The Banking and Financial Institutions (Mortgage Refinance Companies) (Amendment) Regulations, 2023

This section names the regulations and says they must be read together with the 2022 principal Regulations.

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Jurisdiction: Tanzania
Instrument: Regulation
Citation: The Banking and Financial Institutions (Mortgage Refinance Companies) (Amendment) Regulations, 2023
Version: Undated source snapshot
Language: en
Official source: View official record ↗

application fee payment application fees Banking and financebusiness planning capital planning collateral requirements Company lawcredit security financial institutions member nomination mortgage refinance companies regulatory amendment regulatory approval regulatory change regulatory compliance

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This section names the regulations and says they must be read together with the 2022 principal Regulations. The provision adds definitions for “executive director” and “non-executive director” in regulation 3. The amendment replaces the required document with proof of payment of a non-refundable application fee of five million Tanzanian shillings. The principal Regulations are amended by deleting regulation 8. The Bank must direct the MRC to propose another person if it is satisfied that the proposed member does not meet the specified criteria.

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Provisions of The Banking and Financial Institutions (Mortgage Refinance Companies) (Amendment) Regulations, 2023

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1
These Regulations may be cited as the Banking and
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AI-assisted research summary: This section names the regulations and says they must be read together with the 2022 principal Regulations.

1. These Regulations may be cited as the Banking and Financial (Mortgage Refinance Companies) (Amendment) Regulations, 2023 and shall be read as one with the Banking and Financial Institutions (Mortgage Refinance Companies) Regulations, 2022 hereinafter referred to as the “principal Regulations”. Amendment of regulation 3
2
The principal Regulations are amended in regulation
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AI-assisted research summary: The provision adds definitions for “executive director” and “non-executive director” in regulation 3.

2. The principal Regulations are amended in regulation 3 by adding in their appropriate alphabetical order the following definitions: “executive director” means a person who is involved in the day-to day management of a bank or financial institution and sits on the board of directors; “non-executive director” means a person who does not hold any executive or management position in a bank or financial institution;” Amendment of regulation 6 Deletion of regulation 8
3
The principal Regulations are amended in regulation
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AI-assisted research summary: The amendment replaces the required document with proof of payment of a non-refundable application fee of five million Tanzanian shillings.

3. The principal Regulations are amended in regulation 6(3) by deleting paragraph (b) and substituting for it the following: “(b) a copy of proof of payment of a non- refundable application fee of five million Tanzanian shillings.”
4
The principal Regulations are amended by deleting
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AI-assisted research summary: The principal Regulations are amended by deleting regulation 8.

4. The principal Regulations are amended by deleting regulation 8. Amendment of regulation 10
5
The principal Regulations are amended in regulation
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AI-assisted research summary: The Bank must direct the MRC to propose another person if it is satisfied that the proposed member does not meet the specified criteria.

5. The principal Regulations are amended in regulation 10 by adding immediately after subregulation (2) the following: 1 Banking and Financial Institutions (Mortgage Refinance Companies) (Amendment) GN NO. 456 (contd.) “(3) Where the Bank is satisfied that the proposed member does not meet the specified criteria, the Bank shall direct the MRC to propose another person.” Amendment of regulation 12
6
The principal Regulations are amended in regulation
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AI-assisted research summary: A business plan must include, at minimum, MRC’s vision and mission, principal business and management, planned sources and uses of capital and other funds, and market analysis and business projections.

6. The principal Regulations are amended in regulation 12 by deleting subregulation (2) and substituting for it the following: “(2) The business plan under subregulation (1) shall, at minimum, include MRC’s vision and mission, principal business and management, planned sources and uses of capital and other funds, market analysis and business projections under various scenarios and assumptions.” activities, organization Amendment of regulation 14 14 by-
7
The principal Regulations are amended in regulation
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AI-assisted research summary: This section amends the principal Regulations so that MRC credit extensions must be fully secured by qualified collateral.

7. The principal Regulations are amended in regulation (a) deleting subregulation (3) and substituting for it the following: “(3) The MRC credit extensions shall be fully secured by qualified collateral.” (b) adding immediately after subregulation (3) the following: “(4) For the purpose of subregulation (3), a credit extension shall be deemed fully secured when a qualified collateral covers at least: (a) 111% of credit amount, for the case of first ranking specific debenture charge on the selected loan portfolio of mortgages; (b) 100% of credit amount, for the case of- (i) securities issued or guaranteed by the Government of the United Republic; or (ii) bank fixed deposits.”. (c) renumbering subregulations (4) to (7) as subregulations (5) to (8) respectively. Amendment of regulation 31 31, by-
8
The principal Regulations are amended in regulation
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AI-assisted research summary: This section amends the principal Regulations and adds a rule that a suspension continues until the non-compliance that led to it has been rectified.

8. The principal Regulations are amended in regulation (a) designating the contents of that regulation as subregulation (1); and (b) adding immediately after subregulation (1) as designated the following: to under “(2) The suspension referred subregulation (1) shall continue to be in force until where the mortgage refinance company, director, 2 Banking and Financial Institutions (Mortgage Refinance Companies) (Amendment) GN NO. 456 (contd.) officer or employee has rectified the non- compliance which led to the suspension.” Amendment of First Schedule
10
The principal Regulations are amended in the First
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AI-assisted research summary: The First Schedule is amended so the wording about application fee payment is changed from mentioning a cheque for TZS 5 million to requiring a copy of proof of payment.

10. The principal Regulations are amended in the First Schedule by deleting the words “Enclosed is a cheque for Tanzanian Shillings five million being payment of our application fee.” and substituting for them the words “Enclosed is a copy of proof of payment of Tanzanian shillings five million being payment for application fee.” Amendment of Third Schedule

Part

Schedule by deleting the words “Enclosed is a cheque for

9
The principal Regulations are amended in the Third
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AI-assisted research summary: This section amends the principal Regulations by changing entries in the Third Schedule.

9. The principal Regulations are amended in the Third Schedule by - (a) deleting subparagraph (b) in paragraph 1; (b) renaming subparagraphs (c) and (d) as paragraphs (b) and (c) respectively; (c) deleting paragraph 3; and (d) renumbering paragraph 4 as paragraph 3. Dar es salaam, 6th July, 2023 EMMANUEL M. TUTUBA Governor 3

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The Banking and Financial Institutions (Mortgage Refinance Companies) (Amendment) Regulations, 2023

About this statute

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Provisions of The Banking and Financial Institutions (Mortgage Refinance Companies) (Amendment) Regulations, 2023

Schedule by deleting the words “Enclosed is a cheque for

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