Parliament seeking public input on Credit Reporting legislation

Mar 05, 2010 News

The Parliamentary Special Select Committee that has been established to assess the Credit Reporting Bill which was tabled by Finance Minister Dr Ashni Singh, is currently inviting public input on the legislation.
The Bill seeks to establish a credit reporting industry with the aim of enabling more reliable, competitive, and responsible lending while protecting borrowers’ rights.
The Committee has extended an invitation to members of the public to forward written submissions of their views on this matter, no later than March 22.
Persons may be invited to appear before the Committee to provide clarification, if necessary.
Copies of the Bill could be obtained from the Parliament Office, Public Buildings or at www.parliament.gov.gy.
All written submissions must be addressed to Clerk of the Committee of the Committees Division of the Parliament.
The Bill was sent to a select committee in November last year.
During his presentation of the Bill to the House, Dr. Singh had told the House that it represents another installment in Government’s efforts to strengthen and modernise the financial system.
Dr. Singh noted that the government has recognised that a strong, stable and sound financial system which is responsibly managed and well regulated is critical if Guyana is to realise sustained economic development.
“Such a system is indeed a prerequisite to mobilising saving and private investment by the private sector and we have sought over the years to ensure the establishment of a legal and institutional framework that would facilitate the growth and development of such a strong and stable financial system.”
The Bill provides for the licensing of a credit bureau by the Bank. It stipulates that only a locally incorporated company limited by shares, whose activities are restricted by its articles of incorporation to carrying on the business of a credit bureau, would be eligible to conduct the business of a credit bureau.
According to Dr. Singh, a robust framework exists, under which the financial system operates due to a number of legislations that were implemented. Consequently, Guyana has witnessed striking growth in the banking sector, Dr Singh added. He noted that the government recognised that the productive sector continues to regard access to financing as a constraint to expansion and as such, he is convinced that the ease of access to credit by small businesses throughout Guyana will be enhanced with the establishment of a credit reporting industry.

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Parliament seeking public input on Credit Reporting legislation

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