Senate approves regulations for Microcredit Act

The Senate on Friday approved the regulations and rules associated with the Microcredit Act.

They are the Microcredit Fees Regulations, the Microcredit Requirements for Grant of  Licence Regulations and the Microcredit Licence Form of  Applications rules.

The Microcredit Act was passed in the House of  Representatives on January 19 and in the Senate on January 22.

The regulations and rules are necessary for the Microcredit Act to become effective and for the Bank of  Jamaica to start the licensing and supervision of  the sector.

The deadline for affirmation of  the regulations and rules is the end of  this month.

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