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As enacted
Contents

Part IV · Moneylenders

22. Application for a licence

Official English translation. Where it differs from the Sinhala or Tamil text, the Act itself says which text prevails.

(1)

An application for a licence to carry on the business of a moneylender shall be made in writing to the Director-General in such form, accompanied by such documents or information and a processing fee as may be set out in rules made in that behalf.

(2)

Subject to subsection (2) of section 20, the following entities shall be eligible to apply for a licence under subsection (1):-

(a)

a company incorporated under the Companies

Act, No. 07 of 2007, and such company is not an offshore company or an overseas company within the meaning of the Companies Act,

No. 07 of 2007:

Provided that, a non-governmental organization registered under the Voluntary

Social Service Organizations (Registration and Supervision) Act, No. 31 of 1980 and incorporated as a company limited by guarantee under the Companies Act, No. 07 of 2007 shall be eligible to apply for a licence under this Act;

(b)

a partnership registered under the Partnership

Ordinance (Chapter 83) or any statute of a

Provincial Council;

(c)

a society registered under the Societies

Ordinance (Chapter 123) or incorporated under an Act of Parliament; and

(d)

a trust registered under the Trusts Ordinance

(Chapter 87).

(3)

The Director-General may on receipt of an application make such inquiries and call for such further information and documents to be produced within a specified period as he considers necessary, and cause any place or places of business of the applicant to be examined.

(4)

Where any additional documents or information required under subsection (3) by the Director-General is not provided by the applicant within the period specified therein, the Authority may reject the relevant application, informing the person of the decision to reject such application.

(5)

The

Director-General after considering the information given in the application and as obtained upon an inquiry or examination made under subsection (3) shall recommend to the Authority to either grant the licence or reject the application.

Read on from s 23

Part V

Microfinance Business

Read on from Part V

Part VI

Regulation of Moneylenders and microfinance institutions

Read on from Part VI

Part VII

Examination of A Licencee

Read on from Part VII

Part VIII

Customer Protection

Read on from Part VIII

Part IX

Investigation of Offences

Read on from Part IX

Part X

Offences and Penalties

Read on from Part X

Part XI

Finance

Read on from Part XI

Part XII

General

Read on from Part XII

Part XIII

Transitional Provisions

Read on from Part XIII

Schedules