictn; "Commission" :neans the Consumer Affairs Commission establis::iedunder section 5 of the Consumer Protection Act; "connected pers•Jn" shall be construed in accordance with subsocli,)n(4): : "consumer" has the meaning assigned to it in section 2 of the J Consumff Protection Act; "control" in re:ation to a licerisee or any other company, means the power of a person (whe:her acting alone or jointly with another, ~he, holds or is beneficially entitled to fifty percent or more of the votes in the licensee or other company) to secure by means of those voting rights that the affairs of the licenseeo: other companyare conductedin accordancewith the wishes o:::thatperson; "credit infonnatio:i"has the mear:-ingassignedto it in section2 of the Credi: Reporti11gAct; "document"means, in additionto a documentin writing,anything in which informationof anydescriptionis recordedor stored; "effective annual interest rate" means the rate used to determine the actual .mnualrate that is to be paid on a loan if the stated annual rate takes into account the effects of compounding and which is calculatedin acoo:dancewith the methodology Part A. F!rst specified in PartA of the First Schedule; Schedule. "effective control'' means.the ability of a person (whether acting alone,orjointly with another):-0 ensure that the affairs of the licenseeor other company are oonductedin accordancewith the wishes of that person, whether or not the person has control of :h.elicensee or othe: company; "financial group" has the meaningassignedto it in section2 of the Banking Services Act; "financial serv1ces''has the meaning assignedto it in section 2 of the Finar.cia! Services Commission A ct; . ; ·. 4 [No. ] The Microcredit Act, 2021 "Financial Services Commission" means the body established under section 3 of the FinancialServices CommissionAct; "foreign regulator" means an authority in a COWlU)' other than Jamaica which has supervisory duties or responsibilities- (a) with respect to any individual who provides financial services in that country; ·_; ·. (b) with respect to a body th&t is incorporated or otherwise established in, and provides financial services in that country; and (c) which are similar to the duties or responsibilities of the Bank or the FinancialSeivicesCommission; "functions" includes powers and tlulies; "group" in relation to a company, means that company and- .... (a) any other company that is its holding comp~ny; . ·. (b) any other company that is a subsidiary of the holding company; (c) any company that directly or indirectly controls or is controlled, directly or indirectly, by any company referred to in paragraph (a) or (b); (d) any company that effectively controls or is effectively controlled by any company referred to in paragraph (a) or (b); ' . (e) any company that is controlled by a person who directly or indirectly controls a company referred to in paragraph (a), (b) or (c); "incorporating documents" means the statute, charter, memorandum of association, articles of association, ruticles of incorporation, rules and by-laws or other instruments, under or by which a licensee or other body 1sestablishe.d,its governing and administrativc sli ul:lure and the scope ofits functions and business are set out, whether contained in one or more documents; .. The Microcredit Act, 2021 [No. J 5 "immediate relative" in relation to any person, means the person's spouse, children (including step children) and their spouses, parents, brothers or sisters; "investigation" means an investigation by the Commission or the Regulatory Authority, as the case may be, into a complaint, an occurrence or a matter cani.ed out for the purposes of thisAct; "licence" means a licence granted under section 1O; "licensee" means a person licensed under this Act; "local regulator" means the Bank, the Financial Services Commission, the Registrar of Friendly and Co-operative Societies or any authority in Jamaica which has supervisory duties orresponsibilities-- (a) with respecto an individualwho providesfinancial services in Jamaica; (b) with respect to a body that is incorporated in, and provides financial services in Jamaica; and (c) which are similar to the duties orresponsibilities of the Bank orthe Financial ServicesCommission; "Microcredit Appeals Tribunal" means the appeals tribunal established under section 41; "microcredit institution" means a company that is licensed under this Act to provide a microcredit service to individuals or MSMEs or both; ''microcredit service" means-- (a) anyone or more of the following services- (i) the granting of credit facilities to individuals or MSMEs or both; and (ii) the provision of business advisory services (not including the advice 6 [No. ] The Microcredit Act, 2021 relating to the financial services . ... ' regulated by the Firaancial Services .. . Commission)to iodiv:.dualsor MSIV1& or both; or (b) any other activity designated by the Supervisor as a microcredit service and approved by the Minister, by order, subject to affirmative resolution, but does not include receiving deposits from the public or banking business,within the meaning of the BankingServices .... Act; , "money laundering" shall be construed in accordance with Part V .· •. , of the Proceeds of CrimeAct; Part B. "MSJv(E"means a micro sized enterprise, a small sized enterprise First and a medium sized enterprise as described in Part B the Schedule. First Schedule; "officer'' in relation to a microcredit institution, means a person who, in that .institution- (a) is a director,president or vice-president (however . . .. designated),general manager,company secretary, financial controller or treasurer~or (b) performs functions similar to those nom.ally petformed by the holder of any position referred to in paragraph (a); ''personal information" means any infonnation about a conswner, other than credit information, including- .. (a) the consumers name, present and past addresses, tax payer registration nwnber or other numerical reference, cataloguing or reference scheme, usec. . . .. for identification purposes; and . ·. ,. (b) any other relevant infonnation about the consumer which is reasonably required iu u1 <lerto enabk the credit information to be utilized for the purposes of this Act; . ·. The MicrocrMit Act, 2021 [No. J "Regulatory Authority" means the Bank or any other entity or person as may be designated by the Minister by notice published in the Gazette; "spouse"includes- (a) a sine;lr:womimwho has cohabitedwith n single man as if she were in lo.whis wife, for a period nf n.otless than frve years; and (b) a single man whu has cohabited with a single woman as if he were in law her husband, for a period ofnot less than five years, at the dateof a detenninationof a connectionwith a licensee, pursuant to subsection(4)(h); assignedto it insection "regulatorycounterparts"has themea."lling 2 of the Bank of Jamaica Act; "substantial shareholder" means a person who holds twenty percent or more of the shares of a licensee; "Supervisor'' has the meaning assig:ied to it in section 2 of the Banking Se.rvtce.sAct; "Supervisory Department" means the department in the Bank established under Part VAof the Bank of JamaicaAct; "terrorist activity" shall be construed in accordance with the TerrorismPrevention Act; ''ultimat.eholdi11gcompany"m~ thecompanyunder whichthe other companieswithin a group :1reheld. (2) For the purposes of sections4{1)(b)(ii),10(5)(b),19(5)(c), 2l(l)(b), 27(l)(d), 30(1), 41(4)(a) and paragraphs 3(2) and 6(4)(d) of the Second Schedule, a person is a fit and proper person if.- Second Schedule. (a) he possesses the knowledge, skills and experience which are necessaryfor the intendedfunctionsto be carriedout by that person; 8 [No. ] The Microcredit Act, 2021 .. (b) he has not beeo convicted of an offence involving fraud or dishonesty, or an offence specified under the Proceeds of Crime Act, the Banking Services Act, 1he Securities Act, the Insurance Act, the Pensions (S~-pe-rannuationFunds and Retirement Schemes) Act, the Terrorism Prevention Act or the United Nations Security Ccuncil Resolution., . ImplementationAct or an offence th.atis similar to any such offence in another jurisdiction; (c) he is not banlaupt within the meaning of the InsolvencyAct, • ., t (d) his employment record does not gi•;e the Supervisor : reasonable ca·.1seto believe that the person has carried out an act involving dishonesty or anactinYolvingimproprietyin the handling o: financialbusiness; (e) in the opinion of the Supervisor- (i) he is a person of probity; (n) he is a person whose appo iutment to the board of, c111ploymentby, or ovmeriliip o:( the licensee., as the case may be, willno~result in a conflict of interest; (iii) he is able to exhibit competence and exercise diligence and sound juJgn:ent in fulfilling his responsibilities in relatior. to a microcredit institution;and (iv) the imerests of consumers will not be threatened if the person assumes the oflke that he is likely to . ·. he-Id, or continues to held the office that :,e ., .. ,. currently holds. (3) For the purposes of subsection (1), i:heSupervisor shall have regard to any evidence that the person bas- (a) engaged in any business pract:ces that appear Lo Ll1t Supervisor to be deceitful or oppressive or otherw1se improper, and which reflect discredit to the person's method of conducting bminess; The Microcredit Act, 2021 [No. ] 9 (b) contravened any provision of any enactment designed to protect the public against financial loss, due to- (i) dishonesty, incompetence or malpractice, by persons concerned in the provision of banking, insurance, investment or other financial services, credit infonnation or in the management of wmpauies; or : (ii) bankruptcy or insolvency; and (c) contravened any provision of any enactment relating to financial services as defined in section 2 of the Banking Services Act. (4) For the purposes of this Act, the following persons shall be treated as being connected with a given licensee (''L") and the licensee with them, and shall be so treated notwithstanding that at the relevant time any of the persons in question (not being individuals) had not yet come into existence or had ceased to exist- (a) a holding company or subsidiaryofL; (b) a subsidiary of a holding company ofL; (c) a holding company of a subsidiary of L; (d) a company of which L has control or effective control; (e) a company that, whether by itself or jointly with another,has control or effective control ofL; (f) any company of which Land persons connected with L together have control or effective control; (g) any company that together with L constitute a group; (h) an individual who is a director, manager or a person who has control ofL or any partner or immediate relative of such director, manager or person; (i) the ultimate holding company of L; (j) substantial shareholders ofL; 10 [No. ] The Microcredit Act, 202 I (k) theultimatebeneficialownersof anysubstantialshareholding in L, whether under a trust or other legal arrangement or throughanydirector indirectshareholding;and (1) anyotherpersonidentifiedby the Supervisorto be a person who should be treated as connected to L by virtue of that person'srelationshipwithL. (5) A companyis the holding companyofa companythat is its immediate,intermediateorultimatesubsidiarywheretheholdingcom- panyholdsthatothercompany'sshareon trustor is the beneficialowner of the shares. Non- 3. ThisAct shallnot applyto the transactions,personsand entities application of Act. specifiedin PartA and Part B of the Third Schedule. Part A. Part B. Third Schedule. PART Il-Functions of the Regulatory Authority, Etc. Functions of 4.--( 1) The RegulatoryAuthorityshallbe responsibleforthe general Regulatory administration of this Act and for the supervision of microcredit AutJ1ority. institutions,andthroughthe SupervisorandtheSupervi~ory Department shall- (a) formulate procedures for the licensing and regulation of microcreditinstitutions; . ; ·. (b) develop standards of practice and codes of conduct and guidancefor the generaloperationoflicenseesincluding- (i) creditadministration; (ii) addressing the fit and proper requirements specifiedin section2(2); (iii) transparentlendingpractices; (iv) requirementsto be met by externalauditors; (v) reportingrequirt:rnt:nls; and (vi) such other matters as the RegulatoryAulhority considersnecessaryfor the administrationof this Act; The Microcredit Act, 2021 [No. ] 11 (c) monitor licensees on an ongoing basis, by off~siteand on~ site examination,in such manner and with such frequencyas the RegulatoryAuthority thinks necessary, according to the riskprofile of the licensees,to detennine whetherthe licensees are operating in compliance with this Act or any other 1:uaclment; (d) impose sanctionsfor the identifiedbreachesof theprovisions of this Act, and any regulations made under this Act; (e) according to the risk profile of a licensee, provide a comprehensive report to the board and management of the licenseeon theresults and findings,from ongoingmonitoring of the licensee, including, where applicable, requirements for remedial action to be taken within given timelines; (f) prescribe the type of returns and other infonnation that licensees are required to file with the Supervisor and the intervals for the filing of such retwns and other infonnation; (g) advise the Minister on matters of general policy relating to microcreditinstitutions;and (h) perform such other functions as may be assigned to the Regulatory Authority in relation to licensees, from time to time, by the Minister or by or under this Act or any other enactment. (2) The Supervisorshall submit to Parliament, through the Min- ister,an annual report relating generallyto the execution of the functions of the Supervisor under this Act. (3) At least every three years, there shall be a review under- taken by qualified, independent experts of- (a) the effectiveness of the supervisory framework as set out under this Act; (b) the processes and procedures carried out in furtherance of the supervision mandate pursuant to this Act; and 12 [No. ] The Mic,-ocredit Act, 2021 . .'. (c) the petformanceof the Supervisorin relationto the mandate of the SupervisorunderthisAct, and the report of this reviewshall be providedto the Ministerand the Supervisor. Disclosure of 5.-( 1) Where- interest of autltorizcd (a) an e.uthorizedofficer; or officer or I . other person (b) a personbeingconsideredforappointment pursuantto section being considered 34B of the Bank of Jamaica Act, for appoint- ment. is a shareholder (whether directly or indirectly) in any microcredit institution,t.hepersonshallnotifythe Supervisorthereofin writing,and the Supervisorshallnotifythe Board of the Bank. (2) The Boardof the Bankmay,ifit thinksfit,upon receiptofa notice referredto in subsection( 1), in writing,require the autho1ized officeror a person beingconsideredfor appointmentpursuantto sec- tion 34B of the Bank of Jamaica Act, to dispos~of any of the shares held by that person in any licensee or of any interest in such shares withinsuch time as the Boardof the Bank may specify. Secrecy of 6.-{l) An authorizedofficerand any other person authorizedto authorized officer. assistan authorizedoffi~ershallnot- (a) discloseinformationregardingthe operationsof a licensee to anyperson other than- (:) the Jvlinisteror the nomineeof the Minister; (ii) the Governor,SeniorDeputyGovernoror Deputy Governors; (w) the Supervisoror DeputySupervisor; (iv) any officerofthe SupervisoryDepartment;or (v) the head of a regulatorycounterpart,the deputy of theheadof a regulatorycounterpartor a person fnrmallynominated to receive infonnation on behalfof such head; . ·. The Microcredit Act, 2021 [No. J (b) subject to paragraph (c), disclose other than for the purposes of thisAct, anyinfonnationregardingthe affairsof a customer of a licensee obtained in relation to the perfonnance of their duties underthisAct; or (c) disclose other than for the purposes of the investigation or prosecution of a financial crime, or in relation to the cont.ravention of a licensee's obligation under any other enactmentor upon the presentation of an order from a coru1 of competentjurisdiction,any informationobtainedin relation to the performance of their duties under this Act. (2) A person who contravenes subsection (l ), commits an offenceand is liable,on conviction,to the penaltyspecifiedin the Fourth Fourth Schedule. Schedule. (3) No civil or criminal action, suit or other proceedings may be brought against an authorized officer and any other person autho- rized to assist an authorized officer under this section, who, in good faith, makes a disclosure pursuant to subsection ( 1).

