46. Obligations of a licencee

A Licencee shall-

enter into an agreement with all customers, which shall be in writing, before granting a loan;

ensure that the customers to whom loans are granted have the ability to repay such loans, in order to prevent over-indebtedness;

specify at the time of entering into an agreement, the nominal interest rate and the annual effective interest rate charged;

provide a loan statement or status of account to any customer on his request, subject to a fee as may be specified by the Authority;

ensure treating its customers fairly and respectfully;

provide each customer with accurate and precise information of the services provided by the licencee and also of the terms of the agreement and the interest rates, surcharges and costs charged;

conduct pre-lending and post lending assessments of borrowers;

not use any abusive or violent collection practices; and

grant a grace period prior to the commencement of the repayment of a loan: