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As enacted
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Part VI · Regulation of Moneylenders and microfinance institutions

38. Authority may make rules or issue directives

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

(1)

The Authority may from time to time, -

(a)

make such rules as it may consider necessary in relation to any matter affecting or connected with or incidental to the exercise, performance and discharge of the powers, duties and functions of the Authority or any of its officers under this

Act, including the following: -

(i)

administration of the affairs of the Authority;

(ii)

procedure for the appointment, promotion, remuneration and disciplinary control of the employees and the grant of leave and other emoluments of such employees;

(iii)

terms and conditions of service of the officers and employees of the Authority;

(iv)

payment of money out of the Fund of the

Authority;

(v)

levying fees or charges for any service rendered by the Authority;

(vi)

criteria for licencing under this Act;

(vii)

processing fee for an application for a licence;

(viii)

annual licence fee payable to the Authority by a licencee;

(ix)

forms, documents or information to be used for the purposes of this Act;

(x)

procedure to be adopted in holding inquiries under section 51;

(xi)

giving effect to such guidelines issued by the Central Bank; and

(xii)

any other matter connected with the affairs of the Authority; or

(b)

issue such directives.

(2)

When making rules under paragraphs (v), (vi), (vii), (viii) and (x), the Authority shall ensure proportionality of the rule to the relevant licencee, in view of the relevant considerations as determined by the Authority:

Provided that, the Authority shall apply an objective and verifiable criteria when assessing the proportionality of the directive.

(3)

Every directive or rule made by the Authority under this Act shall be approved by the Minister and published in the Gazette and be brought before Parliament for its approval and shall come into effect after such approval.

(4)

A notification specifying of the date on which

Parliament has approved the directive or rule shall be published in the Gazette.

Read on from s 39

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