Banks and financial institutions can only seize lease defaulted vehicles if there is no resistance from the vehicle owner, State Minister of Finance Ranjith Siyambalapitiya said today.
State Minister Siyambalapitiya stated that Parate execution is not utilized for the seizure of vehicles.
The State Minister made the remarks in Parliament today making a statement on the use of Parate execution, a practical foreclosure procedural law.
Banks and financial institutions can seize properties under the Parate execution only if the loan amount exceeds Rs. 5 million.
The Parate execution has been utilized by 19 organizations, including banks and financial institutions on 173 instances from January to June this year, he stated.
State Minister of Finance Ranjith Siyambalapitiya added that the law was utilized for loans amounting to a total of Rs. 15 billion. (NewsWire)
