Attorney General and Minister of Legal Affairs, Anil Nandlall, S.C., has announced that Guyana’s new Collateral Registry is now up and running, marking a major step toward modernising the country’s credit system and improving access to financing for individuals and businesses.
Speaking on his weekly programme Issues in the News, Nandlall explained that the move follows the enactment of the Security Interest in Movable Property Act, No. 20 of 2024, which introduces a modern legal and regulatory framework for using movable property as security in credit transactions.
“This piece of legislation introduces a modern framework for the registration of security interests in movable property and represents a significant milestone in advancing Guyana’s business and financial regulatory environment,” Nandlall said.
He noted that under the Act, persons can now borrow money using movable assets- such as vehicles, equipment, or other chattels- as collateral. These arrangements are common in hire-purchase and credit-sale agreements, but previously operated under the Bill of Sales Act, which has now been repealed.
“The Bill of Sales Act has been repealed, and this new Act substitutes it,” the Attorney General stated, adding that the new system allows “bankers, retail suppliers, automotive dealers, and all those businesses engaged in selling movable property on credit” to file their security instruments at the newly established Collateral Registry housed within the Deeds and Commercial Registry Authority.
According to Nandlall, the registry had not been operational since the Act came into force due to technical difficulties, but these have now been resolved. “I am pleased to announce that as of today, the registry is up and functional,” he confirmed.
He added that both the banking sector and commercial stakeholders have already been trained in the use of the registry, while further training will be provided to ensure full familiarisation with the system and its provisions.
The Attorney General explained that the new registry replaces the outdated process of filing bills of sale, providing a secure, transparent, and easily accessible record of credit transactions involving movable property. This, he said, will help boost confidence in credit arrangements, facilitate commerce, and support small and medium-sized enterprises that lack immovable property to use as collateral.
“This is not financing for immovable property- that’s a different regime,” Nandlall clarified. “But what we have now is a modern framework through which persons can access financing using movable property as collateral.”
He said the Registrar of Commerce has been instructed to publish an official notice informing all stakeholders of the registry’s operational status and procedures.
The Attorney General underscored that the new framework forms part of wider government efforts to strengthen the business environment, modernise financial systems, and expand access to credit across sectors.
