Skip to main content 11.1.2 Early Settlement Fee
C 8/2020 STA Effective from 25/12/2020 - 11.1.2.1IFIs must adhere to the Early Settlement Fee requirements set by the Central Bank and disclose this fact to their Consumers.
- 11.1.2.2In the event that the Central Bank mandates the IFI to waive a part of the outstanding debt in case of early settlement, the IFI must comply with the Permissible limits of debt/liability IFIs are allowed to retain prescribed by the Central Bank in accordance with the relevant HSA resolutions.
- 11.1.2.3Licensed Financial Institutions must not impose Early Settlement Fees except in relation to the actual costs incurred by the Licensed Financial Institutions as a result of the early settlement process and in accordance with the HSA resolution on early settlement No. (76/3/2019), and these principles should be considered in the product disclosure statements while ascertaining transparency and truthfulness of the information.
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