7 — ( 1) '1'he RegulatoryAuthority may cooperate and collaborate Cooperation

7.-( 1) '1'he RegulatoryAuthority may cooperate and collaborate Cooperation with other local regulalurs, fon::ignregulators, local and foreign law of R~l!u!a- tory enforcement authorities and other regulatorycounterparts to facilitate Authority with other information sharing ond other forms of cooperation aml collaboration regulators. toemihle- el~., au\l lh~ Commission. (a) the ongoingsupervisionof microcreditinstitutions; (b) the investigationof regulatorybreaches; (c) the investigation of financial and other crimes and related enforcementaction involvingamicrocredit institution;and (d) theresolution ofamicrocreditinstitution. (2) The RegulatoryAuthority and the Commission shall coop- erate and collaboratewith each other in relation to the investigation of any apparentcontraventionof thisAct and eitherbody,aforementioned. may refer a complaint to the other body where the subject matter of the 14 [No. ] The Microcredit Act, 2021 complaint indicates that it would be more appropriately dealt with by that other body. (3) The Regulato1yAuthority shall determine the parameters •.=•a of any cooperation and collaboration pursued under subsections ( l) and (2), the duration of such cooperation and collaboration and any cost sharing and other matters related to the cooperation and collabo- ration. Consulta• 8. In making a determination on licence approvals or revocations, lions relating to the the Supervisor shall consult with the Minister on matters relating to the national national interest.. interest. PARTIll-Licensing and Regulation of Microcredit Institut,ons Prohibition 9 .-( 1) A person who desires to provide a microcredit service against operating a shall be Jicensedas a microcredit institution wider this Act. microcrcdit institution. (2) A person who contravenes subsection ( J) commits an of- Fourth fence and is liable, on conviction, to the penalty specified in the Fourth Schedule. Schedule. {3) A contract for the provision of a microcredit service shall be unenforceable if the contract is entered into by a person who is offering a microcredit service, but has not obtained a licence. Application 10.-( 1) An application to obtain a licence le operate a microcredit for and grant of licence. institution sh.allbe made to the Supervisor, in accordance with the rules made under section 59 and accompanied by the following- (a) proof that the institution is registered asa company pursuant to the Companies Act, including a cenified copy of the incorporating documents of the company; and (b) such other information.as may be specifiedin the rules made under section .'i9. (2) The Supervisor may, upon receipt of an application under subsection ( 1), request the applicant to fi.unishsuch additional informa- tion and documents as the Supervisor may consider relevant. The Microcredit Act, 2021 [No. J (3) Subject to subsection (5), and upon consideration of an application made under this section, the Supervisor may- (a) subjectto such terms and conditionsas the Supervisordeems appropriate, and upon payment of the prescribed fee, grant a licenceto the applicant and enter the particulars,in relation to the licence, in a register established by the Supervisor for this purpose; or (b) refuse to grant a licence to the app Iicant. (4) Where the Supervisor refuses to grant a licence, the Su- pervisor shall- (a) notifythe applicantin vvritingof theintentionof the Supervisor to refuse to grant the licence and the reason for the intended refusal; and (b) affordtheapplicantanopportun.itytobeheard,witlrinfourteen days of the date of the notice ofrefusal. (5) The Supervisor shall not grant a licence under this section, unless the Supetvisor is satisfiedthat- (a) the systemsand arrangementsrequiredby this Act have been put in place by the applicantso as to ensure compliancewith the provisions of this Act; and (b) the substantialshareholders and officers of the company for whom an application is being made, are fit and proper persons.

11 — It shall be a condition of every licence that the licensee shall- conditions

11. It shall be a condition of every licence that the licensee shall- conditions of licence. (a) forthwith upon the grant of the licence and annually, on or before each anniversaryof the grant of the licence,while the licence remains in effect, pay the prescribed licence fee to the Accountant-General;and (b) commence operationpursuant to the licence within one year of the grant of the licence or such longer period as the Supervisormay allow. 16 [No. ] The Microcredi1 Act, 2021 Licence to be 12.--{ 1) A licenseeshallensurethat the licenceor a certifiedcopy prominently : displayed. thereof,is prominentlydisplayedin a part of theprincipalofficeof the microcreditinstitutionto whichthepublichasaccess.andat eachbranch of the microcreditinstitution. .. (2) A licensee who without lawful excuse, contravenes subsection( l) commitsan offenceandis liable,on ~ummaryconviction, Fourth to the penaltyspecifiedin the FourthSchedule. Schedule. ' Nori- 13.-{ 1) A licencegrantedundersection10shallnotbe transferable transferabil- or assignable. ity, etc., and publication of liceoce. (2) A licenseeshallnot causeor permitanotherpersonto use its licence. (3) The Supervisormaysuspenda licencewherethe licensee causes or permits anotherpersonto use its licencein contn1ventionof subsection(2), and the licensee shallbe liableto pay a prescribedfee on the reinstatementof the licence. (4) The Supervisorshallpublish or causeto be publishedby . :-. notice in the Gazette- ' (a) the name of each personto whom a licence is granted; : (b) the name of each personwhose licenceis revoked; (c) anychangeof name of a licensee;and (d) such other matters relatingto the licensing of rnicrocredit institutionsas the Supervisorconsidersappropriate. Lost, defaced 14.-{ l) Wherea licenceis lost, defacedor destroyed,the licensee or destroyed shall,promptly,afterbecomingaware thatthe licence is lost, defaced licence. or destroyed,applyto the Supervisorto have the licencereplaced. (2) An applicationunder subsection(1) shall- (a) be in writing; (b) outlinethe circumstancesresultingit:the licencebeinglost, defacedor destroyed;and The Microcret~-itAct, 2021 [No. ] (c) be ac~:o::npaniedby the pre~.cribedfee associated with the replacement of the licence, which shall be made payable to theAcccuntant-General. (3) Wber; the Supervisor is satisfied as to the loss, deface- ment or destructfon of the licence, the Supervisor shall grant to the licensee a substitu-::e )icence. (4) A h,:ence that is substitu:ed pursuant to subsection ( 1) shallreflect the infor:nationthat was specified on the original licence.

15 — (1) A person shall not obtain a licence by falserepresentation. Obtaining a

15.-(1) A person shall not obtain a licence by falserepresentation. Obtaining a licence by (2) A person who obtains a lice:ice by false representation false commits an offen:,eaod is liable,on com1iction,to the penalty specified ~~!~~enta- in the Fourth Sched:.tle. Fourth Schedllle. 16.-{ l) A pers0n shall not knowingly or recklessly advertise any False or infonnation, which falsely imp!ies or explicitly states that the person is :~~~:~~~:~. licensed under this Act as a microcredit institution. (2) A person who contravenes subsection (1) commits an offenceand is liable,on conviction,to the penalty specifiedin the Fourth Schedule. 17.-{l) Except withthe approval, :.n,,.,Titing,of the Supervisor, a Prohibition on \ISe of person who is not licensed under this Act to provide a rnicrocredit certain service shall nor U5e any name, title, word, tenn or grammatical names, titles, words, ere. presentation that represents or implies that the person is licensed to provide a microcred.itservice. (2) Sucse~tion ( 1) shall not apply to an association formed by microcreclitinsdt.nions for the purpose cf representingthe common interest of the members of the association or in any case where the name, title, word,,te:m or grammatical presentation foffils part of the name of an indiviriutl •:Xplace. (3) Subjoct to subsection (4\ the Supervisor may, in the pubJic interest, by noti.:e,in writing, revoke any approval given to any I ! 18 [No. ] The Microcredit Act, 2021 person under subsection ( 1) and that person shall comply with such notice withinthe period specified. (4) Before an approval is revoked, the Supervisor shall give . ·. • .. ,. . the person concerned,notice,in writing,of the intendedrevocationand shall afford that person an opportunity to sttbmit to the Supervisor, within fourteen days, a \\Tittenstatement of objectionto the proposed revocation of approval. (5) A person who contravenes subsection ( 1) commits an offenceand is liable,on summaryconviction,to the penaltyspecifiedin Fourth the Fourth Schedule. Schedule. Regulation of 18.-( 1) If a licensee intends tlr- mergera, amalgam- (a) merge or amalgamate its business with that of another ation~ acquisitions licensee; and transfer$. (b) acquire the business of another licensee; or (c) transfer its businessto another licensee, the licensee shall applyto and obtain the approval of the Supervisor. (2) An application to the Supervisor for approval under subsection( 1)shall be in the form of a scheme and shallbe regulated in accordance with such provisions as may be prescribed. (3) Where a licenseeengagesin a merger,amalgamation, acquisition or transfer, as referred to in subsection ( 1), the licensee shall,withinthirtydaysafter suchmerger,amalgamation,acquisitionor transfer,depositwith the Supervisor- (a) certifiedcopies of the statements of the assets and liabilities of any new entity that is formed; ' . (b) a certified copy of the agreement or deed under which the merger,amalgamation,acquisitionor transferwasdone; •,• .. The Microcredit Act, 2021 [No. ] 19 (c) a declaration signed by at least two officers of the licensee thatto the best of theirbelief;all informationin the possession of the licensee relating to the merger, amalgamation, acquisitionor transferhas at alltimesbeen kept in atcordance with this Act. (4) A person who, in any statement, agreement, deed or declarationreferredto in subsection(3), causes or permits the inclusion of any infonnation which that pernon knows to be false in a material particularorrecklesslyincludesanyinforrnationwbichisfalseinamaterial particular,commits an offenceand is liable,on summary-conviction,to the penalty specified in the Fourth Schedule. Fourth Schedule. (5) A merger, an amalgamation, an acquisition or a transfer under this section, which is effected without the approval of the Supervisor,shall be void. (6) Pursuant to section 13, a licence shall not be transferred to or assigned to a. new eulily that is formed from n merger, an amalgamaliou or an acquisition under this section, and any such new entity,shall applyfor a licenceto operatea microcreclitinstilulionunder s~t:lion10. 19.--(1) Where a person proposes to enter into an agreement or Regulation of shareholding an arrangement to acquire the shares of a licensee by virtue of which in the person would, if the agreement or the arrangement is carried out, microcredit institutious. be a substantialshareholderof the licensee,thatperson shall,in writing, apply to and obtain the prior approval of the Supervisor in respect of the agreement or arrangement. (2) An agreement or arrangement referred to in subsection ( 1) shall contain or be deemed to contain a clause which indicates that the agreement or arrangement is subject to the prior approval of the Supt!tvisor. 20 [No. l The Microcredit Act, 2021 . : ·. (3) Where an applicationfor approvalis made tm.dersubsection (1), the Supervisor may- (a) give approval, subject to such conditions as the Supervisor considers necessary; or (b) refuse to give approval. (4) For the pw:poseof approving an application made under subsection (1), the Supervisor may require the applicant to furnish the Supervisor with such additional particulars or other information concerningthe agreementor arrangementas the Supervisormay specify. .:. (5) In determiningwhetherornotto approve an application made under subsection (1), the Supervisor shall take into account such matters as the Supervisor considers _relevant to the application, including- (a) the nature,source and sufficiencyof the applicant's financial resources; • =·. (b) the business record and experience of the applicant; ... (c) whether the applicant meets the fit and proper criteria specifi~<lin section 2(2); (d) whether there is any impediment to the Supervisor's receipt of information from or about the applicant; (e) where i.heapplicant or any of the affiliatesof the applicantis a licensee, the impact of the proposed acquisition on the markerforrrncrocreditservices;and ·,·. (t) the best interest of maintaining financial system stability in Jamaica. (6) If the Supervisor refuses to approve an application made under subsection ( 1), the applieant shall be notified within ninety days of the date refusal, and shall be given an opportunity to make written representations. The Microcredit Act, 2021 [No. ) 21 (7) T:.1eSu~ervisor shall, in res?ect of an application under subsection (1), give his decision within ninety days from the date on whichthe applicaioo md allrelevantinfonnationandparticularsrequired to be furnished under this section, from the applicant and external sources, are dejvered to the Supe.rvis,Jr. (8) Fr,rthe purposes ofthis section a person holds an interest in a share if the per5onhas any legal or equitable interest in that share. (9) An acquisition of shares effected in contravention of this section is void. (10) Wh~re the Supervisor is satisfied that a person has acquired shares in a licensee (hereinafter referred to as the "acquirer") in contraventionof thissection,the Supervisorshallserveon thatperson, a written notice, in:iicating that there fa a breach, and that subsection (11) shall apply with respecttothose shares. (11) Whe:e the circumstances in subsection (I 0) exist, the followingshallapply- (a) the shares so acquired (hereinafterreferred to as "specified shares'') ~hallbe disposed of within suchperiod as the notice may specify; (b) the SupeJVisormay directthe accp1irer to transferthe specified shares tc a:1escrow agent a.::ceptableto the Supetvisor to be held in ~scrow until disposed of, and the cost of such transferanc.the escrowagent's reasonablefees shallbe borne by the aoi.uirer; (c) otherwisethan as provided in paragraph (b ), any transferof, or agrecnent to transfer, the specified shares, or any other transfer cf or agreement to rrans:::er the right to be issued the specified~hares,withoutthe prior approvalof the Supervisor, shall be void; 22 [No. ] The Microcredit Act, 2021 (d) the votingrightson the specifiedsharesshallbe suspended and no votingrights shall be exercisable in respect of the specifiedshares;or (e) no furthersharesshallbe issuedin rightof thespecifiedshares . ·. •,•. or in pursuanceof any offermade to their holder. (12) A copy of the notice served on the person under subsection( 10)shall also be served on the licensee,the Registrar of Companies,and where applicable,the personwho is in chargeof the relevant stockexchangeon which the shares are traded. (13) A Judge of the SupremeCourt may- (a) on the applicationof a licenseeor the Supervisor,order the .... sale of any specifiedshares;and . ..·. (b) make suchfurtherorderrelatingto the sale or transferof the specifiedsharesas the Judgethinksfit. (14) Where specified shares are disposed of by sale under subsection (11), the proceeds of sale, less the cost of making the applicationundersubsection(13)(a) and the cost of the sale, shallbe paid in the mannerspecifiedby the Court for thebenefit of the persons beneficiallyinterestedin the specifiedshares. .... ( 15) Any person who is aggrievedby a notice served umler subsection( 10)maywith.intwenty-onedays afterreceiptof thenotice, appealto the SupremeCourt againstthe Supervisor'gdecisionand the Court maymake such order as it thinks fit. Change in 20.--{ 1) A licensee shall not change the location of its principal location of liccn5ee; officeunlessthe licensee,in writing,notifiesthe Supervisorof its intent estahlish- and of theproposednew location,and furnishesro the Supervisorsuch men! of br~nch; informationas maybe specified,in writing. surrender of licence, etc. (2) A licensee may proceed with ;:i relocation referred to in .... subsection( 1)if.- (a) the Supervisorindicates,inwriting,thatthe Supervisordoes not object; or The Microcredit Act, 2021 [No. l (b) the Supervisor does not object, within thirty days of the date on which the notificationwas made. (3) A licensee shall not, whether in Jamaica, or outside of Jamaica- (a) establish a branch of its microcredit business; or (b) change the location of an existinp;branch of its microcredit business, unless the licensee has provided at least thirty days notice,in writing, to the Supervisor of the intended establishmentof the branch or change of location of an existing branch ofits microcredit business. (4) A notificationundersubsection(3) shallcontainthe following inforrnation- (a) the name of the licensee; (b) where applicable, the proposed location of the branch or the proposed change oflocation of an existing branch, as the case may be; (c) the m,rnbe.rof persons projected to be employed a.t the branch; (d) an approximation of the population to be served by the branch; (e) the financial projections for the proposed branch; (t) details on how and from what source the establishment and operations of the branch will be funded; and (g) any other specified or prescribed information required by the Supervisor. (5) Where a branch of the licensee is being establishedoutside of Jamaica, or an existingbranch of a licensee is being relocatedoutside of Jamaica, the notification under subsection (3) shall contain the followingin:fonnation-- (a) how the licensee intends to address any regulatory requirnments that may be applicable in the overseas jurisdiction; .. 24 [No. ] The Microcredit Act, 2021 .... . ·. (b) any regulatoryrequirements in the overseas jurisdiction that may prevent or hinder the exchange ofinfonnation between the proposed branch and the Supervisor,and how the licensee proposes to address the matters; (c) how the licensee proposes to monitor and supervise the activitiesof the proposedbranchincludingoonfumationon- (i) whether the regulatory regime b the jurisdiction to which the branch of the licensee is to be . . relocated, complies with generally recognized .. international standards; and (ii) whether,where applicable,the regulatoryauthority in the jurisdiction to which the branch of the licensee is to be relocated, has given its consent, or has not objected to the establishment of the branch in that jurisdiction and has the ability to cooperate with the Regulatory Authority in accordance with section 7; anc. (d) any other specified or prescribed information required by the Supervisor. (6) A licensee who intends to close the operations of the licensee or the operalions of a branch of the licensee, or cease business operations for any reason other than that specified in section 26 or 27, or voluntarily surrender its licence, shall not do so unless the licensee has given the Supervisor ar least thirty days notice, in writing, of its intention to do so. (7) A licensee under subsection (6) who intends to voluntarily surrenderits licence shall provide detailed infonnation to the Supeivisor on the following- .. : (a) the steps being taken to protect the doc·Jments and other intonnntion that the licensee has in relaticn to il.Ncustom~ and (b) any undertaking by the licensee to trans:::erthe business of the licensee to anothermicrocredit institution. The Microcredit Act, 2021 [No. J 25 (8) A licensee under subsection (6) shall cause notice of a closure or cessation referred to under that subsection, to be published on two occasions in a daily newspaper printed and circulatedin Jamaica, the first of those publications being within thirty days of such closure or cessation. (9) The Supervisor may suspend a licence under this section where- (a) a 1ietmseefails to, in writing, notify the Supervisor ofits intent to establish a braul;lt ufits microcredit business or change the location of an existing branch of its microcredit business, and proceeds with the establishment of a branch or the relocation of an existing branch; (b) a licensee fails, in accordance with subsection (4) or (5), to furnish the Supervisor with any specified or prescribed infonnation required; or (c) a licensee who intends to close the operations of a branch of the licensee, fails to give the Supervisor at least thirty days notice, in writine, nfils intention to do ~o, and, where applicable, the licensee shall be liable to pay u prescribed fee where the Supervisor permits the reinstatement of the licence. (10) Where a licensee closes the operations ofa licensee or ceases the business operations of a licensee for anyreason other than that specified insection 26(1)(a) and (c), without notifyingthe S11pervisor, the Supervisor may treat the licence of the licensee as revoked in accordance with section 27.

