The Equipment Leasing Act 2015 is part of Government’s support frame work to further stimulate development of the leasing industry to contribute more effectively to the national economic development. The Act is intended to create sanity, certainty into the practice of leasing, identifying and protecting the relationship and rights of stakeholders, enhancing confidence and encouraging more investments.
A key aspect of the law is the establishment of the Equipment Leasing Registration Authority (a public-private-partnership arrangement), to among other things; register lease agreements and lessors as well as investigate the incidence of default to give full effects to the purport and intent of the Act. The operations of the Registration Authority, is to be driven by Information Technology (IT), to improve processes and management.
It is expected that the full implementation of the Act will yield increased efficiency, protective mechanism, more investment and enhanced bottomline .