XN000022-1988-06-22 — Page 27

WEDNESDAY, JUNE 22, 1988

25

BILL REMEDIES PROBLEMS IN MONEY LENDER LAW

* * *

A BILL TO REMEDY PROBLEMS ARISING FROM THE OPERATION MONEY LENDERS ORDINANCE WAS INTRODUCED INTO THE LEGISLATIVE TODAY (WEDNESDAY).

OF THE COUNCIL

IN MOVING THE SECOND READING OF THE MONEY LENDERS (AMENDMENT) BILL 1988, THE ACTING FINANCIAL SECRETARY, THE HON DAVID NENDICK, POINTED OUT THAT THE ORDINANCE HAD BEEN ENACTED IN 1980 PRINCIPALLY TO CURB LOANSHARKING.

MR NENDICK SAID THE PROPOSED AMENDMENTS WOULD IMPROVE THE ADMINISTRATION OF THE ORDINANCE AND SIMPLIFY LICENSING PROCEDURE.

THEY WOULD ALSO WIDEN THE SCOPE OF EXISTING EXEMPTIONS FROM ALL OR PARTS OF THE PROVISIONS OF THE ORDINANCE AND EMPOWER THE REGISTRAR OF MONEY LENDERS TO GRANT GENERAL OR SPECIFIC EXEMPTIONS.

MR NENDICK SAID THAT A NUMBER OF WEAKNESSES HAD EMERGED IN THE OPERATION OF THE ORDINANCE OVER THE YEARS.

EXPERIENCE HAS ALSO SHOWN THAT CERTAIN GENUINE COMMERCIAL TRANSACTIONS HAVE BEEN CAUGHT EVEN THOUGH THEY WERE NOT INTENDED ΤΟ BE, AND INDEED, OUGHT NOT TO BE, CAUGHT BY THE PROVISIONS OF THE ORDINANCE, HE SAID.

THE FIRST SET OF AMENDMENTS SOUGHT TO SIMPLIFY THE LICENSING

PROCEDURE.

MR NENDICK SAID AN APPLICATION FOR A MONEY LENDER'S LICENCE WAS DETERMINED BY A LICENSING COURT COMPRISING A MAGISTRATE AND TWO

ASSESSORS.

AT PRESENT, A HEARING BY THE FULL COURT WAS REQUIRED, WHETHER OR NOT AN OBJECTION WAS MADE TO THE APPLICATION,

"AS AN UNOPPOSED APPLICATION IS INVARIABLY GRANTED, IT 13 PROPOSED THAT SUCH APPLICATIONS SHOULD BE DEALT WITH BY A MAGISTRATE SITTING ALONE,' HE SAID.

"

THE SECOND SET

OF

AMENDMENTS SOUGHT TO IMPROVE THE

ADMINISTRATION OF THE ORDINANCE.

AT PRESENT, AN ADVERTISEMENT TO LEND MONEY WAS ONLY REQUIRED TO SHOW THE NAME OF THE MONEY LENDER, MR NENDICK SAID.

IT IS

BE

"TO HELP THE POLICE IN CONTROLLING THESE ADVERTISEMENTS, PROPOSED THAT THE LICENCE NUMBER OF THE MONEY LENDER SHOULD ALSO PRINTED IN ANY ADVERTISEMENT, HE SAID.

"

/FAILURE TO