Section 6: Functions and powers of Commissioner

6. Functions and powers of Commissioner (1) The Commissioner shall have such functions and powers as are necessary to enable him to effectively discharge his duties, and in particular, shall— (a) ensure that proper and adequate information is given to borrowers concerning the proper ways and means of obtaining a credit facility; (b) promote public understanding of credit facilities, including awareness of the benefits and risks associated with them; (c) ensure that the terms and conditions of a credit agreement referred to him are not extortionate; (d) strive to strike a fair balance between the rights and obligations of borrowers and of lenders; (e) deal with complaints received from borrowers; and (f) cause investigations to be conducted and, where appropriate, convene hearings. (2) In the discharge of his functions under this Act, the Commissioner may— (a) request, for the purpose of assisting him in the conduct of an investigation, the Financial Secretary to cause to be enlisted the services of any person having experience in the field of banking, economics, finance or law, on such terms and conditions as the Financial Secretary may, after consultation with the Secretary to Cabinet and Head of the Civil Service, determine; (b) require any lending institution, with the written consent of the borrower or guarantor, if any, and notwithstanding section 64 of the Banking Act, to furnish such information and documents as may be required in respect of the credit facility; (c) make copies of or extracts from any document furnished pursuant to paragraph (b); or B11 – 3 [Issue 1] Borrower Protection Act (d) for the purposes of a hearing— (i) summon witnesses to appear before him; (ii) administer an oath and examine witnesses; (iii) subject to subsection (3), require any witness to produce any document in his control or custody. (3) Any witness summoned to appear before the Commissioner shall be entitled to the same immunity and privileges applicable to a witness before a Court of law. (4) For the purposes of a hearing, the Commissioner shall, subject to this Act, establish his own procedure and act expeditiously, taking into account the interests of all parties appearing before him. (5) (a) The Commissioner may issue guidelines relating to the terms and conditions of credit agreements after consultation with relevant regulatory authorities and lending institutions. (b) Any guidelines issued under paragraph (a) shall be published in the Gazette.