MONEY-LENDERS.
No. 16 of 1911.
1987
No. 11 of 1911, repealed by No. 8 of 1912 s. 71.
No. 12 of 1911, incorporated in No. 3 of 1903.
No. 13 of 1911, incorporated generally.
No. 14 of 1911, incorporated in No. 1 of 1845.
No. 15 of 1911, incorporated in No. 2 of 1881.
No. 16 of 1911.
as Money-lenders.
To amend the law with respect to Persons carrying on business
[In force 1st January, 1912.] 1. The Money-lenders Ordinance, 1911.
Short title.
63 & 64 Vict. c. 51 s. 7.
of transactions of lender.
2.-(1) Where proceedings are taken in any Court by a money-lender for the recovery of any money lent after the commencement of this Ordinance, or the enforcement of any agreement or security made or taken after the commencement of this Ordinance, in respect of money lent either before or after the commencement of this Ordinance, and there is evidence which satisfies the Court that the interest charged in respect of the sum actually lent is excessive, or that the amounts charged for expenses, inquiries, fines, bonus, premium, renewals, or any other charges, are excessive, and that, in either case, the transaction is harsh and unconscionable, or is otherwise such that a Court of Equity would give relief, the Court may re-open the transaction, and take an account between the money-lender and the person sued, and may, notwithstanding any statement or settlement of account or any agreement purporting to close previous dealings and create a new obligation, re-open any account already taken between them, and relieve the person sued from payment of any sum in excess of the sum adjudged by the Court to be fairly due in respect of such principal, interest, and charges as the Court, having regard to the risk and all the circumstances, may adjudge to be reasonable; and if any such excess has been paid, or allowed in account, by the debtor, may order the
* As amended by No. 16 of 1912 and No. 17 of 1912.
MONEY-LENDERS.
No. 16 of 1911.
1987
No. 11 of 1911, repealed by No. 8 of 1912 s. 71.
No. 12 of 1911, incorporated in No. 3 of 1903.
No. 13 of 1911, incorporated generally.
No. 14 of 1911, incorporated in No. 1 of 1845.
No. 15 of 1911, incorporated in No. 2 of 1881.
No. 16 of 1911.
as Money-lenders.
To amend the law with respect to Persons carrying on business
[In force 1st January, 1912.] 1. The Money-lenders Ordinance, 1911.
Short title.
63 & 64 Vict. c. 51 s. 7.
of transac- tions of
lender.
*
2.-(1) Where proceedings are taken in any Court by a money- Re-opening lender for the recovery of any money lent after the commencement of this Ordinance, or the enforcement of any agreement or security money- made or taken after the commencement of this Ordinance, in respect [ib. s. 1.] of money lent either before or after the commencement of this Ordinance, and there is evidence which satisfies the Court that the interest charged in respect of the sum actually lent is excessive, or that the amounts charged for expenses, inquiries, fines, bonus, premium, renewals, or any other charges, are excessive, and that, in either case, the transaction is harsh and unconscionable, or is otherwise such that a Court of Equity would give relief, the Court may re-open the transaction, and take an account between the money-lender and the person sued, and may, notwithstanding any statement or settlement of account or any agreement purporting to close previous dealings and create a new obligation, re-open any account already taken between them, and relieve the person sued from payment of any sum in excess of the sum adjudged by the Court to be fairly due in respect of such principal, interest, and charges as the Court, having regard to the risk and all the circum- stances, may adjudge to be reasonable; and if any such excess has been paid, or allowed in account, by the debtor, may order the
* As amended by No. 16 of 1912 and No. 17 of 1912.
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