21 — (1 )A licenseeshall, in writing,furthwith,notifythe Supervisor-- Duty 1f

21. -(1 )A licenseeshall, in writing,furthwith,notifythe Supervisor-- Duty 1f licensee to (a) of any fraud or other criminalactivitycommitted by or against notify Supervisor of the licensee or any other matter that could reasonably be fraud, viewed as adversely impactingthe licensee's reputation or dismisial, e!c. status as a licensee; (b) of any circumstance which renders a substantial shareholder or officer of the licensee unfit to hold office or incapable of .. : 26 [No. ) The Microcredit Act, 2021 satisfying the requirements of a fit and proper person wider section 2(2), and the action that is being taken with regard to such matter; (c) of any dismissal or resignation of an officer and the reasons forthe dismissal or resignation; (d) if thelicenseemay not be ableto properlyconductits business as a goingconcernincludinga circumstancewherethe licensee has suspended any payment to a creditor; (e) of any acquisitionof ten per cent or more of the issuedvoting share capital of a licensee and any subsequent incremental acquisitionof five per cent or more, whether alone orjointly with another; or (f) if proceedings for compulsory winding up of the licensee have commenced or the licensee has been served with a notice or otheiwise becomes aware that an application has been made for thecommencementof thecompulsory-winding up ofits business. (2) A licensee who contravenes subsection ( 1) commits an offence and is liable,on summaryconviction,to the penalty specifiedin Fourth the Fourth Schedule. :Schedule. Restriction 22.-(1) A licensee shall not make an alteration to anyofits incor- on alteration poratingdocumentstmlessthelicensee,in writing,informsthe Supervisor of incorpo- rnting of the proposed alteration and the Supervisor, in writing, does not, documents of licensee. within thirty days of receipt of the notification, indicate to the licensee ' . : the objection of the Supervisor to the alteration. (2) The Supervisor shall not object to an alteration to the incorporatingdocumentsof a licenseeunlessthe alterationis, or is likely to-- (a) result in a breach ofa condition oftheliccnce; (b) result in a breach of the provisions of this Act or any ree11lat.ionsmadeunder this Act; or . ·. (c) be inconsistent with, or prejudicial to the good governance or prudent management or operation of the licensee. The Microcrectit A ct. 2021 [No. l 2'7 (3) Any alteration made to the incorporating documents of the licenseethat is incorporatedin Jamaica incontraventionof subsection (1) shall be void. (4) Every licensee shall, within fourteen days of the date on which an alteration is made to its incorporating documents, notify the Supervisor of such alteration. (5) A licensee who contravenes subsections (1) and (4) commits an offence and is liable,on summary conviction,to the penalty specified in the Fourth Schedule. Fourth Schedule. 23.--{ 1) A licensee shall not change its registered name unless the Restriction licensee, in writing, notifies the Supervisor, furnishing reasons for the on cbr.ge of name of proposed change and the Supervisor shall, in v,riting,withinthirty days licensee. of receipt of the notification,indicate to the licensee that the Supervisor has no objection to the change in the registered name of the licensee. (2) Where the Supervisor, under subsection (1), indicates that there is no objection to a change in the registered name of a licensee- (a) the licensee shall- (i) surrender the exis:ing licence to the Supervisor; and (ii) pay to theAccounrant-Generalthe prescribed fee for the change ofnamc; ,md (b) the Supervisorshall re-issue the 1kence in the new registered name of the licensee. (3) A licensee who contravenes subsection (1) commits an offence and is liable, on sllllUllaryconviction to the penaltyspecified in the Fourth Schedule.

24 — ( I) In performing the functions set out in section 4( l ), (c), Duty o

24.-( I) In performing the functions set out in section 4( l ), (c), Duty o (d), (e) and (t) an authorized officer is entitkd---- supply information (a) at all reasonabletimes and as rr_ayreasonablybe required a nd documents. for the performanceof the functionsc.ftheauthorizedofficer, l ! 28 [No. ] The Microcredit Act, 2021 . : ....· to have access to all documents in the possession or control ... ·•·. of the licensee,or of anyofficeror employeeof the licensee, and where applicable, take copies of such docwnents; and (b) to require any officer, employee or external auditor of the licensee to furnish such information or to produce such documents as are in the possessionor control of that person, that relate to the operations of the licensee. (2) A person who- I (a) fails to produce such documents required under subsection ( 1)within the period specified; .' (b) wilfullymisleads or makes any false statementwithintent to misleadan authorizedofficerin the executionof the functions of the authorized officerunderthisAct; or (c) without lawful excuse orjustification, obstructs or hinders an authorizedofficer in the executionof the functions of the authorizedofficerunderthisAct, commitsan offenceand is liable,uponsummary conviction,to thepenalty Fourth specifiedin the Fourth Schedule. Schedule. Supervisory 25.-(1) Where the Supervisor is of the opinion that a licensee has measures. contravenedor is contraveninga conditionof its licence, a provision of this Act or any other enactment under which it has an obligation or a direction, rule, order, requirement or standard made or imposed thereunder,the Supervisormay do any one or more of the following- (a) issue a warning to the licensee; (b) issue directionsto the licensee; (c) suspend the licence in accordance with section 26; or (d) revoke the licence in accordance with section 27. (2) A warning issuedto the licenseeshall refer to the likelihood of the sanctionswhich may be imposed,unless the contraventionby the licenseeis rectified. •=·. . .·. The Microcredit Act, 2021 [No. l 29 (3) A direction issued to the licenseemay require the licensee to- (a) cease a particular practice or behaviour; (b) forthwithor within such period as may be specified by the Supervisor,complywith the obligation,ciireciion,mle,order, requirement or standard made or imposed m1derthis Act or any other enactment,with which the licensee has failed to comply,andtake the necessa1yactionto correctthe negative conditionsresultingfrom such contravention; (c) remove from duty and from the board of the licensee, any officer of the licensee,within a specifiedperiod. 26.-{ l) The Supervisor may suspend a licence granted under this Suspension Act, if any one or more of the followingcircumstancesapplies- of licence. (a) the licenseenotifies the Supervisor,in writing,that it intends to suspend rnicrocredit services for the period stated in the notice; (b) a substantialshareholderor an officerhas been chargedwith an offence involvingfraudor dishonesty,or (c) the licenseeis contravening thisActor regulationsmadeunder thisActby- (i) engagingin an activitywhichdoesnot constitute a microcredit service, without instituting the differentiatingmeasuresreferredto in section31; (ii) failing to keep accurate records in respect of the microcreditbusiness; (fu) failing or refusingto file the requisiteretwns with and furnishotherinformation,requiredunderthis Act or any regulations made under this Act, to the Supervisor; or (iv) failing to retain the records of the microcredit institutionfor at least seven years; .... 30 [No. l Tlze Microcredit Act, 2021 (v) causing or permitting another person to use its licence in contravention of section 13(2); or (Vl) failingto- (A) notify the Supetvisorprior to changing the location ofits principal office; (B) notify the Supervisor prior to establishing a branch ofits microcredit business; (C) notify the Supervisorprior to changing the location of ru1existing branch ofits microcredit business (whether in Jamaica or outside of Jamaica); (D) notify the Supervisor prior to the closure of a branch of its microcredit business; or (E) furnish the Supervisor with the specified or prescribed infom1ationin relation to changing the location ofits principal office, establishing a branch ofits microcreditbusiness or changing the location of an existing branch ofits microcredit business (whether in Jamaica or outside of Jamaica), in .. accordance with section 20; or (vilj breaching a direction issued under section 25. . : ! (2) Where the Supervisor intends to suspend a licence, the Supervisor may take such action as is necessary to safeguard the security and confidentiality of the credit and other personal information and documents in the possession and under the control of the licensee. (3) Before suspending a licence under subsection ( l ), the Supervisorshall give written noticeof the intentionto suspend the licence concerned- (a) specifying the grounds on which the Supervisor intends to rely in relation to the suspension; The Micrccredir Act, 2021 [No. ] (b) indie fitin,ga period (being not less than thirty days after the date of service of the notice) ,vithin which the licensee shall have an c-pportunityto be heard and in relation to which, the licensee may submit to the Supervisor a written statement of objections or make oral subnissions to the Supervisor. (4) Notwith,randing subsection (3), where the Supervisor consiciersit necessz.ryir..light of the circumstances, the Supcrvisonuay suspend a licence w..thoutnotice and with immediate effect. ( 5) Aft.::rJ. lat:aringis conducted by the Supervisor under subsection (3)(b), the Supervisor shall, within a reasonable time, advise the licensee ofthetki5ion by instrument in writing. (6) A penoc. whose licence is suspended shall promptly surrender the licence andevery copy thereof to the Su,pervisor,failing which, the Supervisor n::ayrevoke the licence. (7) Where the licensee provides evidence, in writing, satisfactory to the Supervisor, that the circumstances which led to the suspension of its lieenc e no longer exist or have been remedied, the Supervisor shal1cancel the suspension and return the licence and any copy thereof to the licer...see.

27 — (1) The scper...isor may revoke a licence if- Revocation

27.-(1) The scper...isor may revoke a licence if- Revocation of licence. (a) the licensee has operated or is operating or is causing the microc.redjt inslilulion to be operated iu brt:ad1 of its incorporatingdocuments; (b) the liceo.see:1asbreached or is breaching a tenn or condition of its licence.; (c) the licer_seehas failed to commence operations within the periori .speci5.edin its licence; (d) a substantial shareholder or an officer is no longer a fit and proper perscr., and the licensee has refused orneglected to take the appropriate actic•n; (e) am icmcredit instih1tionrefi.1sesor neglects to remedy the circumstances which led :o the suspension of the licenc,eof the mi:;rocredit institution, within the time specified by the Supervisor; 32 [No. The Micr-ocredit Act, 2021 . (f) the licenseehas closedthe operationsofthe licenseeor ceased .,. . thebusinessoperationsof the licenseefor anyreason other ~ thanthatspecifiedin section26(1)(a)orthissection,without •. notifyingthe Supervisor; : (g) a finaljudgementis obtainedagainstthe licenseein anycourt in Jamaicaandremainsunsatisfiedfora periodof sixmonths, or such longerperiodas maybe agreedin writing, between tl:.elicenseeand thejudgmentcreditor; (h) proceedings have commenced for the voluntary or compulsorywindingup of the licensee; . (i) the licencehas not been surrenderedfollowingthe winding up of a licensee; . G) the licenseehas ceasedto be viable; or : (k) the licensee is contraveningor has contravenedthis Act or anyregulationsmadeunderthisAct by- (i) givingfalseor misleadinginformationin its applicationfora licence; (ii) givingfalsestatementsconcerningits affairsto an authorizedofficer; ' ., (iiQ refusingto pennit an inspectionof thelicenseeby an authorizedofficer; (iv) breachinga directionissuedunder section25. (2) Where the Supervisor intends to revoke a licence, the Supet"'visor maytakesuchactionas isnecessruyto safeguardthe security and confidentialityof the credit and other personal informationand documentsin the possessionand under the controlof the licensee. .... (3) Before revoking a licence under subsection (1), the Supervisorshallgivewrittennoticeof the intentionof the Supervisorto . ·. revoke the licenceto the licenseeconcerned- ..... (a) specifyingthe grounds on wlut:liti.leSupervisorintendsto relyin relationto the revocation; (b) mdicatinga period (beingnot lessthan thirtydays afier the dateof serviceof thenotice)within which thelicenseeshall . ·. The Microcredit Act, 2021 (No. ] 33 have an opportunity to be heard and in relation to which, the licensee may submit to the Supervisor a written statement of objections or make oral submissions to the Supervisor. (4) Notwithstanding subsection (3), where the Supervisor considers it necessary in light of the circumstances, the Supervisor may revoke a licence with immediate effect. (5) A(lt:r a hearing conducted by the ~upervisor under subsection (3)(b), the Supervisor sha 11,within a reasonable time, advise the licensee of the decision in writing. (6) A person whose licence is revoked shall immediately surrender the licence and every copy thereof to the Supervisor. (7) A person who, without lawful excuse, contravenes subsection (6) commits an offence and is liable, on swnmary conviction, to the penalty specified in the Fourth Schedule. Fourlh Schedule. (8) A person whose licence is revoked under this section- (a) shall not, in relation to the provision of any microcredit service- (i) engage in any new arrangement or contract; (ir1 vary any existing arrangement or contract; or (iii) engage in any activity which advertises or promotes the servicesof the microcreditinstitution; and (b) shall facilitatethe orderlyclosureof the microcreditinstitution. (9) Subsection (8)(a)(ii) shall not apply to a loan sale, to facilitatethe orderlywindingup of the businessof a microcreditinstitution. ( 10) A person who contravenes subsection 8(a)(i) or 8(a)(iii) commits an offence and is liable, on summary conviction, to the penalty specified in the Fourth Schedule. (11) A person who, without lawful excuse, contravenes subsection 8(a)(ii) commits an offence and is liable, on summary conviction, to the penalty specified in the Fourth Schedule. .... , . • '1 34 [No. ] The Microcredit Act, 2021 ( 12) The revocationof a licenceunder this Act shallnot relieve .. a person whose licencehas been revoked of any obligationincurred or assumed by that person during the period of validity of the licence. PART N-Governance of Licensees Board of 28. Every licensee shall have a board of directors consisting of I • directors. suitablyqualifiedand competentpersons who, collectively,possess the knowledge,skills and expertisethat are requiredto provide effective- . ': (a) oversightof the managementand affairsof the operationsof tr.e licensee; and (b) leadership to ensure that the licensee operates in a prudent marmer. Responsibili- 29. Withoutlimitingtheprovisionsof section28, theboardof directors ties ot· board of d1rec1ors. of a lice::iseeshall be responsible for- (a) the good corporate governance and business performance of the licensee; (b:, ensuring that the board is in full control of the affairs and business operations of the licensee; and (c) ensuring and reporting to the shareholders at the annual general meetingof the licensee that the internalcontrols and systems, and management information systems of the licensee- (i) provide reasonable assurance as to the integrity ...·. and reliability of the financial statements of the licensee; (ii) adequately verify, safeguard and maimain accountabilityof the assets of the licensee; (w) are based on establishedand written policies and procedures and are implemented by trained and skilled officers with cmappropriate segregation of duties; :m<'I (iv) are continuously monitored, reviewed and updatedby the board of directorsto guard against '·. • f. The Microcredit Act, 2021 [No. ] 35 anymaterialbrea'<-downin the functioningofsuch controls, procedures and systems. 30.---{ 1) Every licenseeshall ensure that each substantialshareholder Duty of and officer remains a fit and proper person. licensee to undertake fit (2) Subject to ,mbsection (3), a licensee who contravenes and proper asse:;.~ment.,. subsection(1) commits an offenceand is liable,on summaryconviction, lo Lh~ptmally sp~.:ifieJin lhl:' Fourlh Sc.:he<lule. Fourth Schedule. (3) ll sha[ lrea dt:ft:nt:eLua 1icmseec.:harged under subsection (2) to prove that the licensee took all reasonable steps in the circumstances to prevent a contravention of subsection (1). PART V-Limitation on Business Activities of Licensees ar..dObligations of Licensees 31.---{ 1) v\ibere a licensee is engaged in other business activities Microcredit apart from the pre-vision of a microcredit service, the licensee shall serbvice~not to e institute all measures necessary to clearly differentiate the business of commingled the microcredit imHution from the operation of any other business, with 0th er business including-- activities. (a) a t:kar Ji:.mari."J;tlion oflh~ ,;\!"~a frum whil'.hlh~mit:rocre<lit service will be offered, from the other business activities undertaken at-.helocation of operations of the microcredit institution,includingthe installationof clearsignage; (h) a clear indication of the officers and employees authorized to provide the microcredit service; (c) I.hemaiUt:uan.;e uf sepan.ue acc.:uuulingpruc.:euuresand. accountingrecords and other documents forthe microcredit institutioo.; (d) the keeping of separate bank accounts for the microcredit institution; (e) separately securing the personal and credit information of custom~ of themicrocreditinstitution; and (f) the creationof ianenvironmentforthe microcreditinstitution that supportsconfidentially. 36 [No. l The Microcredit Act, 2021 (2) The Supervisor may suspend the licence of a licensee 1 • where the licenseeis being operatedin contraventionof subsection ( 1). . .': Foreign 32.---( 1) Nothing in this Act shall be interpreted as permitting a currency transactions. licenseeto extend facilities in a foreign currency. (2) Any dealings by a licensee in a foreign currency remain prohibited,unless the requisite exemption or authorizationis obtained in accordance with the Bank of Jamaica Act. Obligation of 33.---(1) Every officer, employee, auditor or agent of a licensee confidential- ity. shallregardand deal with as secretand confidential,allinformationand documents pertaining to the customers of the licensee, obtained or accessed in the course of the perfonnance of the duties of the officer, employee, auditor or agent of the licensee, while that person's office, employmentor as the case may be, the professionalrelationshipof that person with the licensee continues, or after the tcnnination thereof (2) A person to whom information is communicated by a person in subsection (1) shall regard and deal with the information as secret and confidential. (3) A person who knowingly or recklessly contravenes subsection(1) or (2) commits an offenceand is liable, on conviction,to Fourth the penalty specified in the Fourth Schedule. Schedule. (4) Notwithstanding subsection (I), a person may disclose infonnationin any one of the followingcircumstances- (a) with the written consent of the person to whom the licensee i:rovides a microcredit service; .. (b) pursuant to a court order; or (c) where such disclosure is permitted or required under any other enactment. (5) An officer, employee, auditor or agent of a licensee who is required to make any disclosure to the Regulatory Authority, the Supervisoror to a person appointed by the RegulatoryAuthority or the Supervisor, shall not, by the sole reason of making the disclosure, be regarded as being in breach of the duty of confidentiality. The Microcredit Act, 2021 [No. ] 37 Records and Accounts

