Secured Transactions (Movable property), Bill-2023 placed in JS

A bill titled “Secured Transactions
(Movable Property) Bill-2023” was placed in the Jatiya Sangsad (JS) aiming to
expand bank loan accessibility.

Finance Minister AHM Mustafa Kamal today placed the bill in the House with
Speaker Dr Shirin Sharmin Chaudhury in the chair.

Piloting the bill, the minister said the draft of the act will make it easier
for small and medium enterprises and self-employed people who don’t have
enough immovable property to furnish movable assets as collateral for
business loans.

The movable properties include– raw materials for export products, work
orders, precious metals such as gold, certificates of deposits in banks and
financial institutions, medicinal plants and fruit-bearing trees.

A well-known company’s share certificate and documents of patent or
intellectual property rights can be put as collateral as well.

Besides, furniture, electronic products, software, apps, agricultural
products, minerals, vehicles, processed fish and livestock, values of which
can be calculated are on the list of movable assets to be used as collateral.

Currently, only immovable property such as buildings and land are accepted as
collateral against bank loans.

Kamal said the act was formulated considering the interests of small and mid-
level entrepreneurs, adding: “Anyone can take this loan. It will expand the
base of investments.”

This is a new law that allows movable assets to be used as equity while
applying for bank loans, he said.

The finance minister urged the House to send the bill to the concerned
parliamentary standing committee for providing reports within 15 days. (BSS)