Section 20, The Borrowers and Lenders Act, 2014

(1) A lender shall register a discharge of a registered securityinterest where the registration was authorised by the borrower but the authorisation has been withdrawn and no security agreement has been concluded. (2) Pursuant to section 20 of the Act, a lender shall register a discharge form within 15 working days after receipt of request from the borrower, if the security interest has been extinguished by performance of all obligations under the credit agreement. (3) If a lender does not comply with the borrower’s written request within 15 working days after his receipt of the request, the borrower shall be entitled to initiate legal proceedings for an order for the compulsory registration of the discharge form. (4) A lender shall not charge or demand any fee for complying with his obligation under sub-regulation (1). (5) A discharge of a registered security interest under sub-regulation (1) shall be registered by the Collateral Registry without delay upon receipt of the form with a copy of the relevant order. PART VII – MISCELLANEOUS