Cap. 656 Art. 8Internal review process.

(1) An eligible applicant who may submit an eligible application in accordance with this Act, shall first submit a complaint with the relevant lending institution.

(2) The lending institution shall investigate the complaint made by the eligible applicant in accordance with and subject to the time-limits established in its charter.

(3) The lending institution shall communicate its decision on a durable medium to the eligible applicant within the time-limits established in its charter.

(4) Where following its internal review process the lending institution confirms its decision to:

(a) refuse to grant a credit facility to the eligible applicant;

(b) withdraw or reduce an existing credit facility; or

(c) refuse an application requesting the restructuring of an existing credit facility:

(i) it shall, to the extent permitted by law, specify its reasons for the refusal, withdrawal or reduction; and

(ii) it shall, include clear information about the eligible applicant’s right to refer a complaint to the Office, together with the contact details of the Office, and the applicable time-limits for doing so in accordance with article 9.

(5) The provisions of this article shall not apply to lending institutions which are not required to have in place a complaints management policy and a complaints management function in terms of law.