Egypt’s new Consumer Credit Act to receive final vote soon
LEGISLATION WATCH- Consumer Credit Act cleared for final vote; House working through a busy legislative agenda: The House of Representatives cleared the way for a final vote on the proposed Consumer Credit Act after the bill won in-principle approval at a plenary session yesterday, reports Al Shorouk. The final vote was postponed due to lack of quorum. The 30-article draft would, if passed, introduce a complete legislative framework regulating consumer finance companies, outline the requirements necessary for their establishment, introduce “detailed” regulations for those in the market, specify conditions in contracts with borrowers, and introduce new financial reporting rules for consumer finance players, according to a memo seen by the newspaper. You can refresh your memory on other key elements of the bill here.
Anti-terror legislation to introduce sharper penalties, wider definition of funding: The House Legislative and Constitutional Affairs Committee has greenlit amendments to the Anti-Terrorism Act that would, if passed in a final vote, enact sharper penalties (up to the death penalty) for funding terrorist groups, reports Ahram Online. The amendments also broaden the definition of what counts as funding terrorist acts to include providing training grounds for terrorists, weapons or documents in any form, or helping terrorists travel. The changes are expected to be discussed in a plenary session today or tomorrow.
Also approved in yesterday’s general assembly:
- An amendment to the recently ratified Social Security and Pensions Act to settle a dispute with several pensioners by allowing them to add the previous five raises to their pensionable pay under the new law (approved in principle);
- Amendments to the the Antiquities Protection Law that would introduce harsher penalties for the illicit trade of artifacts (approved in principle);
- A bill that would set up committees in governorates to organize street parking, as well as legislative stipulations to regulate the job of a ‘sayes’ (street car park attendants);
And in the final piece of legislative news from a rather busy day at parliament: The House Transportation Committee has referred back to cabinet a proposed bill to regulate using inland waterways for shipping and transport for more work, reports the domestic press. The bill, which the government recently proposed, aims to encourage use of the Nile as a transport artery by clarifying licensing procedures and how routes are approved, committee Chair Hisham Abdel Wahed said