34 — ( 1) A licensee shall keep or cause to be kept, accurate records Records to be

34.-( 1) A licensee shall keep or cause to be kept, accurate records Records to be in respect of the microcredit business, including business kept by licensee. correspondence, accounting records and other records- (a) relating to borrowers that sufficiently explain the loan transactions and the nature of the loan agreements entered into by the licensee with the borrower or pertaining to the borrower; (b) which enable true and fair profit and loss accounts and balance sheets to be prepared, from time to time; and (c) which facilitate the convenient and proper auditing of the accounts and records of the licensee. (2) A licensee who contravenes subsection ( 1)commits an offenceand is liable,on summaryconviction,to tlie penaltyspecifiedin Fourth the Fourth Schedule. Schedule. (3) A licensee shall ensure that the records made pursuant to subsection (1) are retained for at least seven years from the date of the making of the record, or from the date of the repayment of the loan, whichever event occurs later. (4) A licensee who, without lawful excuse, contravenes subsection(3) commitsan offenceand is liable,on summaryconviction, to the penalty specified in the Fourth Schedule. (5) Alicensee shall- (a) ensure that such records are furnished in such form and manner as may be prescribed, or as may be specified by the Supervisor,in writing; and (b) ensure that such information relating to the business of the licensee as the Supervisor may require, is furnished to the Supervisor. (6) A licensee who, without lawful excuse, contravenes subsection(5),commiLsru1offencea11<l is liable,on summaryconviction, to the penalty specified in the Fourth Schedule. I • 38 [No. ] The Microcredit Act, 2021 Accounts and 35.-{ 1) The accountsof everylicensee shallbe auditedannuallyin audits; appoinrmcnt accordance with established international accountingstandards by an of exteroul external auditor,appointedby the licensee, who shall not be an officer auditor. or an employeeof the licenseeand who is a registeredpublic accountant as defined in section 2 of the Public Accountancy Act. (2) Where the size of the operationsof the licensee meets the description of a small company in accordance with the Companies Act, the accounts shall be prepared pursuant to the Seventh Schedule of the CompaniesAct by an external auditor,appointedby the licensee, who shall not be an employeeor an officer of the licensee and who is a registered public accountant as defined in section 2 of the Public Accountancy Act. (3) A licensee shall not knowingly appoint an au<liloror furn of auditors as its external auditor and an auditor or a firm of auditors .... shall not consentto be appointed as the extern.alauditorof the licensee, I • if the auditoror any of the partners or employeesof the film ofauditors, who is involved in the audit of the licensee-- (a) has any direct or indirect interest in that licensee, including an interest in ten per cent or more of its shares or is not independent of the licensee and parties connected with the licensee; (b) is connected with the licensee or any person who is connectedwith the licensee; (c) is a director or employee of that licensee; or (d) is in any business relationship with the licensee that in the opinionof the Supervisor,is not at ann's lengthor is likelyto result in a conflict of interest. (4) /\. person who, with intent to prev~nt, ciela.yor obstruct the carrying out of an audit under this section, destroys or conceals or alters any documentrelating to the operationsof a licensee,commits an Fourth offenceand is liable,on conviction,lo lhepenaltysptlcifiedin the F omth Schedule. Schedule. The Microcredit Act, 2011 [No. ]

36 — ( 1) Where, before or after the appointment of a person as an Power o~·

36.-( 1) Where, before or after the appointment of a person as an Power o~· external auditor, the Supervisor becomes aware that the person does 0sbu~ervitStlr ~tel 0 to not meet the criteria specified in subsection ( 1) or (2) of section 35, as appJin1□cnt the case may be, the Supervisor may- of e.xten-.a! auditor. (a) object to the appointmentof the person and give the licensee or person concerned, notice, in writing. of the objection of the Supervisorto the appointment or continuedappointment, specifyingthe reasons U1~t:f ur and indicatinga period (being not less than thirty days) within which the licensee or person concerned may submit to the Supervisor a written response or make representationsby oral submissions (with or without the assistance of an attorney-at-law); and (b) if the licensee or person concerned has submitted a response or made representations within the period specified in paragraph (a), having considered the response or representations, either direct that the person so appointed be removed, or may withdraw the objection. (2) Where the Supervisor- (a) objects to the appointmentof a person as an externalauditor; or (b) directs that a person appointed as an external auditor be removed, the licensee or the person may appeal against the objection or direction to the MicrocreditAppeals Trihw1al.

37 — (1) The Supervisor may require an external auditor, on the Duty of

37.-(1) The Supervisor may require an external auditor, on the Duty of extemal conduct of an audit or the preparation of the accounts of a licensee, to auditor to make disclosme to the Supervisorregardingthe financialviabilityof the repo:t to licensee and provide other information on the financial condition and Supa-vis07 on financ:al performance of the licensee, as the Supervisor considers necessary. viability c,f licensee, t le. (2) An external auditor or firm of auditors, under this section shall not be regarded as being in breach of a duty of confidentiality to the licenseein corn~equenr.e of any disclosureor provisionof information to the Supervisor in compliance with subsection ( 1). I • 40 [No. ] The Microcredit Act, 2021 Presentation 38.-(1) A licensee shall ensure that the accounts of the licensee of financial . . .. statements. prepared pursuant to subsection (1) or (2) of section 35, as the case may be, are submittedto theSupervisor,within one hundred and twenty . •. days of the er.d of each financial year. (2) The Supervisor may suspend alicroce under subsection ( 1) if a licensee fails to submit to the Supervisor, wirhin the specified time- (a) audited accounts prepared pursuant to subsection (1) of section35; (b) accounts prepared pursuant to subsection (2) of section 3 5. . . . .' Special audit 39 .-(1) Where in any particularcase, the Supe1visorhas reasonable .. ' •. or examina- tion of cause for believing that a special audit of a microcredit institutionother microcredit than that requiredunder section35shouldbe conducted,Lht:Supe1visor in~Litu\ious. may appoinl ail external auditor or a firm of auditors for that purpose. {2) The officers and employees of a microcredit institution under subsection (1) shall ensure that an external a·Jditor or a firm o:~ auditors appoirttedunder that subsection, bas unimpeded access to the documents of the rnicrocreditinstitution. (3) Wherean externalauditoror a fom ofauditors is appoirtte<l .... pmsuant to subsection(1), the Supervisorshall require that the external auditor or finn of auditors carry out and report, in writing to the Supervisuron- ( a) such examinationof the licensee'soperationsand procedures as the Supervisor may specify; (b) such other examination of the operations ofthe licensee as, in the opinion of the Supervisor, is necessary in the public interest. (4) The expenses, as approved by the Supervisor, of any .. audit or exi:.minationcatTiedout pursuant to ~uhsection (1) shall be paid by the licensee and if in any u1st, U1eexpenses arc advanced by '· . the Reg.IlatoryAuthority,the amount so advanced- (a} shall be repaid to the Regulatory At:.thorityby the licensee concerned; and . ·. .. The Microcr~dit Act, 2021 [No. ] 41 (b) may be recoveredby or on behalf of the RegulatoryAuthority summarily in a Parish Court, without limit of amount, as a civil debt. (5) An external auditor or firm of auditors appointed under subsection ( 1) shall not be rega::-dedas being in breach of a duty of confidentialityto the licenseein consequence of any re:po1tmade to the Supervisor in complia:ice with subsect:on (1). 40.-----{1)Where an external auditor appointed by the licensee-- Resignation, (a) intends~oresign at anytime during the period ofappointment; :~;;r:~ 1 . . . auditor. (b) has given notice in wntmg t:>the licenseeof an unwillingness to be considered for reappointment at the expiration of the period for which he was appointed; or (c) has had the appointment of the external Auditor terminated by the licensee, the external audit-:>rshall, forthwith, give notice, in writing, to the Supervisor accordinglyand shall state the reasons for the resignationor unwillingnessto be considered for reappointment,or termination of the appointment, as the case may be. (2) An external auditor who contravenes subsection (1) commits an offenceand is liable,on summary conviction,to the penalty speci.fit:<l in the Fourth Schedule. Fourth Schedule. (3) Wher~- (a) a licenseeintendsto tenninate the appointmentof the external :mditor of the licensee; or (b) a resolution has been passed at a general meeting of the licensee providing thz.t the external auditor shall not be reappointed, the licensee shall notify the Supervisor accordingly and shall state the reasons for the intentior:to tenninate or for the passage of the resolution in thenotification. (4) A licensee who contravenes subsection (3) commits an offenceand is liable,onsummaiyoonv~ction,to the penalty specified in the Fourth Schedule. ·.:·. 42 [No. ] The Microcredit Act, 2021 PART VI-Appeals Appeals to 41.-( 1)There is hereby establishedan appealsaibunal to be known the M icrocre di t as the MicrocreditAppeals Tribunal. Appeals Tribunal. (2) The provisions of the Second Schedule shall have effect Second as to the constitutionof the MicrocreditAppealsTribunaland otherwise Scitedulc. in relation thereto. ' • .· •. (3) A person aggrieved by a decision of the Supervisor in relation to matters specified in subsection (4) may appeal to the MicrocreditAppealsTribunal,by way of a notice of appealwithin thirty days of being advised of that decision. (4) The matters referred to in subsection (3) are- (a) any decisionas to whether a person is a fit and proper person; and .... (b) any objection as to whether an external auditor appointed under section 35 does not meet the criteria specified in subsection (1) or(2) of that section or any decision for the removal of such an auditor. (5) A person referred to in subsection (3) shall ensure that the notice of appeal referred to in that subsection - (a) sets out clearly the grounds of appeal and is accompar:ied by copies of any document relevant to the appeal; and (b) is served on the Microcredit Appeals Tribunal together with any correspondence, statement or other document relevant to the appeal. ... (6) The MicrocreditAppealsTribunalshall, withinseven days of the receipt of a notice of, appeal under subsection (3), request that theSupervisorfurnishtheMicrocreditAppea.ls Tribunaland theaggrieved person, within twenty-one days, with a copy of the decision of the Supervisor and ther~suHS for the decision. (7) The MicrocreditAppeals Tribunal shalt hear each rnaLLt::1 brought before it and give its decision in writing regardingsuch matter, within ninety days, or within such longer period as may be determined .... The Microcredit Act, 202 I [No. ] 43 by some unforeseen or special circumstances,of the filing of the appeal and may confinn, vary or reverse the decision of the Supervisor. (8) The MicrocreditAppeals Tribunal shall forward a copy of its decision to the Supervisorand a copy to the appellant, together \Vith a statement of the reasons for its decision. (9) A decision of the Supervisor that is under appeal shall remain in effect until a decision has been rendered on appeal. PART VII-Protection of Consumers 42. -{I) The Commission shall, in accordance with this Part and Power of the Consumer ProtectionAct, be responsible for the investigation of Commission. any complaint brought to it by a consumer of a microcredit service. (2) The Commission may, in investigatinga complaintunder subsection (1), consider the loan agreement between the parties and any action,conductor decisionwhichthe consmnerallegeshas adversely affected the con.sumer. 43.--{ 1) Where a licensee grants a loan to a consumer, the licensee Loan shallprovidethe consumerwith aloan agreementand the loan agreement Agreement. between the parties shall be disclosedto the borrowerprior to its signing and shall- (a) contain the particulars relating to- (i) the name, occupation and place of residence and business of the parties; (ii) the date on which the loan is made; (iii) the amount of the loan and the terms of its repayment,including- (A) therateofinterestchargeable, and subject to section 46(3), expressed in terms of rate per centum; (B) the period of time given for repayment; (C) the date on which the repayment of the loan is due; 44 [No. ] The Microcredit Act, 202 I (D) the installments payable and, where the installmentsare weekly or monthly,they shallbe expressedin both percentagerate ' of interestand dollarvalues; ... \ . (E) the full cost of the loan expressed in both percentage rate of interest and dollar values; (F) the amount of interest Gildthe penalty (if any) on defaultof payment; (G) the tenns and conditions for repayment of the loan ahead oftte stipulated loan I • • • period;and .. ' (H) how the interest on default payments is calculated; (iv) the property,if any,to be given as security for the performanceby the bon-owerofhis obligation; (v) the fees or charges, if any, as5ociated with the grantingof the loan and wit'.1enforcingrepaymen: obligationsor the realizationof collateral; .... (b) be made in accordancewith any guidelinesrelating to sound business practices for microcredit institutions, that may be issued by the Supervisor,from time to time; (c) clearly distinguish the tenns and conditions of the services offeredby the licensee fromanypromotional material; and (d) include a fact sheet containing key terms of the loan agreement. (2) Where pursuant to subsection (l)(a)(iv), property in the fonn of mor_eyis given as security for the performance by a borrower ofhis obligation, the money shall remain the property ofthe borrower .... and the money shall be deposited in an al'.1.:ou:il lield with a deposit taking institution and the licensee's security interest perfected :o .... accordance with the Secured hlterest in Personal Property Act. (3) A licensee shall ensure that the languagein which the terms and conditions of a loan agreement is exprnss~J, is clear and The Microcrea·it A.ct, 2021 [No. J 4S unambiguous and where technical language is unavoidably used, such language is acc-'.)mpaniedby an explanati-:min simple language that is not falseor misleading. (4) A loan agreement between a licensee and its client shall become enforceable tvventy-fn11rhours after the loan agreement is executed, or within such shorter period as agreed, in writing, by the parties. (5) Notw·ithstandinganything in 5ubsection( 1) or (3), a court may, upon applicationbeing made, and, ifit considers it equitable to do so, declare the contract to be enforceable in the same manner and to the same extent as if the requirements of subsections (I) and (3) had been complied 1A:tr_ 44.-{1) Where a licensee grants a ~oanto a person, it shall, at any Licensee to tune dWlllgt • • hetermo fth e loanagreeme:it,attherequesto fth e bOITOWer provide statement of or the guarantor, if any, make available to the borrower and to the account and . . confirmation guarantor, 1fany, a pnnted copy of a statement of accounts, or, at the O r option of either or both the borrower and :he guarantor, the statement repayment . l . c. . . of loan. of accountsm e ectromc 1orm,out1mmg-- (a) the pa11nents received, in frincipal and interest; and (b) the amount outstanding,in ?rincipal and interest. (2) On the repayment of a loan, fae licensee shall furnish the borrower with a receipt or other form of ·.-vrittenconfirmation of the repayment of the loan and the receipt or other form of confirmation, may, at the optioc,of the borrower, be presented in electronic form.

