MONEY-LENDERS.
No. 16 of 1911.
1197
No. 16 of 1911.
An Ordinance to amend the law with respect to persons carrying on business as money-lenders.
[Originally No. 16 of 1911. No. 27 of 1931. [1st January, 1912.] Law Rev. Ord., 1939.]
*
1. This Ordinance may be cited as the Money-lenders Ordinance, 1911.
2. (1) Where proceedings are taken in any court by a money-lender for the recovery of any money lent, or the enforcement of any agreement or security made or taken in respect of money lent, 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 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 reopen 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, reopen 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 creditor to repay it; and may set aside either wholly or in part, or revise, or alter, any security given or agreement made in respect of money lent by the money-lender, and if the money-lender has parted with the security may order him to indemnify the borrower or other person sued.
(2) Any court in which proceedings might be taken for the recovery of money lent by a money-lender shall have, and at the instance of the borrower or surety or other person liable may exercise, the like powers as may be exercised under this section,
* Watchmen may not act as money-lenders: see No. 6 of 1928 [Watchmen], s. 12.
As amended by Law Rev. Ord., 1939.
MONEY-LENDERS.
No. 16 of 1911.
1197
No. 16 of 1911.
An Ordinance to amend the law with respect to persons
carrying on business as money-lenders.
[Originally
No. 16 of 1911.
No. 27 of 1931.
[1st January, 1912.]
Law Rev. Ord., 1939.]
*
1. This Ordinance may be cited as the Money-lenders Short title. Ordinance, 1911.
any
.
of trans- actions of
lender. 63 & 64 Vict.
c. 51, s. 1.
ct. No. 3 of 22, 52, and 300.]
1901, ss. 21a,
+
2. (1) Where proceedings are taken in any court by a Re-opening money-lender for the recovery of any money lent, or the enforcement of any agreement or security made or taken money. in respect of money lent, 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 other charges are excessive, and that, in either case, the trans- action is harsh and unconscionable, or is otherwise such that a court of equity would give relief, the court may reopen 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 а new obligation, reopen 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 creditor to repay it; and may set aside either wholly or in part, or revise, or alter, any security given or agreement made in respect of money lent by the money-lender, and if the money-lender has parted with the security may order him to indemnify the borrower or other person sued.
(2) Any court in which proceedings might be taken for the recovery of money lent by a money-lender shall have, and at the instance of the borrower or surety or other person liable may exercise, the like powers as may be exercised under this section,
* Watchmen may not act as money-lenders: see No. 6 of 1928 [Watchmen],
s. 12.
As amended by Law Rev. Ord., 1939.
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