Laws
Microfinance and Credit Regulatory Authority Act 2026
Part XII
s 75

As enactedVersion · As enacted

Contents

Microfinance and Credit Regulatory Authority Act 2026

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1Short title and date of operation

IEstablishment of the Microfinance and Credit Regulatory Authority

2Establishment of the Microfinance and Credit Regulatory Authority
3Objects of the Authority
4Powers, duties and functions of the Authority

IIAdministation and Management of the Affairs of the Authority

5Constitution of the Board of Directors
6Chairperson of the Authority
7Disqualifications from being a member of the Authority
8Term of office of appointed members of the Board
9Removal, resignation etc. of appointed members
10Quorum and meetings of the Board
11Acts or proceedings of the Board deemed not to be invalid by reason of any vacancy
12Remuneration of the members of the Board, experts or officials
13Seal of the Authority
14Branches of the Authority
15Delegation of any power or function by the Authority
16Agreements with other institutions

IIIDirector-General and The staff of the Authority

17Director-General of the Authority
18Staff of the Authority
19Secondment of officers of the Central Bank to the staff of the Authority

IVMoneylenders

20Licensed persons to carry out a moneylending business
21Prohibition against holding out as a licensed moneylender
22Application for a licence
23Issue of a licence
24Renewal of a licence
25Conditions of the licence
26Display of licence at places of business
27Refusal to grant or renew a licence
28Cancellation of a licence issued
29Voluntary cancellation of a licence
30Upon cancellation, moneylender to surrender the licence
31Forms of business that may be carried out by a moneylender

VMicrofinance Business

32Licensed persons to carry on the Microfinance business
33Specific directives for microfinance institutions

VIRegulation of Moneylenders and microfinance institutions

34Regulatory approval
35Informing certain events to the Director-General
36Act continue to apply in case of liquidation, dissolution or winding up
37Directives to licencees
38Authority may make rules or issue directives
39Regulatory actions
40Disqualification for holding office

VIIExamination of A Licencee

41Licencees to provide documents or information
42Examination of licencees
43Duty to comply with any requirement imposed under this Part

VIIICustomer Protection

44Not to engage in banking business, finance business or microfinance business
45Formulation of guidelines in customer protection
46Obligations of a licencee
47No agreement to be entered with a minor
48The loan agreement
49Actions prohibited by a licencee
50Credit counseling centers
51Handling of customer complaints made to the Authority
52Customer due diligence requirements
53Responsibilities of customers

IXInvestigation of Offences

54Powers of investigation in addition to powers of examination
55Investigation of offences
56Court order to obtain information
57Impounding of passports of persons investigated
58Compounding of offences

XOffences and Penalties

59Offences by employees
60Penalty for contravention of the Act

XIFinance

61Fund of the Authority
62Financial year and audit of accounts
63Application of Part II of the Finance Act…

XIIGeneral

64Secrecy on transactions
65Secrecy of information
66Posting deemed to be proper notice
67Central Bank to issue guidelines to the Authority
68Register of licencees
69List of licencees to be published
70Use of the words “credit”, “microcredit”, “lending”, “lenders” “moneylenders” and “microfinance” in business names
71Obligations of media institutions
72Licensed microfinance institutions deemed to be “credit institutions” for the purpose of CRIB Act
73Proof of grant of a licence
74Certified copies to be accepted as evidence of originals
75Licencees exempted under Money Lending Ordinance
76Defence in criminal or civil proceedings
77Expenses incurred to be paid out of the Fund
78Authority deemed to be a Scheduled Institution within the meaning of the Anti-Corruption Act
79Members, officers and employees of the Authority deemed to be public servants

XIIITransitional Provisions

80Persons carrying on the business of moneylending to continue business for twenty four months
81Repeal of the Microfinance Act
82Institutions licensed under the Microfinance Act deemed to be licensed under this Act
83Interpretations
84Sinhala text to prevail in case of inconsistency

Schedules

[section 32] A licensed microfinance institution may engage in the following business activities: - (a) provide financial accommodation, w...

Microfinance and Credit Regulatory Authority Act 2026 · As enacted · Part XII · General

75. Licencees exempted under Money Lending Ordinance

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

Official translationFrom Department of Government Printing, unchanged

Provisions of the Money Lending Ordinance

(Chapter 80), except section 5, shall not apply to any licencee.

Read on from s 76

Part XIII

Transitional Provisions

Read on from Part XIII

Schedules

Details

Microfinance and Credit Regulatory Authority Act 2026 · s 75

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Where this comes from

Department of Government Printing · Microfinance and Credit Regulatory Authority Act 2026, As enacted. We last updated this text on 9 Oct 2026.

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