45 — Amicrocredit institutionmay require a person who applies for a Obligation of

45. Amicrocredit institutionmay require a person who applies for a Obligation of loan to provide evidence of that person's ability to repay the loan. borrow:r. 46.-{l) Amicrocredit institution may impose interest on a loan Interest rate. calculated- (a) at a rate based on market force5; and (b) consequent on the assessmentby the microcredit institution of the risks involved in providing the loan to the borrower. 46 [No. ] The Microcredit Act, 2021 ... (2) A licensee shall expresslystate in writingto prospective clients, the rate of interestto be imposedon a loan and the method of calculationof the rate of interestto be imposedon the loan. (3) No~·ithstandingthe methodused to calculatethe rate of intereston a loan,therateof interestshallalsobe reflectedas an effective annual interestrate and where interestrates are being advertised,the effectiveanrwalinterestrate ~hallbe the most prominentinterestrate .. ' advertised. (4) The interest and any penalty to be paid on default of paymentof a loan shallbe calculatedon the outstandingbalanceof the loanandnot on the originalprincipalsum. Cost, charge 47. Notwithstandingany tax, duty or fee payable under the Stamp or expense of loan. Duty Act, the Registrationof TitlesAct or the ConveyancingAct that may be payable as part of the cost of obtaininga loan, a licenseemay impose such other reasonableandjustifiable cost associatedwith the extension of the loan and with enforcing repayment obligations or realiz.aticnofcollateral. Co!llplaiots. 48.-:1) Notwithstandingsection 7(3) and (5) ofthe Consumer ProtectionA~t,a complainttc the Cotnnllssionw1derthisPart shall be madein writing. (2) In exercisingitspowersunderthisPai1,the Commission- (a) shall ensurethat its decisionin resolutionof any complaint madeunderthis Partis communicatedby noticein writingto the person who made the complaint and lhe licensee concerned; .... : I ' (b) may issuesuchdirectionsas it thinksnecessaryto implenent that decision. . ': (3) Apersonwho failsto complywithaclirectionissuedbythe Conuni~sionunder subsectioo(2) commitsan offence,and is liableon Fourth summaryconviction,to the penaltyspecifiedin the FourthSchedule. Schedule. (4) Fut lhepw-posesof investigatinga complaintmade lndcr thisPartthe Commissionmay- (a) it.writing,advisethe licenseeconcernedofthe generalnature of the complaint awl Lli1ti.::t the lic,~nsecto furnish the The Microcredit Act, 2021 [No. ] 47 Connnission with such information as the Comrnissionmay require; (b) appoint a person to cany out the investigation; and (c) subject to subsection (7), require a person appointed by the Commissionunderparagraph(b), to enterupon anypremises where the licensee carries on the business of providing microcredit services in order to conduct the investigation. ( 5) Where the Commission determines lhal a licensee is in breach of a provision under this Part, the Commission shall give the licensee, by notice, in writing, an opportunity to remedy the breach within fourteen days of receipt of the notice. (6) Where the licenseerefusesor neglectsto remedythe breach under subsection (5), the Commission shall exercise its powers in accordance with section 50. (7) Where a Judge of a Parish Court is satisfied, upon information given by a person appointed under subsection (4)(b), that there are reasonable grounds for believing that there is at anypremises, any item relevant to the investigation,the Judge of the Parish Courtmay issue a warrant authorizing the person, together with a constable, to enter and search such premises, if nece.ssary,by force, and to examine the item or remove the item for the pmpose of making copies. (8) Where a person appointed under subsection (4)(b) or a const~blerem.ovesan item from any premisesfor the purposeof making copies under this section, the person oTconstable, as the case may be, shallgive a receipt for the item to the occupantof the premisesand shall ensure that the copies are made and the item returned to the premises as soon as is reasonably practicable, and in any event, not later than thirty days after the removal. (9) A copyof anyitemremovedfrompremisesundersubsection (7) and certified to be a true copy by the person appointed under subsection (4)(b) or the constable who removed it, shall be admissible in evidence as ifit were the original of such item. 48 [No. ] The Microcredit Act, 2021 (10) A search and seizure warrant does not confer the right to seize any information or material that a person would be entitled to refuse to Jroduce on the grounds oflegal professional privilege. ' ( 11) For the purposes of this section ''item" means any documer:.tor object. ( 12) A person commits an offence, and is liable, on summary fourth convictioo,tc the penaltyspecifiedin the Fourth Schedule,if that person, Schedule. .' without lawfuljustification or excuse, obstructs,hinders, resists or fails to oomp~y with the lawful direction of a person appointed under subsection (4)(b), or a constable, in the exercise of any functions Wlder this section. . . .. Code of 49.-( 1) Subject to subsection (2), the Comnission shall, with the conduct. approvalof the Minister,make and issue a code of conduct for licensees on consumer relatedmatters, and without prejudice to th~generalityof the foregoing,the code may provide for the follcwing- (a) the obligation of licensees to keep the language in loan agreements with borrowers simple and clear, and to ensure that key terms, including but not limited to, rates, fees and payment dates, are clearly identified and defined for the bonower's attention; .... . : ·. (b) the obligation of the licensees to take all reasonable steps lo verify that the borrowers have, or c.relikely to have, the •: rr:.eansto repay a loan; (c) tl:e obligation oflicensees to provide a copy of the proposed k•an agreement to each borrower and the guarantor, if any; (d) the establishment by licensees of effective mechanisms to address consumer complaints; (e) the communicationof consumer comcJlaintmechanisms and .... . procedures to borrowers by licensees; ' (f) the reporting and record keeping obligations oflicensees in relation to consumer complaints and resolutions within the times and in the formats specified by the Commission; The Microcredit Act, 2021 [No. J 49 (g) the lawfulmethodsof enforcementavailablewhere a borrower has breached the repayment terms of a loan agreement; (h) the role of the bailiff as a part of the enforcement process and the duties and responsibilitiesof the bailiff to consumers in accordancewith this Act; (i) measurf::;; th<1twill be taken t.ofacilitateaccess to microcrcdit services for senior citizens and consumerswith disabilities; and G) any other matter the Commission thinks necessary. (2) Th:::code of conduct referred to in subsection (1), and any amendmentthereto, shall be formulatedafter consultationwith the Supervisor or such other person as may, from time to time, be charged to carry out simila' functions,and any other person, who in the opinion of the Commission, are relevant stakeholders. (3) Where a licensee contravenes the code of conduct, the Commission may, in accordance with section 50, issue directions to that licensee. (4) A licenseewho fails to comply with a direction issued by the Commission commits an offence, and is liable, on summary conviction, to the penalty specified in the Fourth Schedule. Fourth Schedule. (5) A contraventionof the code of conduct shall not invalidate a transaction. (6) Subjectto subsection(5), oo proceedingsor detennination made under the rode of conduct shall affect the rights of any party to enforce any claim under the contractualagreementbetween the parties. 50.-{1) Where the Commission is of the opinion that a licensee Enfor,,ement measure of nas the Corrud~sion. (a) failed to provide a loan agreement to a consumer in conformitywith section43; (b) failed to includein a loan agreement,the requiredparticulars specified in section 4 3; . 50 (No. 771eMicrocredit Act, 2021 ... (c) failedto providea statementof accountor a receiptor other fora of writtenconfirmationof the repaymentof a loan, in conformitywithsection44; (d) fatled to provide the method of calculation of the rate of interestto be imposedon a loan,in cor.follllltywithsection 46; or (e) contravenedor is contraveningany other provisionof this , P.ar:underwhichit bas an obligation,a direction,rule,order, requirementor standardmade or imposedthereunder, the Commissi;,)nmaydo any one or more of the following- ((1 issuea warningto the licenseeof the likelihoodof the sanctionswhich maybe imposed,unlessthe breachby the licensee is rectifiedas directedby the Commission; (ii) directthe licenseeto cease any suchpractice; . '. . (in) <lirectthelicenseeto,forthwithorwithinsuchother period as maybe specifiedby the Commission, comply with the provisions of this Part, or the direction, rule, order, requirement or standard made or imposed thereunder, with which the licenseehas failedto comply;or (iv) direct the licensee to take necessary action to correct the necessaryconditionsresulting from suchcontravention. ' (2:,The Commissionshall,within a reasonabletime, inform the Supervisorof any contraventionunder subsection( 1) and of any actionbeingundertakenin relationtheretoby the Commission. fah~ or 51.-{l ~ A licenseeshallnot knowingJyor recklesslyadvertiseany 111i$lcnding advertising informationrelatingto the termsand conditionsfor the grantof a loan, by licensee in whichcontainsanyinformationwhichisfalseor misleadingina material rd•liuu to th" gr1111t of particular. a loan. . ; ·. The Microcredit Act, 2021 (No. ] 51 (2) A licensee who contravenes subsection (1) commits an Fourth offence and is liable,on summaryconviction,to the penaltyspecifiedin Schedule. the Fourth Schedule. 52.--(1) Alicenseeshallnot- Using misleading. (a) byanystatement,prornise, forecastorprojection which the false or licensee knows to be misleading, falst:ur deceptive; or deceµlivt: information (b) by the reckless making of any statement, promise, forecast to induce n !JtllSUll [U or projection which is misleading, false or deceptive, take a loan froin a wilfully induce or attempt to induce a person to accept or take a loan microcredit (by whatever name called) with the licensee. institution. (2) A licensee who contravenes subsection (1) commits an offenceand is liable,on conviction,to the penaltyspecifiedin the Fourth Schedule. 53.--( 1) A person commits an offence and is liable, on conviction, Threatening, to the penalty specified in the Fourth Schedule, if the person, in an etc., attempt to recover a debt owed to a licensee, uses any violence or borrower. Fourth threatsof violenceor other criminalmeans to harm the physicalperson Schedule, or property of a borrower or the guarantor of that borrower. PART VIII-Winding up of Licensee 54. ---{1) Subject to subsection (2), the winding up of a licensee Winding up shall be subjectto 1heprovisionsof1heInsolvencyAct or the Companies of licensee. Act, as the case may be. (2) Where a licensee is a part of a financial group under the Banking ServicesAct, the InsolvencyAct shallnot applyto the winding up of that licensee except with the written consent of the Supervisor. (3) Wherea licenseepasses a resolutionforvoluntarywinding up, the licensee shall forthwith, notify the Supervisor in writing, and shall, within fourteen days after the passing of the resolution,furnishto the Supervisorthe followingin relation to the licensee-- (a) a declaration of solvency referred to in section 277 of the CompaniesAct; (b) a profit and loss account made up as to a date that is no more than ninety days prior to being furnished to the Supervisor; 52 [No. ] The Microcredit Acz. 2021 (c) a balance sheet as at the date to which the profit and loss accountis made up; and (d) a reportfromtheexternalauditorundersection35, in relation . :-. ·, to suchdeclarationof solvencyand prvfitand loss accoW1.t. ... ., .. ., (4) For the purposes of this Act, a resolutionfor voluntary winding up of a licensee shall not be effectiveunless the Supervisor certifiesthat its realizableassets are such as to enable it to satisfythe claimsofits creditors. .' (5) Wherea licensee~ses aresolutionforvoluntarywinding up, it shall,withinfourteendaysafterthepassingof theresolution,give noticeof the resolution- . ·. (a) by causing a copy of the resolution ta be published in the ..... Gazette and in a dailynewspapercin:.ulatedin Jamaica; (b) in writingtotheRegistrarofCompanies;and (c) to itscustomers,in suchformandcontainingsuchinformation as the Supervisormay approve, and that licenseeshall, from the commencementof the winding up, ceaseto carryon the businessof a microcrcditinstitution,in accordance with set-"'1.ion 275 of the CompaniesAct (6) The corporatestate and corporatepowers of the licensee sh.all,notwithstandinganythingto the contraryin its i:1rticles, continue untilit is dissolved. (7) Where proceedings for compulsorywinding up of the licenseehave commencedor the licenseehasbeen servedwith a notice .. or otherwisebecomesawarethat an applicationhas been made for the commencement ofthecompulsorywinding upofitsbusiness,thelicensee shall forthwith,notifythe Supervisor,in writing. . ·. (8) A licenseewho mntravenessubsection(3)or('/) commits ....... an offenceandis liable,on summaryoonvi.ction, to tl-.epenaltyspecified Fourth in theFourthSchedule. Schedule. • : ·- t . .' The Microcredit Act, 2021 [No. ) 53 PART IX-General

