Good news for farmers as well as Micro, Small and Medium business people as they may soon be able to mortgage personal property, produce or livestock in order to obtain funds from financial institutions.
While speaking on the new Personal Property Securities Bill 2017, Chairman of Justice, Law and Human Rights Committee Ashneel Sudhakar says that the basic purpose of the bill is to make it easier and less expensive to obtain credit.
He adds that the bill expands the collateralization base from just fixed assets of land and building to movable assets such as vehicles, industrial and agricultural machinery, equipment, agricultural produce and livestock, inventory bank accounts and insurance policies.
Sudhakar also highlighted that the new legislation will have a flow on effect where insurance also comes in to ensure that the welfare of the consumer is safeguarded.
The Parliamentary Committee of Justice, Law and Human Rights will be at the Sugar Cane Growers Council in Lautoka from 10.30am tomorrow to talk to the public about the new bill and take submissions on the new Personal Property Securities Bill.
