KINGSTON, Jamaica, CMC – The Jamaica government is to introduce legislation to facilitate increased access to credit, and enhance the business environment as part of its compliance with the deadline set out in the agreement with the International Monetary Fund (IMF).
Information Minister Sandrea Falconer said the Security Interest in Personal Property Act (2013) is designed to implement a legal framework to modernise and improve the availability of domestic credit to the private sector, while minimising the risk of loan repayment.
“It also seeks to create security interests in personal property, simplify the registration process for recognition of such interests, allow for public notification of security interests, and stipulate the rules which govern the priority in which such interests are enforceable.”