Legislation to establish Credit Bureau tabled

Oct 30, 2009 News

The Minister of Finance Dr Ashni Singh yesterday tabled the Credit Reporting Bill which is aimed at establishing a Credit Bureau.
Dr. Singh, at a recent function had explained that once the legislation is enacted there will be the creation of a ‘Credit Reporting Industry’ in Guyana.
He said that the proposed new industry will establish mechanisms to allow for the sharing of credit information. “It will be what is widely known as Credit Bureau.”
The Minister emphasised that the sharing of credit information will be done whilst ensuring that the rights of the borrowers are protected at all times.
The legislation was drafted with the help of bankers and other relevant stakeholders on the modalities of establishing such a bureau.
When the Bill is enacted, according to Dr. Singh, discussions will be maintained to ensure that it is suitable to operate in the local financial environment, at the same time achieving the desired result.
He had at the time also pointed to another piece of legislation that deals with e-commerce.
He pointed out that this is aimed at establishing a legal framework to facilitate the growth of the activity.
E-commerce consists or entails the buying and selling of products or services over electronic systems, such as the Internet and other computer networks.
The amount of trade conducted electronically has grown extraordinarily since the spread of the Internet.
A wide variety of commerce is conducted in this way, spurring and drawing on innovations in electronic funds transfer, supply chain management, Internet marketing, online transaction processing, electronic data interchange (EDI), inventory management systems, and automated data collection systems.
The Minister explained that, given the recent growth in the trend, there was need for protection for each party involved in electronic transactions, “especially in the context of the move toward the use of electronic banking, telephone banking, and similar services.”

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Legislation to establish Credit Bureau tabled

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Legislation to establish Credit Bureau tabled

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