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Law library · Sierra Leone · The Borrowers and Lenders Act, 2014

Section 26, The Borrowers and Lenders Act, 2014

Status not yet checkedThe Borrowers and Lenders Act, 2014, Sierra Leone

(1) The borrower, a person with an interest in the collateralor an authorised representative may require the lender to send or make available the information specified in sub-regulation (2) to the person making the demand or, if the demand is made by the borrower, to any person specified by the borrower. (2) The information that may be demanded pursuant to sub- regulation (1) may be one or more of the following - (a) a statement in writing of the amount of the indebtedness as of the day specified in the demand; or (b) a written approval or correction of an itemised list of collateral as of the day specified in the demand. (3) Where a demand is made in accordance with this Regulation and the lender claims a security interest in— (a) all of the movable property of the borrower; (b) all of the movable property of the borrower other than a specified kind or item of property; or (c) all of a specified kind of movable property of the borrower, the lender may indicate this in lieu of approving or correcting the itemised list of the movable property. (4) A lender shall reply to a request referred to in subregulation (2) not later than ten (10) working days after its receipt. (5) Where, without reasonable excuse a lender fails to comply with a request within the time referred to in sub-regulation (4) or provides a reply that is incomplete or incorrect, the person who made the demand, in addition to any other remedy, may apply to the court for an order requiring the lender to comply with the request. (6) The person to whom a request is made pursuant to this Regulation may require payment in advance of a fee in the amount prescribed for each request, but the borrower is entitled to a reply without charge once every six (6) months.

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