S1 Ep5 | Understanding The Micro Credit Act
Автор: DunnCox Attorneys-at-Law
Загружено: 2021-03-03
Просмотров: 161
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In January of this year the legislature passed the Micro Credit Act. Some persons have been in strong support of the new law, whilst others say it was rushed through Parliament and will have great impact on the micro credit industry.
Senator Kamina Johnson Smith however states that the purpose of the Act is to “discourage microcredit institutions from lending money at excessive interest rates that are not justified by the risk; outlaw predatory lending practices, threats and intimidation; promote greater transparency and disclosure of pricing and terms of products; and reduce the risk of the industry being used to facilitate money laundering".
In this episode of The Legal Landscape, Associate at DunnCox, Kelly Akin explains the purpose of the Micro Credit Act , who this act applies to and other areas of the act.
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