Last updated:   
  
front page
news
sports
editorial
columns

life style
western news
contact us
  
    



'Repeal Money Lending Act'
Earl Jarrett says legislation is irrelevant in open market economy
By Pat Roxborough-Wright
Sunday, May 20, 2007

MONTEGO BAY, ST James - General Manager of Jamaica National Building Society (JNBS) and Chairman of JN Small Business Loans Limited, has described Jamaica's Money Lending Act as an irrelevant piece of legislation which has no place in an open market.

"I cannot see the relevance of this law in an open market and steps should be made to have it repealed," he told participants at the 6th Annual Roundtable on Microfinance in the Caribbean last Thursday ( May 17.2007).

The three-day conference which began on Tuesday, was hosted by the Caribbean Microfinance Network (CMN) at the Holiday Inn and Sunspree resort in Rosehall Montego Bay. The conference which was staged under the theme - 'Managing our Caribbean Microfinance Institutions for Sustainability, Viability and Growth to serve the majority' - saw the participation of some 60 participants representing 41 Caribbean institutions that specialise in the business of assisting small businesses.

The Act which was passed in 1938, governs money lending transactions in Jamaica. It makes it illegal for entities other than banks to charge interests rates of above 20 per cent.
Jarrett's speech-delivered at the close of the conference - also encouraged the CMN to protect the microfinance sector from the infiltration of predatory lenders through continued self-regulation.

He also urged the CMN to take advantage of the opportunity to enlist greater US support for itself at the the US CARICOM 20/20 Vision meeting scheduled to be held in Washington DC next month.


Talk Back
No comments have been posted
Post your comments
Related Articles
No related articles were found
  

 
Click image to view full size editorial cartoon

 

Halle Berry and her picture-perfect family co-ordinate in grey

Cheating PS

'What was I thinking?' Chris Brown speaks out

 
If you were to grade Derick Latibeaudiere's performance over his 13 years as Bank of Jamaica governor, what grade would he get?
 
A
B
C
D
E
F
View Results

  Back to Top



News
| Sports | Editorial | Columns | Lifestyle | Western News | All Woman | 2004 Olympics | TeenAge | Education | Food | Business | Health

e-Business Solutions by