How to Revocation, Suspend or Cancelation of Money Lender Licence In Uganda

Revocation, Suspend or Cancelation of Money Lender Licence In Uganda By Online

  1. When the Authority will seek to revoke an authorization under section83 of the Act, the Authority will issue the licensee a written notice of its intention to revoke the licence in Form 6.
  2. The licensee must within 14 days of receiving the notice as described in subsection (1) and (2), provide reasons with a written statement to the Authority for the reason why the license is not to be cancelled.
  3. The Authority must examine the justifications that are provided by the licensee under Sub Regulation (2) and
    • If you are sure that the Authority finds the reason satisfactory, they will provided, it will writing, the Authority will remove the notice in question.
    • In the event that there is a reason to believe that the Authority does not agree with the explanation written that is required in sub regulation (1),invite the licensee to provide one-on-one communication within 5 working days of getting the response.
  4. In the event that an Authority is not content with the explanation following an informal interface with the licensee The Authority must–
    • Issue an official notice of revocation the licensee
    • It is required that the license holder hand over the Authority the license within fourteen days of getting the notification of revocation or
    • The license is endorsed with and the wording “REVOKED”
  5. Additionally, any money lender must comply with the Money Lenders Act that governs the state. When a Money Lender violates the provisions of the Investment Proclamation or regulations or directives issued in order to implement them The Authority could take action to suspend any Money Lenders Licence until the Money Lender takes due corrective steps.
  6. If the Authority cancels a license The Authority will cause a the notice of revocation to be publicized in The Gazette or in a newspaper with large circulation, at least thirty days following the date of revocation.
  7. The Authority can suspend a license , instead of revoking the license in the event that it is determined that the Authority does not agree by the explanation of the applicant.
    • The reason behind a license’s suspension can be a result of:
      • for a specific time;
      • until the time of the specific moment or
      • until the conditions specified are followed.
    • The notice for suspension of a licence is to be issued in the form 7 as specified in the Act on Money Lenders. Act.
  8. A person whose license is suspended or revoked shall be considered not licensed until the Authority suspends them, in the event of the suspension of a license.

Removing suspension.

  • The person whose license has been suspended or revoked shall be assumed to not be licensed until the Authority removes the suspension in the event of a the suspension of a licence.
  • The application must be able to state the reasons the applicant will use to request an order to have the suspension removed in detail, including the possible remedies to the causes which have led to the suspension.
  • If an Authority has been satisfied with arguments provided by the applicant The Authority will lift the suspension by writing.

Required Documents For Revocation, Suspend or Cancelation of Money Lender Licence

  • Certificate of incorporation of the company,
  • The specifics of directorship for the Company;
  • A resolution containing the specifics from the corporate secretary
  • The physical and postal address of the company as well as
  • Evidence of the prescribed fees.

Office Locations and Contacts

Uganda Microfinance Regulatory Authority (UMRA)Ruwenzori Towers Block B Ground Floor
P.O.Box x 11545 Kampala Uganda.
Plot 6 Nakasero Road
Tel: +256 417 799 700
Fax: + 256 414 230 163
Email:info@umrago.ug
Website: Uganda Microfinance Regulatory Authority

Eligibility

The money lending licence cannot be suspended unless the person applying is a holder of an eligibility Certificate of Licence issued according to the requirements of the Money lenders Act.

Fees

No cost for the revocation of the Money lending Licence.

Validity

Valid until the reasons that caused the cancellation are solved.

Examples of Documents

Formula 6
Reg, 12(1),
THE REPUBLIC of UGANDA
A TIER 4-MICROFINANCE INSTITUTIONS and MONEY LENDERS Act, 2016, Notification of intent to cancel or revoke a LICENCE FOR MONEY LENDING
To: Money lender,

Take note that the Authority will revoke or suspend the Licence no. …………………………… issued to you on the …………… day of…………………20……… The reasons for suspension or revocation are as follows:
…………………………………………………………………………………
…………………………………………………………………………………
…………………………………………………………………………………
…………………………………………………………………………………
…………………………………………………………………………………
The applicant is required to give an explanation in writing regarding the above reasons within 14 days of the date you received this notice.
Dated this ……………day of …………………………, 20…………………………………………………

Secretary to the Executive Director/Board.

Formula 7
Reg, 12(5), 13(3)
The Republic of UGANDA The TIER 4 MICROFINANCE INSTITUTIONS and MONEY LENDERS ACT, 2016,
Notification of cancellation or suspension OF LICENCES TO MONEY LEND

To: MONEY LENDER

TAKE NOTICE that Licence No…………….issued to you is revoked/suspended effective
………/…………………………, 20…… You are required to surrender the licence to the Authority within fourteen days of receiving this notice. The Authority has instructed you to stop operating a cash lending immediately.
Dated at ……………… this ……… day of ………………………, 20………………………………….

……………………………
The Chairperson is the Chairman of the Board.
Secretary to the BoardSecretary to the Board

…………………….
Executive Director
WARNING
Section 84 (b) of the Tier 4 microfinance institutions as well as Money lenders
Act of 2016, makes it an offense which is punishable by the fine of 200 dollars
points for anyone who operates a business under a different name or in any location outside of the address or name specified in the licence for money lending or provides false or false information to any application for renewal of the licence.

Processing Time

Instant.

Instructions

  • A license issued under this ordinance will not be transferable.
  • Any person who is a candidate for a Money-lender’s License must submit reports on the progress of his money lending activities with the Authority at the end of each year. They should also provide details on his lending activities when requested from the Authority.
  • Every applicant must conform to the relevant money lending Act of the country.
  • All companies/individuals must register with Uganda Microfinance regulatory Authority, and be familiar with the rules relating to money lending activities.

The Information You Need

  1. Name of the applicant.
  2. Address of the physical and postal the head office.
  3. The date of the incorporation.
  4. Form of incorporation
  5. Description of the applicant’s activities or business.
  6. Certificate of incorporation number.
  7. Information about directors (Name and Nationality Date of appointment Educational level).

External Links

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