Security Interest in Movable Property Amendment Bill passed

The National Assembly on Monday passed the Security Interests in Movable Property (Amendment and Validation) Bill 2026, strengthening Guyana’s legal framework for commercial transactions and ensuring greater certainty for businesses and financial institutions.

Presenting the bill, Minister of Tourism, Industry and Commerce Susan Rodrigues noted that the amendments address practical and operational challenges that emerged during the implementation of the Security Interests in Movable Property Act 2024.

She explained that the principal Act introduced a modern legal framework for registering security interests in movable property through an electronic registry managed by the Commercial Registry.

However, technical difficulties with the electronic system required the registry to continue processing registrations manually to avoid disrupting commercial activity.

“The intent of the Act was always clear, to create an efficient, reliable and modern registration system that would support businesses, financial institutions and investors across our economy,” Minister Rodrigues told the Assembly.

The minister further stated that the amendments will allow for non-electronic registration whenever the electronic registry is unavailable.

This will ensure that commercial transactions are not delayed because of technical interruptions.

The legislation also validates registrations, procedures and administrative actions carried out in good faith while the electronic registry experienced operational challenges. This will safeguard the legal standing of security interests registered during that period.

Minister Rodrigues highlighted that the bill also extends the transitional period for registering security interests created under repealed legislation, ensuring that persons are not disadvantaged by circumstances beyond their control.

She noted that the amendments will provide legal certainty, protect lenders and borrowers, strengthen confidence in Guyana’s commercial framework and support the government’s efforts to modernise the country’s business environment.

Meanwhile, supporting the legislation, Attorney General and Minister of Legal Affairs Anil Nandlall described the bill as “a timely intervention,” saying it resolves important implementation issues and reinforces the legal framework governing secured commercial transactions. [DPI]