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As enacted
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Part XII · General

72. Licensed microfinance institutions deemed to be “credit institutions” for the purpose of CRIB Act

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

(1)

The Minister may, on the recommendation of the Authority on the ability of a declarant to provide timely and accurate credit information, declare any moneylender or microfinance institution licensed under this Act to be a lending institution for the purposes of the Credit Information

Bureau of Sri Lanka Act, No. 18 of 1990.

(2)

Notwithstanding the provisions of subsection (1), the

Authority may -

(a)

collect, collate, synthesize and store credit and financial information from any moneylender or microfinance institution licensed under this Act on their borrowers or prospective borrowers;

and

(b)

provide credit and financial information or any category of such information on the request and in confidence to -

(i)

the Central Bank for the purposes of ascertaining the suitability of any person to be appointed, elected or nominated to be a director or a chief executive officer of a financial institution and for the purpose of regulation and supervision of financial institutions and to improve the quality of credit analysis of such institutions;

(ii)

any moneylender or microfinance institution licensed under this Act or any financial institution for the purpose of evaluating or ascertaining the credit worthiness or credit standing of any person and for the reviewing and monitoring of existing borrowers and for the collection of outstanding credit of existing borrowers;

(iii)

a borrower or a prospective borrower of any institution licensed under this Act and to any other person to whom such information relates;

(iv)

any Government agency or institution declared by the Minister assigned the subject of finance to be entitled to receive such information to evaluate the credit worthiness of an applicant to be issued with a licence or provided with a concession in terms of the applicable law to issue a licence or to grant such concessions;

(v)

any insurance company with the consent of the person to whom the information relates, for the purpose of under writing or ascertaining the creditworthiness and insurability of such person; or

(vi)

any other person or body of persons whom the Minister may, on the recommendation of the Authority from time to time, identify for the purposes of this section by Order published in the

Gazette.

(3)

The Authority may in furnishing information under paragraph (b) of subsection (2), impose such terms and conditions as may from time to time be determined by the

Authority, including the identification of the purposes for which such information may be used.

Read on from s 73

Part XIII

Transitional Provisions

Read on from Part XIII

Schedules