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The Micro-credit Regulatory Authority Act, 2006 (Act no XXXII of 2006).

Country/Territory
Bangladesh
Document type
Legislation
Date
2008
Source
FAO, FAOLEX
Long title
An Act to provide for establishing an Authority for efficient regulation of micro-credit activities to ensure transparency and accountability in the activities of Micro-credit Organizations conducting Micro-credit activities in Bangladesh and for the matters ancillary thereto.
Subject
General
Keyword
Access-to-information Authorization/permit Credit Financing Governance Inspection Institution Offences/penalties Special fund
Geographical area
Asia, Asia and the Pacific, Indian Ocean, Least Developed Countries, South Asian Seas, Southern Asia
Abstract

This Act establishes the Micro-credit Regulatory Authority (Authority) in Bangladesh to regulate the micro-credit organizations and their activities. This includes issuing and cancellation of certificate for running Micro-credit Organization and to scrutinize, analyze or proactively supervise records of such organizations. The Authority shall have its own fund which may receive monies from various sources and shall maintain proper accounts which shall be subject to audit. The Act prohibits conducting Micro-credit activities without a certificate issued by the Authority and lays down the procedure and conditions for obtaining such certificate. The Authority shall maintain a depositors' security fund to secure and protect the deposit of depositors of Micro-credit Organizations. The Act provides for penalty for offences committed under the Act and measurers to be taken against organizations unable to pay its liability.

Full text
English
Website
bdlaws.minlaw.gov.bd