Govt proposes more legal reforms
2020-01-17 at 14:32
Minister of Justice, Human Rights & Legal Reforms Nimal Siripala de Silva has taken steps to increase the number of members of the credit concessions board from five to seventeen.
The Justice Ministry in a statement said the letters of appointment to the twelve new members were issued by Minister de Silva.
The new members have been appointed in view of reducing the number of pending Court cases, and providing relief to citizens who have taken out loans.
The Board consisting of seven retired judges, two attorneys, seven retired high ranking state officers, and a professional sums up the seventeen members.
Minister Nimal Siripala de Silva stated the role of the Board will be to settle or bring to terms, any dispute between the two parties that have engaged in the loan agreement.
The credit concessions board will mediate in matters of disputes between lenders and borrowers and aid them in necessary legal protection to reach settlements via lesser interest rates on loan installments.