Secured Transaction Act To Be Enforced In July

Secured Transaction Act To Be Enforced In July

The Secured Transaction Act which was passed by parliament last year will come into force from next month.

Minister of Finance and Treasury, Snyder Rini said next month’s enforcement is made possible following the completion of an office complex and recruitment of officers to implement the act.

The Act aims to enable customers to pledge their movable assets as security for loans from commercial banks after they are registered with the Business Registry.

Mr Rini said an office complex has just been completed and work is continuing to have the Registry Office ready.

He said personnel to look after the office have been identified.

Mr Rini said as soon as all the necessary work is done, people can start registering their movable assets with the office to be used as securities when seeking loans from commercial banks.

He hopes that when this is up and running, more people in rural areas will use it to access credit from commercial banks to start up commercial activities.

ENDS

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