From American Banker By TAMAR FRANKEL July 10, 2014 Many contributors helped bring about the most...
Consumer Affairs Authority Act No. 9
(enacted in 2003)
Consumer Affairs Authority Act No. 9 of 2003 established the Consumer Affairs Authority (CAA) and the Consumer Affairs Council (CAC) as the government bodies with jurisdiction over consumer protection and business competition in Sri Lanka. It extensively regulates the sale of goods, as well as regulating services, which are defined to include banking and financing services. The act gives the CAA and CAC quasi-judicial powers to investigate consumer complaints and enforce the act, while also authorizing courts to impose substantial monetary penalties and/or imprisonment for violations of the act.