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BoJ again warns that Quick & Easy Cash Loans not licensed to issue micro credits

The Bank of Jamaica is again warning that micro credit lender, Quick & Easy Cash Loans is not licensed to provide micro credit services and neither has the company applied to the central bank for a license to carry out this service.  
 
Quick & Easy Cash Loans is therefore in breach of the Microcredit Act.
 
The BOJ issued a public notice which was published in the Sunday Gleaner newspaper. 
 
The central bank is warning members of the public not to engage in any micro credit related business with the Quick and Easy Cash Loans.
 
The BOJ first issued a similar warning in August last year.  It's not known what steps were taken after the first notice was published last summer.
 
Section 9 (1) of the Microcredit Act states that a person who provides a microcredit service without a licence, commits an offence and is liable to prosecution and the penalties.
 
Those found in breach may be fined up to J$2 million or imprisoned for up to six months.
 
Both a fine and imprisonment may be applied.
 


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