George Town, Cayman Islands — 10th March 2026 — Minister for Planning, Lands, Agriculture, Housing & Infrastructure, Hon. Johany “Jay” Ebanks, today brought forward reforms in Parliament to strengthen transparency and fairness in the Cayman Islands’ mortgage system, with Parliament passing the Registered Land (Amendment) Act, 2026.

The reforms strengthen transparency in mortgage lending by improving borrower disclosures, requiring advance written notice of interest rate changes, and introducing clearer procedures when mortgages fall into default.

The legislation also introduces a formal pre-action engagement process, encouraging meaningful dialogue between lenders and borrowers before enforcement action may proceed. The objective is to promote earlier communication, improve understanding of repayment options, and support fair and orderly resolution where financial difficulties arise.

Additional amendments modernise aspects of the power of sale provisions, aligning statutory procedures with current lending practices while maintaining important safeguards, including independent valuation requirements and clear legal standards governing enforcement.

Minister Ebanks said the amendments strengthen consumer understanding while maintaining confidence in Cayman’s property and financial systems.

“These changes are about clarity and fairness. They help ensure people understand what they are agreeing to, encourage earlier conversations when challenges arise, and set out clearer processes where action is required. This is about improving transparency while maintaining confidence in Cayman’s land and financial systems.”

The reforms support the Government’s Public & Affordable Housing Policy and Ten-Year Strategic Plan, which aims to strengthen housing stability and expand pathways to sustainable home ownership for Caymanians.

By improving transparency within the mortgage process, the legislation reinforces a fair and predictable framework for both borrowers and lenders, strengthening confidence in Cayman’s land registration system and the stability of its property and financial markets.

The Act will come into force on a date appointed by Cabinet Order, allowing time for continued engagement with financial institutions, legal practitioners, and other stakeholders to support smooth implementation.

The full legislation is available at: https://legislation.gov.ky

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PLAHI Public Relations
Ministry of Planning, Lands, Agriculture, Housing & Infrastructure (PLAHI)