Obligation
of Money- lender in regard to agreement.
Registration
of agree- ments.
864
7. In the case of every agreement entered into after the commencement of this Ordinance a money- lender-
(a) shall enter into every such agreement in his
own or usual trade name;
(6) shall cause every such agreement to be drawn up in writing, in duplicate, in the English language, or if the borrower does not under- stand that language in a language selected by the borrower with a translation thereof in the English language attached.
(c) shall himself execute every such agreement in duplicate, and shall deliver to the bor- rower, free of charge, to be kept by him, one of such duplicate agreements together with one copy of such translation, if any;
(d) shall be responsible for every such agreement and translation stating truly the sum of money which is actually lent and paid over to the borrower in cash, and the rate of interest chargeable, and the date of repay-
ment.
(e) shall not require the borrower at any time, or by reason of any default whatever on the part of the borrower, to execute any fresh writing for the repayment of any greater sum than that sum which the money-lender actually lent to the borrower in cash on the signing of the agreement together with simple interst on such sum at a rate not exceeding 3% per month until repayment ; (f) shall not at any time, or by reason of any default whatever on the part of the borrower, demand or receive from the borrower pay- ment of any greater sum of money than the principal actually lent and simple interest at 3% per month.
(g) shall not lend money to any person under the age of twenty one years, unless he can prove reasonable belief that the borrower was over the age of twenty one years.
8.-(1) A correct copy of every agreement made by him after the commencement of this Ordinance shall be produced by every money-lender to the Registrar within seven days after the date of execution and shall be filed by the Registrar.
(2) All agreements entered into by any money- lender before the commencement of this Ordinance shall be produced by such money-lender to the Regis- trar within ten days after the commencement of this Ordinance and shall be filed by the Registrar.
(3) Any agreement, coming within either sub-section (1) or sub-section (2) of this section, which without lawful excuse is not produced for registration with the Registrar within the respective periods specified in such sub-sections respectively, may be refused registration by the Registrar and upon any such refusal shall become, subject to appeal from the Registrar to the Court, null and void.
(4) Any such registration and filing as aforesaid shall be made by the Registrar without payment to him of any fee.