55 — The offence described in the first column of the Fourth Schedule Offences anc

55. The offence described in the first column of the Fourth Schedule Offences anc. penalties shall, in respect of the section specified in the second column, incur the Fourth penalty set out in relation thereto in the third column. Schedule, 56.-{ 1) This section shall apply to an offenm~specified in the Fifth FiKC>d Schedule. penalties l'illh 8chtdulr.. (2) The Regulatory Authority may give to a.nypcrsonwhich it has reason to believe has committed an offence to which this section applies, a notice in writing in the prescribed form, offering that person the opportunity to discharge any liability to conviction of that offence by payment of a fixed penalty wider this section. (3) A person shall not be liable to be convicted of the offence if the fixed penalty is paid in accordance with this section and the requirement io respect of which the offence was committed is complied with before the expiration of fifteendays followingthe date of the notice referred to in subsection (2), or such longer period (if any) as may be specified in that notice, or before the date on which the proceedings are he.e;un,whichever event last occurs. (4) Where a person is givennotice under this section inrespect of an offence, proceedings shall not be taken against the pe~on for that offence until the end of fifteen days following tl1t:: dale of the notice, or such longer periuu (if any) as may have been specified therein. (5) Insubsections(3)and(4) "proooooings"meansany criminal proceedings in respect of the act or omission constituting the offence specified in the notice under subsection (2) and "convicted" shall be construed in likemru.uicr. (6) The payment ofa fixed penalty under this section shall be made to the Collector of Taxes specified pursuant to subsection (7); and in any proceedings, a certificate that payment of a fixed penalty was made to the Collector of Taxes, by a date specified in the certificate shall, if the certificate purports to be signed by the CollectorofTaxes, be admissible as primafacie evidence of the facts stated therein. (7) A notice under subsection (2) shall- (a.) specify the o.tlencealleged; ... . 54 [No. The Microcredit Act, 2021 (b) give such particularsof the offence as are necessary for giving reasonable infonnationofthe allegation; (c) state-- (i) the period (whether fifteen days or a longer period) during which, by vim1eof subsection (4), proceedings will not be initiated for the offence; and (ii) the amount of the fixed penalty and the Collector of Taxes to whom and the adcress at which it maybe paid; ( d) require the licensee, in the event that the fi>:edpenalty is not paid within the period specified pursuant to paragraph (c), to attendbefore lht:wwt havingjurisdictionto try the offence, tc, ansvver the charge, on such date as may be specified, being a date not earlier than ten days after the expiration of the period specified pursuant to paragraph (c), and that requirement shall constitute a smmnons for the licensee to attend c.ounto answer the charge, if the fixed penalty is not paid within the period specified pursuant to paragraph (b). fifth (8) The fixed penalty for the offences ..pecified in the Fifth Sch.edule. Schedule shalJbe thepenaltyspecifiedthereinin relationto such offences. (9) In any proceedings for an offence to which this section applies, no reference shall be made after the conviction of the accused to the giving of any notice under this section or tc the payment or non- payment of a fixedpenalty under this section unless in the course of the proceedings or in some document which is before the coun in connection with the proceedings, reference has been made by or on behalf of the acct:sed to the giving of such notice, or as the case may be, to such payment. (W) The Minister may, by order, make pr-0visiotlas to any matter int.:itltmlalLuU1eoperation of this section, und in particular, any such order may prescribe- (a:1 the fonn ofnotice under subsection (2 ); I • The Microcred!.t Act, 2021 [No. ] 55 (b) the nature of the infonnatio::1to be funtished to the Collector ofTaxes along with any pa~11Uent; and (c) the arrangementsfor the Co[ector ofTaxes to furnish to the Regulato1yAuthority,infonnctionwithregardto anypayment pursuant to a notice under this section. 57 .--{ 1) W}-_erean authorized officer has reasonable grounds for search suspecting that a person is committing or has committed an offence warrant for con tr..vention ., under thisAct and that evidence of the commission of the offence is to of thi~ Act. be found on any premises specified in the information, the authorized officermay, for the p .npose of carrying out an investigationin relation 0 to the offence, apply,by information,mder subsection (2), to a Justice of the Peace, for a warrant to search the premises. (2) A warant issuedunder s·1bsection( 1) shall empower the authorizedofficernamed in the warrant, vi.ith such assistanceas may be necessary and reasonable-- I . (a) to enter the premises named in the warrant; (b) to search the premises for such documents, whether stored physica11yor electronically (in this section referred to as "relevant documents");and (c) to seize and detain any relevant documents found in the course of the search that, in the opinion of the authorized officer,is relevantto the investigationin respectof which the applicationis made. (3) A search warrant shall not be issued under subsection (2)unless- (a) the appliecnt or some other person has given the Justice of the Peace,eitherorallyor by affidavit,anyfurtherinformation that the Justice of the Peace requires concerningthe grmmds on whi~hthe warrant is sought; and (b) the Justice of the Peace is sa:isfied that there are reasonable grounds fo::-issuingthe warrant. .. 56 [No. ) The Microcredit Act, 2021 (4) A searchwarrantissuedundersubse~ion(2) shallstate- (a) thepurpose for which it is issued,includinga referenceto the offencethatis beingcommittedor bas beencommitted; (b) whether entry is authorized to be made at any time of the ·,• day or night or duringspecifiedhoursof the day or night; (c) a descriptionof thekmd of relevantdocumentsauthorized to be seized; and (d) that thewarrantremamsin forceuntil- (i) it ceases to be in forceunder subsection (8); or (ii) it is varied or dischargedby a Judge of a Parish Court pursuant to an application made under subsection(7). .· •. (5)An authorizedofficershallnot seizeany documentwhich is subjectto legalprofessionalprivilege. (6) An authorizedofficermay,uponrequest,makecopiesof any relevant documentsor take extracts U1erefromat the expense of . - the person who is suspectedof committingor t.aving committed the offence. (7) A person who is aggrieved by the issue of a warrant .... under this section,may apply to a Judge of a Parish Court to vary or .... dischargethewarrantand shall,withintwenty-fourhoursa:ftermaking .,. the application, serve notice on an autho1izedofficer to join in the proceedings. (8) A warrantremains in force- (a) lllltilthe earlierof- (i) the end of the period for which it is to remain in force as stated in the warrant;or (ii) fourteendaysafterthe dateon whichthe warrant . :-. is issued; or (b) untilit is vruiedor dischargedby a Judge of a Parish Court pursuantto an applicationmadeundersubsection(7). . •. The MicrocreditAct, 202I [No. ] 57 (9) A Judge of a Parish Court may, on an inter partes application by an authorized officer- (a) extend the period of operation of the warrant, for a period of sixty days, or such further period, to a maximum period of two years, as the court may specify; (b) make such other order as the Court considers appropriate in relation to the operation of the warrant. (10) Aperson who hinders or obstructs an authorized officer or any person acting in aid of such officer in the performance of the functions of the officer under subsection (2) commits an offence and is liable, on summary conviction, to the penalty specified in the Fourth Fourth Schedule. Schedule. ( 11) In this section "premises" includes any place, building, receptacle or vehicle. PART X-Miscellaneous 58. ---{1) The Regulatory Authority may, with the approval of the Regu1at0ry Authourity Minister, in writing,make regulationsproviding for such matters as may ma:1 make be necessary or expedient for the purposes of this Act and, without regulations, limitingthe generalityof the foregoing,the regulationsmay makeprovision in relation to all or any of the following- (a) the requirements for the grant of a licence under this Act; (b) licence fees and other matters in respect of which fees are to be payable and the amount of such fees; (c) mergers, amalgamations,acquisitionsand transfersinvolving licensees and the sale of a licensee; (d) the establishment of a branch of a licensee; and (e) any other matter required to be prescribed under this Act. (2) Notwithstanding section 29 of the Interpretation Act, regulations made under this Act may prescribe greater penal ties than those specified in the Act, and the maximum penalty that may be so .. 58 [No. ] The Microcredit Act, 2021 .. .. \ prescribedshallbe a finenot exceedingtwo milliondollars,and in default : of paymentof the fine, to imprisonmentfor a termnot exceedingtwelve months or such form of alternative sentence as specified in section 10 of the Criminal Justice (Reform)Act. (3) Regulations made under this section shall be subject to affinnativeresolution. Power of 59.---{l) The Regulatory Authority may, with the approval of the Reg11la1nry Amhority to Minister, make rules for the operationofmicrocredit institutions, in ... •.• ~ . make ruleg. relation to- (a) the governanceoflicensees; (b) the form of applicationsand notices; (c) anti-money laundering, counter financing of terrorism and the prevention of the proliferation o:~weapons of mass destructinn; (d) the preparationandpresentationof returnsand otherreporting requirementsandthemanner of filing suchreturnsandother , ·.•.' infonnation; (e) the outsourcingofkey aspectsof the operntionsof a licensee; and (t) such other matters as the Regulatory Authority considers necessaryfor the administrationof this Act. (2) The powers conferred upon the RegulatoryAuthority by subsection ( 1) shal1be exercised after consultation with licensees and .... persons who, in the opinion of the RegulatoryAuthority, are relevant stakeholders. ... (3) Any rules made lmder subsection ( 1) shall be subject to : affinnativeresolution. (4) Where a licensee contravenes any rules made under subsection (1), the Regulato1yAuthority may, pursua,1tto section 25, issue directionsto that licensee. .:: The Microcredit A.ct, 2021 [No. l 59 (5) A licenseewho fails to comply with a directionissued by a RegulatoryAuthority under subsection (4) commits an offence, and is liable, on summary conviction, to the penalty specified in the Fourth Fourth Schedde. Schedule.

60 — The Minister may, by order, subject to affirmative resol11tion, Powir of

60. The Minister may, by order, subject to affirmative resol11tion, Powir of amend- Ministor to amend rnon~taty (n) onymonctarypenaltyimposedby Ll.tisAl:t or the regulations; p em lti ea and Schedl!!es. l (b) the First, Second, Third, Fourth and Fifth Schedules to this First, Second. Third. Act (otherthan the custodialsentencesspecifiedin the Fourth Fourth and Schedule). Fifth Schedules. 61.--(1) No action, suit or other proceedings may be brought or Immunity. instituted personally against an authorized officer or any other person actingon behalfof fae authorizedofficerwherethatperson,in exercising a :functionconferredor imposedmider thisAct, or omittingto exercise such :function,acted lawfullyor in good faith. (2) No action, suit or other proceedings may be brought or institutedpersonallyagainsta member of the Commissionor anyperson acting on behalf of the Commission,where that person, inexerds.iug a function conferred or imposed under thisAct, or omitting to exercise such furn.,-tion, acted lawfullyor in gouJ faith.

62 — A review of this Act shall be conducted no later than five years Review of

62. A review of this Act shall be conducted no later than five years Review of after the comme~cement date by a committee of both Houses of Act. Parliament appointed for the pwpose.

63 — The enactments specifiedin column 1 of the Sixth Scheduleare Amendment

63. The enactments specifiedin column 1 of the Sixth Scheduleare Amendment of amendedin the manner specifiedin relationthereto in colunm2 thereof. enactments, Sixth Schedule. 64.---{l) A person who, at the commencement date is operating a Transitional. businesswhichfallswithinthe criteriaset ow:in this Act for a microcredit institutionor forthe offeringofa microc:edit.-.eivi.ce, shall,withintwelve ... 60 [No. ] The Microcredit Act, 2021 months from the commencement date, or within such longer period as the Minister may by notice in the Gazette prescribe- (a) comply with the provisions of this Ac1 and apply to the Supervisor for a licence to continue his business as a • ; ·. ' . microcreditinstitution;or (b) cease to cany out such business. (2) A person who, at the commencement date is operating a business(which fallswithinthe criteriaset out inthisAct fora microcredit institution or for the offering of a microcredit service) together with another type of business, shall within twelve months from the commencement date, or within such longer period as -:heMinister may by notice in the Gazette prescribe-- (a) separate the microcredit business from any other type of business being conducted; and (b) comply with the provisions of this Act and apply to the Supervisor for a Iicenceto continue the business as a licensed microcreditinstilution;or ( c) cease to carry out such business.

65 — This Act shall not affect the enforceability of money lending

65. This Act shall not affect the enforceability of money lending transactions, berv..-eena borrower and a lender, entered into before the commencement date. . : ·. ♦ . .. The Microcredit Act, 2021 [No. ] 6L

FIRST SCHEDULE (Sections 2 and 60) — (Sections 2 and 60)

FIRST SCHEDULE (Sections 2 and 60) PartA Methodology.for Dete11nining the Effective Annual Interest Rate The effective annual interest rate (EAIR) reflects the actual interest rate to be paid on a loan when considering the effects of compounding and the interest charges and fees over the life of the loan. It is computed by expressing the dollar-value of interest charges and fees as a proportion of the loan prinr.ip11las an annual percentage rate (APR) and then adjusting this rate for the effect of compounding. It is computed in two steps as follows: (1) Compute the Annual Percentage Rate (APR) APR= ((Fees and Interest Charges)/Loan Principal)/n) x 365 where "Fees" are the dollar value of fees on the loan; "Interest Charges" are the dollar value of interest costs over the life of the loan; "Loan Principal" is the dollar value of the outstanding loan; and "n" is the number of days for the life of the loan. (2) Compute the Effective Annual Interest Rate (EAJR) EAIR=((l+APR/mY'm)-1 where "m" represents the number of compounding periods over a one-year period. Example: A 30-day loan has a stated interest charge of$2,800.00 and fees of$400.00 on a principal of $100,000.00 compounded monthly.Applying the formula: Step l APR=($2,800.0o+$400.00)1$100,000.00)/30)x365)=0J893 Step2 EAIR=((I+0.3893/12) 1112)- l =0.4668or46.68%. PartB MSME For the purposes of the definition of"MSME"- (a) "micro sized enterprise" means an enterprise with total annual sales not exceeding$ I4,999,000.00; 62 [No. ] The Microcredit Act, 2021 .'. (b) "small sized enterprise" means an enterprise with total annual . :. sales ranging between $15,000,000.00 and less than $74,999,000.00;and (c) "medium sized enterprise" means an encerprise with total annual sales ranging between S75,000,000.00 and .. $425,000,(XX).OO. .·. . •: I • The Microcredit A,:, 2()21 [No. ] 63

