Aug 05, 2021 Last Updated 1:14 PM, Aug 4, 2021

The Minister of Finance & the Public Service

The Hon. Nigel Clarke, DPhil., MP, is Jamaica's Minister of Finance and the Public Service and is Member of Parliament for St Andrew Northwestern. ...

Financial Secretary

Ms. Darlene Morrison is currently Jamaica’s Financial Secretary. As Financial Secretary, Ms. Morrison is the technical and administrative head of the Ministry of Finance and the Pu...

State Minister in the Ministry of Finance and the Public Service

The Hon. Marsha Smith, MP was born and raised in the parish of Saint Ann. She was educated at Brown’s Town Primary School, Westwood High School, Brown’s Town Community College, the...

Financial Regulations

The MLA is designed to ensure that interest charged on loans by lending institution does not exploit the “public”. Therefore, those lending institutions not specified by MLA may seek exemption on an annual basis from provision of the Act 

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Companies seeking exemption from the provisions of the Moneylending Act are required to submit a letter of application to the Financial Secretary of the Ministry of Finance, accompanied by the following information and documentation in duplicate:

  1. Certified copy of the company’s Articles of Incorporation or Memorandum and Articles of Association;
  2. Certified copy of the Certificate of Incorporation;
  3. TRN numbers (of the company and each of the directors);
  4. List and profile of the company’s directors;
  5. Valid Tax Compliance Certificate;
  6. Audited financial statements for the last financial year;
  7. Details of the types of loans made to borrowers and the terms and conditions of such loans (including interest rates charged, tenure of the loan, processing fees, etc.);
  8. Default and Recovery Policy;
  9. Loan Disbursement Report including name of borrower, purpose of the loan, amount of loan, tenure and interest rate charged;
  10. Types and nature of securities required to cover loans granted;
  11. Minimum and maximum limits relating to loans made by the Company;
  12. Detailed outline of the nature and activities of the business;
  13. Copy of Loan Agreement;
  14. Source of fund
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No, an exemption is not necessary for operations to take place. However, the companies involved in the business must recognize the importance of this Act in carrying out their activities. 

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No, the division is not responsible for the regulation of any financial institutions 

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The objectives are to:

  • Ensure that the proper arrangements are made by and for Jamaicans so that they are able to receive an adequate pension at retirement; and
  • Create an effectively regulated pension system in which the contractual savings arrangements are made more secure and profitable for participants.
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Any monies which have remained in the possession or under the control of a bank for a period of 15 or more years may be categorized as an unclaimed balance. The Ministry of Finance and the Public Service under the Banking Act is only responsible for publishing unclaimed balances in the newspaper. Any query about such balances must be made to the relevant banking institutions or the Accountant General’s Department where such funds are recoverable. 

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