A request has been made from the Governor of the Central Bank of Sri Lanka WD Lakshman to take steps and amend the Finance Leasing Act (No.56 of 2000).
Speaking to NewsRadio, Convener of the All-Island Vehicle Leasing and Loan Instalment Payers Association Sanjaya Mahawatta said according to the provisions of the bill, leasing companies are able to retain vehicles of individuals even if all payments are completed.
Mahawatta said they are not protected by the law and the Finance Leasing Act.
He claimed the legislation is flawed and called for immediate amendments to be tabled and lift the burden on the people.
Sanjaya Mahawatta also said the government and the Central Bank issued various circulars calling for concessions to be provided to the public.
However he claimed new circulars did more damage than favours since instalments for leases increased by Rs.10,000 for most people despite the government promising to grant concessions.
Mahawatta claimed the Central Bank proceeded to add an extra 11% levy on loan instalments, and allowed companies to seize vehicles when they failed to meet lease conditions.