SECOND SCHEDULE (Sections2 (2), 41 — (Sections2 (2), 41

SECOND SCHEDULE (Sections2 (2), 41 and60) Constitution and Procedures of Microcredit Appeals Tribunal Constitution 1.-( l) Subject to subparagraph (2), the Microcredit Appeals of Micro- Tribunal shall consist of five members appointed by the Governor- credit Appeals General uu lht: allviu: uflht: Minister. Tribunal. (2) Th~ Microcredit Appe"'ls Tribunal shall be selected from persons appearing to the Minister to be knowledgeable and experienced in matters relating to law, banking, finance or the regulation of financial services and otherwise qualified for appointment to the Microcredit Appeals Tribunal and of which at least one member shall be a retired Judge. Power of 2.--{l) For the hearing of an appeal under this Act, the panel to h.car Microcredit Appeals Tribunal may consist of a panel of three appeal. members, one of whom shall be a retired Judge. (2) Jo assigning members to the Microcredit Appeals Tribunal, the chairman shall take into consideration the requirements, if any, for experience and expertise to enable the panel to decide the issues raisec in any matter before the Microcredit Appeals Tribunal. Dil;{palilication. 3.-(1) The following persons shall not be eligible for appointment to the Microcredit Appeals Tribunal- (a) members of the House of Representatives or the Senate; (b) membersof the Cotmcilof the Kingstonand St.Andrew Municipal Corporation, or of any Municipal Corporation, City Municipality or Town Municipality; {c) public officers; (d) officers, employees or e,;:teroalauditors of a licensee or connected persons in relation to the licensee; and {e) any person who has a direct or indirect proprietary interestin a licenseeor in a connectedpersonin relation to the licensee. (2) The appointment of a member of the Microcredit Appeals Tribunal shall not proceed un!ess the proposed appointee is determined to be a fit and proper person, in accordance with section 2(2), with the appropriate l~vel of independence and a 64 [No. ] The Microcredit Act, 2021 person whose appointment will not raise ao issue of conflict of interest or undue influence from within the public or private sector. (3) The members of the Microcredi, Appeals Tribunal shall appoint one of their number to be the chairman. (4) An appointment made in contraventi,)n of subparagraph ' ( l) shall be void. Tempora;y 4. [fthe chainnan of the MicrocreditAppeals Tribunal is absent appoi111mcn1. or unable to act, the other sitting members n:ay appoint one of their number to act as chainnan for that meeting. Vac1.ncy. 5. Where a vacancy occurs in the membership of the Microcrodit Appeals Tribunal it shall be filled by the appointment of another .. member, who shall, in accordance with lhis Schedule, hold the office for the remainder of the period for winch the previous member was appoimed, however, the appointment shall be made in the same manner and from the same category of persons as the nppointment of the previous member. . ..·, Tenure of 6.-{l) The appointment of every member of the Microcredit office. Appeals Tribunal shall be evidenced by ir_strumentin writing and shall be for a period not exceeding two years. (2) Every member of the Microcredit Appeals Tribunal s.hallbe eligible for reappointment. (3) Subject to subparagraph (4), tt..t:Guvernor-General, on the advice of the Minister may, at any time, revoke the appointment of a member of the MicrocreditAppeals Tribunal. (4) The appointment of a men:ber of the Microcredit .. Appeals Tribunal may be revoked for - (a) physical or mental infinnity; (b) bankruptcy within the meaning of the lnsolvency Act; (c) being charged with or convicted for an offence involving dishonesty or any one or more of the offences specified under the Proceeds of Crime Act; (d) no longer meeting the requireme:it of being a fit and proper person, in accordance with section 2(2); (e) engaging in activities that can be reasonably considered prejudicial to the interest of the Microcr-edit Appeals Tribunal. The Microcredit Act, 2021 (No. J 65 (5) If a person ceases to be eligible for appointment to the Microcredit Appeals Tribunal, the appointment of that person shall be revoked from the date on which the person ceased to be eligible. 7.--{ 1) The chairman may, at any time, resign from office, by Resignation. instrument,.in writing, addressed to the Governor-General and such resignation shall take effect as from the date of the receipt of such i11strume11ll,y lht:Ouvt:mor-General. (2) Any member ofthe MlcrocreditAppealsTnhunal, other than the chairman, may, at any Lime, resign from omce, by instrument, in writing, addressed to the Governor-General and transmitted through the chainnan and the Minister; and from the date of the receipt by the Governor-General of the instrument, the member shall cease to be a member of the Microcredit Appeals Tribunal. 8. The names of the members of the Microcredit Appeals Publication Tribunal, as first constituted and every change in membership of membership thereof, shall be published in the Gazette. 9. All docwnents made by, and all decisions of, the Microcredit Authenticatio:t Appeals Tribunal may be signed under the hand of the chairman of or any member of the Microcredit Appeals Tribunal authorized in documents. writing, to not on hflhn1fofthc chnirman, 10.-(1) The Microcredil Appeals Tribunal shall meet at such Procedure of times a:, may be necessary or expedient for the transaction of Appeal~. business, and meetings (whr.thr.rin person or virtually) shall be held at the places and times and on the days as the Microcredit Appeals Tribunal may determine. (2) 'l'he chairman or any other person appointed to act temporarilyas chairman 6ha11prc3idcnt meetings of theMicroc1~it Appeals Tribunal. (3) Subject to paragraph I (I), the decisions of the Microcredit Appeals Tribunal shall be by a majority of votes of the members hearing the appeal; and in addition to an original vote, the chairman shall have a casting vote in any case in which the voting is equal. (4) The MicrocredttAppeals Tribunal, may make rules to regulate its proceedings. (5) Proper records of all proceedings of the Microcredit Appeals Tribunal shall be kept by the Tribunal. 66 [No. ] The Microcredit Act, 2021 . ·. ' Validity of 11. The validity of any proceedings of the Microcredit Appel.ls proceedings. Tribunal shall not be affected by- (a) ar.y vacancy among the members; (b) any defect in the appointment o:' a member; (c) any failure on the part of a member to disclose that member's interest in a relevant matter; or (d) any irregularity in the decision makir_gprocedure of the Microcredit Appeals Tribunal, as far as that irregularity did not affect the merits of the c:ecis:on made. Remuneration 12. There shall be paid to the chainnan and other member~ of . ·.• ' of members. the MicrocreditAppeaJs Trib11Dal,such remuneration (whether by way of honorarium, salary or fees) and such 1l1owances, as the ... Minister responsible for finance may determine. Protection 13. No action, suit, prosecution or oth?r prouc:~Jiugs shall be of members. brought or instituted personally against any member of the Microcredit Appc:als Ttibunal, in respect of tn act done by the member hnr.a,/idein pursuance or execution or intended execution of the provisions of this Act. Disclosure of 14.-(1) Any member of the Microcred~tAppeals Tribunal who i 111~1-.:st. has any intert:sl, Jirectly or indirectly, in any me.lierbrought before the Microercdit Appeals Tribunal- . ·. (a) shall disclose the nature of the in1eres: to the Microcredit Appeals Tribunal; (b) shall not take part in any deliberations or decisions of the Microcredit Appeals Tribunal with respect to that matter. (2) A notice given by a mem',er at a sitting of the Microcredit Appeals Tribunal to the effect that the member is interested in any appeal before the Tribunal sha.ll,for the purpust:s of subparagraph ( 1), be a sufficient disclosure of the interest of that member in relation to an appeal. (3) A member need not attend io.person at the sitting of the Microcredit Appeals Tribunal in onfor to make a disclosure which the member is required to make un:ler this paragraph if the member takes reasonable steps to ensure that the disclosure is madt: by uulic.:, w11khis taken into consiricroton nod read at E,uch sitting. (4) Where the Governor-General, en the advice of the Minister, is satisfied that a member of tie Microcredit Appeals ... . .. The Microcredit Act, 2021 [No. J 67 Tribunal is unable to properly and effectively carry out the duties of that memberbecause of any conflict of interest in a matterbefore the Microcredit Appeals Tribunal, tbe Governor-General, on the advice of the Minister, may replace the member or direct that member to abstain from taking part in any proceedings relating to any matter affected by the conflict of interest or potential conflict of interest. 15. For the purpose of hearing an appeal, the Micmr.rl':nit Tribunal co• Appeals Tribunal may co-opt any person appearing to it to have opt persons. the requisite expertise to advise the Tribunal, once the Tribunal is satisfied that the person has no pecuniary or non-pecuniary interest in the matter being considered by the Tribunal. 16. The Microcredit Appeals Tribunal shall have power to Witnesses. summon witnesses and compel their attendance and such witnesses, if the Microcredit Appeals Tribunal agrees, may give their evidence by affidavit. 17. The Microcredit Appeals Tribunal may order one party to Costs. any appeal proceedings to pay the costs of the other party as well as those of the MicrocreditAppeals Tribunal as detennined by the Microcredit Appeals Tribunal and the cost if not paid by the party as ordered, may be recovered by suit brought in a Parish Court as a civil debt due to the party in whose favour the Microcredit Appeals Tribunal has rnled, notwithstanding any limit set on the sums that may be claimed in a Parish Court. 18. The office of the chairman and member of the Microcredit Office of Appeals Tribunal shall not be a public office for the purposes of member not a Chapter V of the Constitution.». public office. 68 [No. l The Micr-ocredit Act, 2021

THIRD SCHEDULE (Sections3 and 60) — (Sections3 and 60)

