DISTRIBUTED BY VERITAS Veritas makes every effort to ensure the provision of reliable information, but cannot take legal responsibility for information supplied . H.B. 2, 2012 Gazetted: 31st August 2012 First Reading in House of Assembly: 29th November 2012 Referred to Parliamentary Legal Committee: 29th November 2012. MICROFINANCE BILL, 2012 ______________ MEMORANDUM ______________ This Bill will provide for the registration, supervision and regulation of persons conducting microfinance business in Zimbabwe; to amend the Moneylending and Rates of Interest Act [Chapter 14:14] and the Banking Act [Chapter 24:20] (Act No. 9 of 1999). In more detail, the individual clauses of the Bill contain the following provisions: Part I Clause 1 sets out the short title of the Bill. Clause 2 provides the definitions of terms used in the Bill. Clause 3 is the application clause that sets out the institutions that will be administered by this Bill. Part II Clause 4 provides for the appointment of the Registrar of Microfinanciers and any other employee that may be necessary to give effect to the Bill. Clause 5 provides for the exercise of functions of the Registrar. Part III This Part provides for the registration of microfinanciers, with specific reference to persons that are prohibited from conducting microfinance businesses, the registration of microfinanciers, renewal, amendments and cancellation of registration. Clause 13 provides for the need of a public notice of registration or cancellation of registration of a microfinancier as well as the effect of a cancellation of registration. Part IV Clause 15 requires every microfinancier to display or publish information regarding the business of the microfinancier. Clause 16 provides for the requirements of a loan agreement. -i-