610382-1928-Supplementary-Draft-Bills--Public-Health-and-Buildings-Amendment-Money-lenders — Page 11

A

Agreements

not

transferable.

Advertising prohibited.

Action in

866

12. The benefit of any agreement shall not be assignable.

13.(1) No money-lender shall advertise his busi- ness in any manner whatever.

(2) Every money-lender who commits an offence under this section shall be liable on summary convic- tion to a fine not exceeding two hundred and fifty dollars for every such advertisement.

14. No action in tort shall be maintainable by a tort does not money-lender in connection with any loan made by

lie.

Action by

him.

15.-(1) No action by a money-lender shall be with- money-lender. drawn or compromised without the leave of the court.

Execution.

Repeal of Ordinance No. 16 of 1911. Effect of repeal.

Commence- ment.

(2) Except by special order of the court, a money- lender who is a plaintiff shall not recover any legal costs except actual disbursements.

16. No money-lender shall issue any execution what- ever without the leave of the court.

17. The Money-lenders Ordinance, 1911, and the regulations made thereunder are repealed, but such repeal shall not in any way except as provided by this Ordinance effect the continuance or validity of any agreement entered into prior to the commencement of this Ordinance.

Provided nevertheless that any of the provisions of this Ordinance, which are applicable to any agreement entered into prior to the commencement of this Ordi- nance, shall apply to any such agreement.

18. This Ordinance shall come into force on the 1st day of January, 1929.

Objects and Reasons.

1. The object of this Ordinance is to strengthen the provisions of the present law in regard to Money- lenders in such a way as to make it more difficult for borrowers to be imposed upon or subjected to unreason- able charges. This Ordinance replaces the Money Lenders Ordinance of 1911, (16 of 1911) which has been found in practice to be insufficient for the. protec-

tion of borrowers.

2. Section 1 of this Ordinance contains the Short title.

3. Section 2 is the Interpretation clause and is derived from the provisions of section 6 of Ordinance 16 of 1911, which was based upon the English Money- lenders Act, 1900, (63 & 64 Vic. c. 51) s. 6.

4. Section 3 gives the usual power of making regu- lations to the Governor in Council, subject to the approval by the Legislative Council, and replaces section 4 of Ordinance 16 of 1911.

3. Section 4 makes any licence issued prior to the commencement of this Ordinance null and void.

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