MMA seeks feedback on draft consumer finance law
29 May 2014, 12:59 PM
The Maldives Monetary Authority (MMA) has invited interested parties to submit comments, views and suggestions on a consumer finance bill drafted by the central bank.
The bill is intended for “the purposes of providing for licensing of financial institutions to conduct consumer finance business in Maldives, policies for the operations of such institutions in a safe and prudent manner, supervision of such institutions and provision for other related purposes.”
Interested parties were asked to submit feedback on the draft legislation through email before June 15.
Consumer finance involves a variety of loans to individual consumers, including credit cards and mortgage loans from banks and credit unions as well as alternative lenders such as finance companies.
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