Wikiprocedure

Uganda - Revocation, Suspend or Cancelation of Money Lender Licence

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ProcedureEdit

  1. Where the Authority intends to revoke a licence under section83 of the Act, the Authority shall issue to the licensee a notice of intention to revoke a licence, in Form 6.
  2. The licensee shall, within 14 days after receiving a notice referred to in sub regulation (1), show cause in writing to the Authority why the licence should not be revoked.
  3. The Authority shall examine the reasons submitted by the licensee in sub regulation (2) and
    • Where the Authority is satisfied with the explanation, in writing withdraw the notice referred to.
    • Where the Authority is not satisfied with the written explanation referred to in sub regulation (1),invite the licensee for an oral interface within five days after receiving the explanation.
  4. Where the Authority is not satisfied with the explanation after an oral interface with the licensee, the Authority shall—
    • issue a notice of revocation to the licensee;
    • require the licence to deliver to the Authority the licence within fourteen days after receiving the notice of revocation of licence; and
    • endorse on the licence, the words “REVOKED”
  5. Further any money Lender is required to comply with the applicable Money lenders Act of the country. Where Money Lender violates the provisions of the Investment Proclamation or regulations or directives issued to implement same, the Authority may suspend the Money Lenders Licence until the Money Lender takes due corrective measures.
  6. Where the Authority revokes a licence, the Authority shall cause notice of revocation to be published in the Gazette or a newspaper of wide circulation at least within thirty days after the revocation.
  7. The Authority may, suspend a license instead of revoking that licence if the Authority is not satisfied with the explanation from the applicant.
    • The suspension of a license may be—
      • for a specified period;
      • until the occurrence of a specified event; or
      • until specified conditions are complied with.
    • A notice of suspension of licence shall be in Form 7 set out in Money lenders Act.
  8. A person whose licence is revoked or suspended shall be taken not to be licensed unless the Authority withdraws the suspension, in the case of suspension of a license.

Withdraw of the suspension.

  • A person whose licence is revoked or suspended shall be taken not to be licensed unless the Authority withdraws the suspension, in the case of suspension of a license.
  • The application shall state the grounds on which the applicant intend to rely on to seek the suspension to be withdrawn, stating clearly the remedies for the reasons that led to suspension.
  • Where the Authority is satisfied with the reasons furnished by the applicant, the Authority shall withdraw the suspension in writing.
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Required DocumentsEdit

  • The certificate of incorporation of the Company,
  • The particulars of the directors of the Company;
  • A resolution of the particulars of the secretary of the company;
  • The postal and physical address of the company and
  • Proof of the prescribed fees.

Office Locations & ContactsEdit

Uganda Microfinance Regulatory Authority - HEAD OFFICE,
Physical Address: Rwenzori Towers, Block B
Ground Floor, Plot 6 Nakasero Road
Postal Address: P.O Box 11545
Kampala , Uganda
Call: 256 417 799 700
Toll - free: 0800 111 449
Email Us: info@umra.go.ug / enquiries@umra.go.ug
Website: LInk

EligibilityEdit

Money lending licence shall not be revoked unless the applicant holds an eligibility Money lenders Licence certificate granted in accordance with the provisions of money lenders Act;

FeesEdit

Free of charge for revocation of the Money lenders Licence.

ValidityEdit

Valid until the issues that led to cancellation are resolved

Documents to UseEdit

Please attach documents that can be used by people. e.g. links

Sample DocumentsEdit

FORM 6
Reg, 12(1),
THE REPUBLIC OF UGANDA
THE TIER 4 MICROFINANCE INSTITUTIONS AND MONEY LENDERS ACT, 2016 NOTICE OF INTENTION TO REVOKE OR SUSPEND MONEY LENDING LICENCE
To: Money lender,

TAKE NOTICE that the Authority intends to revoke or suspend Licence No. ................................. issued to you on the ............... day of.....................20......... The grounds for revocation or suspension are as follows—
.............................................................................................
.............................................................................................
.............................................................................................
.............................................................................................
.............................................................................................
You are hereby directed to provide an explanation in writing in relation to the above grounds within 14 days from the date of receiving this notice.
Dated this ...............day of .............................., 20.........................................................

Secretary to the Board/Executive Director.


FORM 7
Reg, 12(5), 13(3)
THE REPUBLIC OF UGANDA THE TIER 4 MICROFINANCE INSTITUTIONS AND MONEY LENDERS ACT, 2016
NOTICE OF REVOCATION OR SUSPENSION OF MONEY LENDING LICENCE

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. You are hereby directed to cease carrying on money lending business with immediate effect.
Dated at .................. this ......... day of ..........................., 20........................................

……………………………
Chairperson of the Board
Secretary to the Board/

…………………….
Executive Director
WARNING
Section 84 (b) of the the Tier 4 Microfinance Institutions and Money lenders
Act, 2016 makes it an offence punishable by a fine of two hundred currency
points for a person who carries business in a name or at any place other than the name or address specified in the money lending licence or who furnishes false or misleading information in connection with any application for the renewal of a licence.

Processing TimeEdit

Instant.

Related VideosEdit

Videos explaining the procedure or to fill the applications. 
Attach videos using the following tag <&video type='website'>video ID|width|height<&/video&> from external websites. 	
Please remove the '&' inside the tags during implementation.
Website = allocine, blip, dailymotion, facebook, gametrailers, googlevideo, html5, metacafe, myspace, revver, 
sevenload, viddler, vimeo, youku, youtube
width = 560, height = 340, Video ID = Can be obtained from the URL of webpage where the video is displayed.
e.g In the following url 'http://www.youtube.com/watch?v=Y0US7oR_t3M' Video ID is 'Y0US7oR_t3M'.

InstructionsEdit

  • A Licence issued under this ordinance shall not be transferable.
  • Any applicant with Money lender’s Licence should submit progress reports on the implementation of his Money lending activities to the Authority at the end of every year; and provide information concerning his money lending activities whenever required by the Authority.
  • Any Applicant is required to comply with the applicable 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.

Required InformationEdit

  1. Name of applicant.
  2. Physical and postal address of head office.
  3. Date of incorporation.
  4. Form of incorporation
  5. Description of the applicants business or functions.
  6. Certificate of incorporation Number.
  7. Particulars of directors (Name, Nationality, Date of appointment, Level of education).

Need for the DocumentEdit

Please provide the need for the procedure. e.g. Birth Certificate - why do we need to have a birth certificate?

Information which might helpEdit

Enter other informations which might help.

Other uses of the Document/CertificateEdit

Please explain what are other uses of obtaining this document/certificate.
e.g. Birth Certificate can be used as proof of identity.

External LinksEdit

OthersEdit

More information which might help people.


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