The Central Bank of Belize is cognizant of the fact that the success of its initiatives is dependent on the extent to which licensees and other stakeholders in the financial system partner and synergize with the Bank for optimum results.
Draft Circulars/Regulations are circulated to the industry for consultation purposes. Documents that are to be reviewed will be posted on this page. The most recent documents will be displayed first. To review a posted document, click on the document title. All posted documents will be given a specific deadline to respond with queries, concerns and comments.
CONSULTATION ON MONEYLENDERS REGULATIONS
The Central Bank of Belize (Central Bank) in exercise of its authority conferred by Section 36 of the Moneylenders (Amendment) Act, 2017 (MLA), with the approval of the Minister, may make Regulations to assist moneylenders to comply with legal requirements.
The Central Bank is inviting comments, suggestions, or recommendations by 31 March 2017 on the proposed Moneylenders Regulations which governs:
(a) the procedures for making applications for licences and renewal of licences;
(b) the criteria for eligibility for obtaining a licence;
(c) a limit on the number of licensees;
(d) different classes of licences, the persons eligible to hold each class of licence, and the terms and conditions applicable to each class of licence;
(e) the records and accounts to be kept by a moneylender and the manner in which the records are to be kept;
(f) the fees to be paid in respect of any matter required for the purposes of this Act, including licence fees;
(g) the class or description of borrowers to which a moneylender may grant a loan, or a loan above a specified amount, either generally or in specified circumstances;
(h) the maximum amount which may be lent to a borrower or any class or description of borrowers;
(i) the types of activities and services that a moneylender may not engage in or provide;
(j) regulation of the use of advertisements by or on behalf of any moneylender, or any solicitation or canvassing for business by or on behalf of any moneylender;
(k) regulation of the conduct of the business of moneylending, or specific types of moneylending activities or services;
(l) the determination of, or the method for determining, the amount to be paid by a moneylender in relation to a compliance inspection;
(m) the procedures to be adopted when taking enforcement action against a moneylender;
(n) the determination of, or the method for determining, the amount of the administrative penalty that may be imposed for a regulatory violation;
(o) all matters and things which by this Act are required or permitted to be prescribed or which are necessary or expedient to be prescribed to give effect to this Act.
All feedback is to be submitted to the address stated below.
Mrs. Diane Gongora
Financial Sector Supervision Department
Central Bank of Belize
P.O. Box 852
Belize City, Belize