Bill to amend Parate Act gazetted

Thursday, 14 March 2024 05:22 - - {{hitsCtrl.values.hits}}

The Bill to amend the Parate Act to give effect to the temporary suspension of recoveries till 15 December 2024 has been gazetted.

The Bill endeavours to amend the Recovery of Loans by Banks (Special Provisions) Act No 4 of 1990.

The Supplement to the Act is dated 13 March 2024. The Bill aims to give legal effect to the following.

Clause 2: This clause amends the Recovery of Loans by Banks (Special Provisions) Act, No. 4 of 1990 by inserting immediately after section 4 of that Act, new section 4A and the legal effect as amended is to suspend, the selling of any property mortgaged to the bank as security for any loan in respect of which default has been made, by public auction during the period commencing on the date of commencement of section 4A and ending on 15 December, 2024.”

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