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Cabinet has approved the drafting of legislation for a secured transactions framework.
Making the disclosure at a post-Cabinet press briefing at Jamaica House on November 24, Minister with responsibility for Information, Telecommunications and Special Projects, Hon. Daryl Vaz said that the objective of the new legislative framework is to increase access to finance in Jamaica, particularly for small and medium sized enterprises.
He said it is anticipated that the implementation of a modern Secured Transaction Act should give significant benefits to small and micro financing institutions, in relation to lease financing and general access to credit.
The Act adopts the following four fundamental principles: to ensure that the creation of security in movable property is simple, flexible and inexpensive and cannot readily be challenged; clarify the rights of competing creditors; use modern technology and simple design to share information; and enforce property rights efficiently.
Minister Vaz also disclosed that Cabinet also approved the issuing of drafting instructions to the Chief Parliamentary Counsel and the amendments to existing legislation where there was need for consequential amendments.