Learn the license fee for consumer finance companies in law

Accidents

The Government submitted to the Parliament a draft law regulating the activity of consumer finance to subject the activity of installment in Egypt for goods and services to the control of the Financial Supervisory Authority.

Article [7] of the law stipulates that it is not permissible to engage in consumer finance activity except for companies authorized by the Authority. The article specifies the license fee to practice the activity not exceeding one hundred thousand pounds.

Article [7]

It is not permissible to engage in consumer finance activity except for companies licensed by the Authority in accordance with the conditions and controls provided for in this law and the decisions issued in implementation thereof. And after registration with the Authority in a special register for this purpose in accordance with the controls and procedures issued by a decision of the Board of Directors of the Authority.

The Board of Directors of the Authority shall determine the license fee to carry out the activity of the company not exceeding one hundred thousand pounds, to be paid in accordance with the methods of payment prescribed by law.

The Authority shall have the right to license the Consumer Finance Company to carry out other non-bank financial activities in accordance with the regulations established by the Board of Directors in this regard, including in particular the need to maintain separate accounts and financial statements for each activity and to satisfy the issued and paid up capital for each activity.

The license shall be accompanied by the company's contract, the basic law, the commercial register and the tax card, in addition to the fulfillment of the conditions referred to in Article 8 of this law and other documents determined by the Authority's Board of Directors. The Authority shall issue a reasoned decision to accept or reject the license application within thirty The date of submission of the application fulfills all required documents.

The company to which the license is issued shall be registered in the register prepared for this purpose at the Authority.