On 25/05/2013,
you requested for the version in force on 25/05/2013
incorporating all amendments published on or before 25/05/2013.
The closest version currently available is that of 30/12/2000.
31.
—(1) The Authority may, by order, prescribe —
(a)
the maximum rates of interest that finance companies shall pay on different types or classes of deposits;
(b)
the maximum amount or amounts, expressed as a percentage or percentages, of total assets that finance companies may hold in one or more types or classes of loans, or advances;
(c)
the minimum down payments and maximum maturity periods for different types or classes of loans, or advances granted by finance companies;
(d)
the maximum rates of interest or commission and other charges and the methods of computing such interest or commission and other charges that finance companies may impose on different types or classes of loans, or advances granted by them;
(e)
the maximum amount of loans or advances which finance companies may grant to any person or class of persons; and
(f)
the reserves to be maintained with the Authority.
(2) Any order made under subsection (1) shall apply uniformly to all finance companies, or to any class or classes of finance companies, and shall, together with its effective date, be published in the Gazette.
(3) Where a finance company has failed to maintain the reserves required by an order made under subsection (1)(f), the Authority may by notice in writing direct that finance company to make good the deficiency within the period specified in the notice.
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(4) If the defaulting finance company fails to make good the deficiency within the period specified in the notice referred to in subsection (3), it shall be lawful, notwithstanding the provisions of any other written law, for the Authority to serve a notice in writing upon any bank with which the defaulting finance company has a credit balance, whether in current or deposit account, directing that bank to transfer to the Authority up to such amount as is specified in the notice as being equivalent to the amount of the deficiency in the minimum cash balances of the defaulting finance company required under subsection (1)(f) and the bank shall comply immediately with the requirements of that notice.
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(5) The Authority may, notwithstanding any notice given under subsection (3) or (4), impose on any finance company that fails to maintain the reserves required by an order made under subsection (1)(f) a penalty interest charge of $100 per day or such larger amount as the Authority may determine for every day during which the finance company continues to fail to maintain such reserves.
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