THIRD SCHEDULE (Sections3 and 60) Transactions. Persons and Entities Not Regulated by this Act PartA This Act shall not e.pplyto the following- 1. occasional loans ex:tended on a non-commercial basis between • =·. private parties or such other money lending that is subj<!ctto the Money Lending Act; 2. any Friendly Society registered under the Frit:ndly Societies A::t, or ~ny enactment amending or substituting for the same, or tc, auy loans made by any Friendly Society; 3. any Building Society licensed under the Banking Services Act; 4. any Society registered under the Industrial and Provident Societies Act or any enactment amending or substituting for the same. or to any loans made by any such Society; 5. any Society registered under the Co-operative Societies Act er any enactment amending or substituting for the same, or to any luaus .. made by any such Society; 6. any specified financial illlStilutionas defined in !.ection 2 of the Bank of Jamair:11Ar:t cleclared so to be by the Minister, by notice in the Ga,,ettefor the purposes of the Bank of Jamaica Act, or any other enactment amending or substituting for the same, or any loans made by any such institution; 7. any body corporate, incorporated or empowered by an enactment of Parliament to lend money in accordance with the enactment; 8. any company licensed under the Banking Services Act as a merchant '·. bank; 9. any company licensed under the Banking Services Act as a bank; 10. any ioan to or contract or security for the payment of mooey lent to a body corporate incorporated in Jamaica by or under any enactment or by Royal Charter; 11. any insurance company registered under the Insurance Act, in the c,m1se of whose business and for the purposes where:if it lends money; 12. any entity that extends credit to its customers for the supply of goods and services; ' The Microcredu Act, 2021 [No. 13. a license~ as :iefmed under section 2 of the Securities Act; 14. an entity- ta) which is established by a statutory body or authority; ll.::id (b) the primary purpose of which is to lend money; 15. any superannuation fund or retirement scheme approved and registe::-ed under the Pensions (Superannuation Funds and Retirement Sc:hemes)Act; 16. The provis:cn of credit facilities by an employer to an employee or to a persc-ni:1the full-time service of the employer; and 17. any other transaction, person or e~ity specified by the Minister by order in be Gazette. PartB 1. The pt0'1isioo of a credit facility to a high net worth individual does not constitl:.tea microcredit service. 2. In this Part "high net worth individual" means- (a;, ai: individualwhose net worth exceeds $50,000,000.00; or (0:1 an individual who has had an income, before taxes, in excess of$ I0,000,000.CO,for each of the two most recent calendar years. 70 [No. ] The Microcredit Act, 2021 FOURTHSCHEDULE (Se;tion5 6(2), 9(2), 12(2), . :-. 15(2),16(2), 17(5), 18(4), 11(2), 22(5), 23(3), 24(4)(a), 24(2)(b), .. 24{2J(c), 27(7), 27(10), i 27(11 ), 30(2), 33(3), 34(2), 34(4),34(6),35(4), 40(2), 40(4), 48(3), .- 48(12), 49(4), 51(2), 52(2), 53, 54( 8), 55, 57(10), 59{5) and60) Offences and Penalties Second First Column Colwnn Third Column .... BriefDescription Relevant of Offence Section Penalty Offeuceof- (a) disclosing informa- 6(2) On suilUlllry (;onviction :n a tion regarding the P»ri~h Court, to a fine not operations of a exceeding two million dollars, licensee to a person or to .mprisonment for a term .. who is not spe.:ified in section 6(1): not exceeding one year, er to both such fine and imprison- ment (b) disclosing informa- On conviction in the Supreme tion regarding the Court, to a fine or imprison- affairs of a customer ment for c term not exceeding of a licensee obtained two years. in consequence of the performance of duties under this Act; or (c) disclosing informa- tion other than for the purposes of the investigation of a financial crime or the contravention of a licensee's obliga- tion under 11.Ili.llher enactment The Microcredit Act, 2021 [No. ] 7l Second First Column Column Third Column Brief Description Relevant ofOffence Section Penalty Oftence of providing a micro- 9(2) On swnmary conviction in a credit service without being ParisllCuu1l- licensed as a microcrcdit institution (a) in the case of a 1 person other than an individual, to a fine not exceeding two million dollars; (b) in the case of an individual, to a fine not exceeding one million dollars, or to imprisonment for a term not exceeding six month~, nr to both such fine and imprisonment. On conviction in the Supreme Court, to a fine or imprisonment for a term not exceeding one year. Failure to prominently 12(2) On summary conviction in a display licence at principal Parish Court, to a fine not office and at each branch exceeding one million five of microcredit intstitution hundred thousand dollars. Obtaining a licence by 15(2) On summary conviction in a false representation Parish Court- (a) in the case of a person other than an individual, to a fine not excee<line three million dollars; . •. .. 72 [No. ) The Microcredit Act, 2021 Second First Column Column Third Column BriefDescription Relevant ofOffence Section Penalty .. (b) in the case of an individual, to a fine . ; ·. not exceeding two mHliondollars, c-rto imprisonment for a term not exceeding two years, or to both such fine and imprisonment. 011 conviction in the Supreme Court, to a fine or impr:sonment for a term not exceeding five years. Person not licensed under 16(2) On summary conviction :n a this Act as a micro-:redit Parish Ccurt- institution, who knuwiugly 01 l'ecklessly advertises ,:a) in the case of 11 information, which falsely :;iersonother than an implies or explicitly states individua~ to a tine that the person is licensed not exceeding one under this Act as a micro- million dollars; :ir cr~cfit institution (b) in the case of an individual, to a fine not exceeding five hundred thousand dollars, or to imprisonment for a tenn not exceeding six months, er to both such fine and imprisonment. On conviction in the .Supreme Court, tc a fine or imprison- mentfor a tenn not exceeding one year • 'I The Microcredit Act, 2021 [No. ] 73 Second First Co~umr: Cohnm Third Column BriefDesniption Reln'int ofOffmce Secti•)n Penalty Use of name, t:t\e, w,ud, 17(5) On summary conviction in a term or grammatic:il Parish Court- presentation th&t fa\,;ely represents or implies that (a) in the case of a the person is li.censed as person other than a microcredit institut:on an individual, to a fine not exceeding one hundred thousand dollars; or (b) in the case of an individual, to a fine not exceeding fifty thousand dollars, or to imprisonment for a tenn not exceeding one month, or to both such fine and imprisonment. Offence of kncwingly or 18(4) On summary conviction in a recklessly dep;);iting with Parish Court- the Superviso.-. a sta-,ement, agreement, deed or (a) in the case of a declaration w_th person other than infonnation v.-bichis false an individual, to a in a material pwticular fine not exceeding one mi11iondollars; (b) in the case of an individual, to a fine not exceeding five hundred thousand dollars, or to imprisonment for a term not exceeding three months, or to both such fine and imprisonment. 74 [No. ] The Microcredit Act, 2021 Second First Column Column Third Column BriefDescription Relevant .. • of Offence Section Penalty Failure to notify the 21(2) On summary conviction in a S1::pervisorin respect Parish Court, to a fine not fraud, dismissal, etc. exceeding one million dollars. Offence of altering 22(5) On s1::mmaryconviction in a incorporating documents Parish Court, to a fine nul in contraventic-n of an exceeding two hundred and ... ; objection of the Supervisor fifty thousand dollars. to the proposed alteration : Failure of licensee to, within 22(5) On sunmary conviction ma fourteen days of the date on Parish Court, to a fine not which an alteration is made exceeding two hundred and to the incorporating docu- fifty 1housand dollars. .. ments, notify the Supervisor of such alteration Offence of changing the 23(3) On summ~ry conviction in a registered name of a Paris~1Court, to a fine not . ·. licensee, without, in excetc-dingtwo hundred and writing, notifying the fifty thousand dollars. Supervisor and furnishing reasons for the proposed change and requesting approval for the proposed change Failure to produce 24(2Xa) On sumnury conviction in a documents required Parish Co .irt- within the period specified (~) in the case of a rerson other than an ind1vidual, to a Iim: nvl t::x1.a;t:u.i11g two hundred and fifty thousitnd collars; .... The Microcredit Act, 2021 [No. ] 75 Second First Column Column Third Column BriefDescription Relevant ofOffence Section Penalty (b) in the case of an individual, to a fine not exceeding one hundred and fifty thousand dollars, or to imprisonment for a term not exceeding two months, or both such fine and imprisonment. Wi!fully misleads or makes 24{2)(b) On summary conviction in a a false statement with Pa1ish Court- intent to mislead an authorized officer in the (a) in the case of a per- son other than an individual, execution of the functions to a fine not exceed- of the authorized officer ing one million under this Act dollars; (b) in the case of an individual, to a fine not exceeding five hundred thousand dollars, or to imprisonment for a term not exceeding three months, or to both such fine and imprisonment. Without lawful excuse or 24(2)(c) On summary conviction in a justification, obstructs or Parish Court, to a fine not hinders an authorized exceeding two hundred officer in the execution thousand dollars, or to of the functions of the imprisonment for a term not authorized officer under exceeding three months, or to this Act both such fine and imprison- ment. •,•. ,I .. ; 76 [No. l The Mic:rocredit Act, 202 I Second First Column Cohunn Third Column Brief Description Relevant of Offence Section Penalty Failure by a person whose 27(7) On summary conviction in a .. ..: \.. licence has been revoked Parish Co::irt, to a fine not to surrender the licence exceeding five hundred and copies thereof thousand dollars, or to imprisonment for a term not exceeding one month, or to both s·.1chfine and imprison- ment. Failure by a person whose 27(10) On summary conviction in a licence has been revoked or Parish Court- to comply with the 27(11) prohibition against- (a) ir. the case of a .: •'. .. •.• person other than (a) engaging in any individual, to a fine new arrangement or not exceeding one contra-:t; million dollars; (b) varying any existing (b) in the case of an arrangement or individual, to a fme contract; or not exceeding five hundred thousand (c) engaging in any dollars, or to activity which imprisonment for a advertises or tenn not exceeding promo,es the thcee months, or to services of the both such fine and . •: licensee imprisonment. Failure by licensee to ensure 30(2) On summa::-yconviction ir. a tha, each substantial share- Parish Court- holder and officer of the licen~ee rem~ins ~ fit anrl (a·, in the case of ,i proper person pE-rson other than an individual, to a fine not e.xceeding oi:.em.iliiondollars; und ... The Microcredit Act, 2021 [No. J 77 Second First Column Colunm Third Column BriefDescription Relevant of Offence Section Penalty lb) in the case of an individual, to a fine not exceeding five hundred thousand dollars. Breach of ob ligation to 33(3) On summary conviction in a keep secret and confi- Parish Court- dential, information and documents pertaining to (a) in the case of a customers of a licensee person other than an individual, to a fine not exceeding one million dollars; or (b) in the case of an individual, tu a fi11~ not exceeding five hundred thousand dollars, or to imprisonment for a term not exceeding three month3, or to both such fine and imprisonment. 011 couvictiu11 III lht: Supreme Court, to a fine or imprisonment for a term not exceeding six months. Failure by licensee to keep 34(2) On summary conviction in a or cause to be kept accurate Parish Court- records in respect of a microcredit business (a) in the case uf a person other than an individual, to a fine not exceeding one million dollars; 78 [No. ] The Microcredit Act, 2021 First Columr, Second Column Third Column • ~ ✓• . Brief Description Relevant of Offence Section Penalty (b) in the case of an individual, to a fine not exceeding five hundred thousand dollars, or to imprisonment for a term not exceeding two months, or to both such fine and imprisonment Failure by licensee to retain 34(4) On ~wrn11ary conviction in a records of the business for Parish Court- at least seven yei:rs (a) in the case of a person other than an individual, to a fine not exceeding one million dollars; (b) in the case of an . : ·. •.• ~ ' individual, to a fine not exceeding five hundred thousand dollars, or to imprisonment for :.1 term not exceeding two months, or le both such fine and imprisonment. Failure by licensee to-- 34{6) On sull101aryconviction in a Parish Court- (a) furnish records {a) in the case of c. 1t:4uiicd by tile person other th1m Supervi~or; u1 an individual, to a fine not exceeding (b) furnish inform2.tion one million dollars; relating to its or The Mic.-ocredit ./...::t,2021 [No. ] Seccnd FirstColunm Column Third Column BriefDescription Relevant of Offence Section Penalty business to the Supervisor (h) in the r:11seof an individual, to a fine not exceeding five J hundred thousand dollars. With intent to prevent, 35(4) On summary conviction in a delay or obstruct the Parish Court, to a fine not carrying out of an audit, exceeding one million dollars, destroys or conceals or or to imprisonment for a term alters any document not exceeding three months, relating to the operations or to both such fine and of a licensee imprisonment. On conviction m the Supreme Court, to a fine or imprisonment for a term not exceeding six months, or to both such fine and imprison- ment. Failure by external auditor 40{2) On summary conviction in a appointed by the licensee Parish Court, to a fine not to forthwith giYewritten exceeding two hundred and notice, with reasons, to the fifty thousand dollars or to Supervisor regarding- imprisonment for a tenn not exceeding one month, or to (a) the intention of the both such fine and imprison- external auditor to ment. resign during the period of appointment; (b) the unwillingness to the external auditor to be considered for reappointment at the expiration of •' • : I' 80 [No. ] The Microcredit Act. 202 I Second First Colwnn Column Third Column .. Brief Description Relevant ofOffence Section Penalty the period for which the external auditor . ·. was 2.ppointed; or (c) the termir_ationof the appointmenl of the external auditor by the licensee Failure by a licensee to, with 40(4) On summaryconviction in a reasons, notify the Super- Parish Court, to a fine not visor regarding- exceedin 5 two hundred and fifty thousand dollars er to (a) its intention to imprison:nent for a term not tenninate the exceeding one month, or tu appointment of Lhi:: both sucli fine and imprison- external auditor of ment. the licensee; or (b) the passing of a resolution at a general meeting of the licensee, providing that the external auditor shall not be reappointed Failure to comply with a 48(3) On slllllDary conviction in a direction of the Com- Parish Court- mission under section L8(2)(b) (a) in the case of a person other thar: an individual, to 2- fine not exceeding one million dollars; (b) in the case of an individual, to a fine not exceeding five The Microcredit Act, 2021 [No. ) 8l Second First Column Column Third Column Brief Description Relevant of Offence Section Penalty huJJu.n:tl thousand dollars, or to imprisonment for a tenn not exceeding l two months, or to both .such fine and imprisonment. Without lawful justifica- 48(12) On summary conviction in a tion or excuse, obstructs, Parish Court, to a fine not hinders, resists or fails to exceeding five hundred comply with the lawful thousand dollars, or to direction of a person imprisonment for a term appointed under section not exceeding two months, 48(4)(b) oraconstable, or to both such fine and in the exercise of any imprisonment. functions related to an investigation by the Commission Failure to comply with 49(4) On summary conviction in a a direction of the Parish Court- Commission under section 49(3) (a) in the case of a person other than an individual, to a fine not exceeding one million dollars; (b) in the case of an individual, to a fine not exceeding five hundred thousand dollars, or to imprisonment for a term not exceeding 82 [No. ] The Microcredit Act, 2021 Second First Column Column Third Column .... Brief Description Relevant of Offence Section Penalty two months, or to both such fine and imprisonment. Licensee who knowingly 51(2) On sUJlUTlaryconviction in a or recklessly advertises Parish Court, to a fine not information relating to the exceE<lingone million dollars. terms and conditions for the grant of a loan, which contains information which is false or mis- leading in a material particular Use by a licensee of mis- 52(2) On summary conviction in a leading, false or deceptive Pari~h C:iurt, to a fine not infonnation to willfully exceeding one million dollars. induce a person to take a loan from a microcredit On c,)nviction in the Supreme institution Court to a fine. Offence of using any 51 On summary conviction in a violence or threats of Paris.h Court- violence or other criminal means to harm the physical (a) in the case of a person or property of a person other than .. borrower or the guarantor an individllal, to a of that borrower fine not exceeding one mil!ion dollars; or C • (b) in th~ ca:;e of an .... individual, to a fine not exceeding five hundred thousand .. The Microcredit Act, 2021 [No. ] 83 Second First Column Cohann Third Column BriefDes-;;ription Relevant ofOffen:e Section Penalty dollars, or to imprisonment for a term not exceeding two months, or to J both such fine and imprisonment. On conviction in the Supreme Court, to a fine or imprisonment for a term not exceeding six. months, or to both such tine and imprison- ment. Failure of a licensee to 54(8) On summary conviction in a notify the Supe:visor of- Parish Court, to a line not exceeding one mi Ilion dollars (a) a 1'1lsolutionto nr tn imprisonm1:11Lfor a term vo:untzrily wind up not exceeding one year, or to the lic::csee; or both such fine and imprison- ment. (b) proceedings for the compulsory windir..gup of the licensee, a notice ,:,fan applica:ion for the cvnnnence- ment of the com- pulsory winding up of tt:e busine;.; of the licensee. or an app:ication forthe,:om- mtncement of the compulsory .;. 84 [No. ] The Microcredit Act, 2021 .: : Second First Column Column Third Column Brief Description Relevant of Offence Section Penalty winding up of the business of the .:. licensee •.•. Offence ofhindering c-r 57(10) 01: s-.umnaryconviction in a obstructing an author:zed P~ri,h Court- officer or any person acting in aid of such '.a) in the case of a officer in the performance person other than of the functions of the an individual, to :; authorized officer under fine not exceeding section 57(2) one million dollars; ,:b) in the case of an individual, to a fi:le not exceeding five hundred thournnd dollars or to imprisonment for a term not exceeding two months or to both such fine and imprisonment. Failure to comply with the 59(5) On summary conviction in a direction of the Regulatory Pari;;h Court, to a fine not Authority under section exceeding two hundred and 59(4) fifty thousand dollars or to imprisonmentfor a term not exc~eding one month, or to bolt such fine and imprison- mec..t. The Microcredit Act, 2021 [No. ] 85

FIFTH SCHEDULE (Section 56) — (Section 56)

FIFTH SCHEDULE (Section 56) Offences in respect of which liability to conviction may be discharged by payment of a fixed penalty Second First Column Column Third Column Rri ~f OP.sr.riptic:'ln Relevant of Offence Section Penalty Failure to prominently 12(2) One million dollars display licence at principal (S1,000,000.00). office and at each branch of micro credit institution Offence of changing the 23(3) One hundred and fifty registered name of a thousanddollars($150,000.00). licensee, without, in writing, notifying the Supervisor and furnishing reasons for the proposed change and requesting approval for the proposed change Failure by a person 27(7) Two hundred and fifty whose licence has been thousanddollars($250,000.00). revoked to surrender the licence and copies thereof Failure by the licensee 34{2) (a) in the case of a to keep or cause to be person other than kept accurate records an individual, five in respect of a micro- hundred thousand credit business dollars($500,000.00); (b) in the case of an individual, two hundred and fifty thousand dollars ($250,000.00). 86 [No. ) The Microcredit Act, 2021 Second First Column Column Third Column BriefDescriptioo Relevant ofOffence Section Penalty I Failure by licensee to- 34{6) (a) m the case of a person other than (a) furnish records rn individual, five required by the hundred thousand Supervisor; or dollars($500,000.00); (b) furnish inform- (b) 10 the case of ation relating to an individual, two its business to hundred and fifty the Supervisor thousand dollars 1:$250,000.00); Failure by external 40(2) One hundred and fifty auditor appointed by thou!andriollars($150,000.00). the licensee to forth- Vvithgive Vl'ritten .. notice, with reasons, to the Supervisor regarding- (a) the intention of the external auditor to resign during the period of the appointment; (b) the unwillir.gness of the external auditor .. to be considered for reappointment at the expiration of the period for which the estemal auditor was appointed; or . ·. (c) the tcrminatio1t of the appointment of the external auditor by the licensee The Microcredit Act, 2021 [No. ] 87 Second First Column C.Olumn ThirdColumn BriefDescri~ion Relevant ofOF.e::ice Section Penalty Failure by a lice11Seeto, with 40(4) One hundred and fifty reasons,notify the Super- thousand dollazs($150,000.00). visor regarding- (a) its intention to termina-:cthe appointment of the er.te:nal auditor of the lbensee; or (b) the pas1u1g of a resolutic-u at a general :neeting of the licet1See, providir.g that the e,:tenial :1.uditor shaJl no: be poi11 I'eai.i uiu 88 [No. ] The Microcredit Act, 2021

SIXTH SCHEDULE (Section 63) — (Section 63)

SIXTH SCHEDULE (Section 63) Amendment of Enactments Act Amendment Credit Reporting Act In section 8(2), re-le-:terparagraphs (m) and (n) as paragraphs (n) and (o) and insert next after paragraph (I) the following as paragraph (m}- . •.· "(m) a microcredit institution licensi:d under the MicrocreditAct ;". Moneylending Act I. In section 13- (a) delere paragraph (h); (b) delete paragraph (i); .md (c) insert next after para- graph (k) the following as paragraph (I}- .:' ' 0) a microcredit institution licensed under the Microcredit Act or any enactment amending or substituting for the same, or to any loans made by any such institution.". 2 l)elete sect10n .4. Proceeds of Crime In section 2, in the defimtion of Act "financial instirntion", re-letter paragraph (i_1as paragraph U) and The Microcredit Act, 2021 [No. ) 89 Amendment of Enactments Act Amendment insert next after paragraph (h) the following as paragraph (i)- ''(i) a microcredit institution licensed under the Mlcro- crcdit Act;". Tei iurism Prevention In section 2(1), in the definition of Act "financia I instituti un'', re-letter paragraph (i) as paragraph U) and insert next after paragraph (h) the following as paragraph (i)- "(i) a microcredit institution licensed under the Micro- credit Act;''. United Nations Security fn section 2. in the definition of Council Resolutions "financial institution", re- letter Jmplementation Act paragraph (i) as paragraph (j) and insert next after paragraph (h) the following as paragraph (i)- "(i) a microcredit institution licensed under the Micro- credit Act;". Passed in the Honourable House of Representatives this 19th duyof Januaty, 2021. M. DALRYMPLE PHILIBERT Speaker. Passed in the Senate this 22nd day of January, 2021 with twelve (12) amndments. THOMAS TAVARES-PINSON, OJ, CD, QC, JP President. 90 [No. ] The Microcredit Act, 2021 On the 26th day of Januacy~2021 the Honourable House of Representatives agreed to the amendments made by the Senate. M. DALRYMPLE PHILIBERT Speaker. This printed impression has been carefully compared by me with the authenticated impression of the foregoing Act, and has been found by me ta be a true and correct printed copy of the said Act. l •✓o-vh1~- ,A-.Cv/J h,~ . r'°"Clerk to the Houses of Parliame11l. ' . . : .-. .·. ·.: ·.

The Microcredit Act, no. 1 of 2021

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