1988 Ed.]
Money Lenders
[CAP. 163
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(c) a statement in writing signed by or on behalf of the money lender showing--
(i) the total sum payable under the agreement by the borrower;
(ii) the various amounts comprised in that total sum with the date, or the mode of determining the date, when each becomes due.
(2) Without prejudice to subsection (1), a surety may at any time during the continuance of an agreement (whether made before or after the commencement of this Ordinance) in relation to which the security is provided require the money lender by notice in writing to furnish him with a statement in writing signed by or on behalf of the money lender showing-
(a) the total sum paid under the agreement by the borrower;
(b) the total sum which has become payable under the agreement by the borrower but remains unpaid, and the various amounts comprised in that total sum, with the date when each became due; and
(c) the total sum which is to become payable under the agreement by the borrower, and the various amounts comprised in that total sum, with the date, or the mode of determining the date, when each becomes due.
(3) Subsection (2) does not apply to a request made by a surety less than 1 month after a previous request under that subsection relating to the same agreement was complied with.
(4) If a money lender fails to comply with subsection (1) or a request to which subsection (2) applies he shall not be entitled, while the default continues, to enforce the security so far as provided in relation to the agreement.
Early payment by borrower
21. (1) A borrower under any agreement for the loan of money by a money lender shall be entitled at any time by notice in writing to the money lender and the payment to the money lender of all amounts payable as principal by the borrower which are outstanding under the agreement, together with interest computed up to the date of such payment, to discharge his indebtedness under the agreement:
Provided that the effective rate of such interest shall not exceed the effective rate at which interest would have been payable under the agreement if the borrower had not exercised his right under this section to discharge his indebtedness. (Amended, 69 of 1988, s. 17)
(2) [Repealed, 69 of 1988, s. 17]
Illegal agreements
22. (1) Any agreement made for the loan of money by a money lender shall be illegal if it provides directly or indirectly for
(a) the payment of compound interest;
(b) prohibiting the repayment of the loan by instalments; or
(c) the rate or amount of interest being increased by reason of any default in the payment of sums due under the agreement:
1988 Ed.]
Money Lenders
[CAP. 163
17
(c) a statement in writing signed by or on behalf of the money lender
showing--
(i) the total sum payable under the agreement by the borrower;
(ii) the various amounts comprised in that total sum with the date, or the mode of determining the date, when each becomes due.
(2) Without prejudice to subsection (1), a surety may at any time during the continuance of an agreement (whether made before or after the commence- ment of this Ordinance) in relation to which the security is provided require the money lender by notice in writing to furnish him with a statement in writing signed by or on behalf of the money lender showing-
(a) the total sum paid under the agreement by the borrower;
(b) the total sum which has become payable under the agreement by the borrower but remains unpaid, and the various amounts comprised in that total sum, with the date when each became due; and
(c) the total sum which is to become payable under the agreement by the borrower, and the various amounts comprised in that total sum, with the date, or the mode of determining the date, when each becomes due. (3) Subsection (2) does not apply to a request made by a surety less than 1 month after a previous request under that subsection relating to the same agreement was complied with.
(4) If a money lender fails to comply with subsection (1) or a request to which subsection (2) applies he shall not be entitled, while the default continues, to enforce the security so far as provided in relation to the agreement.
Early payment by borrower
21. (1) A borrower under any agreement for the loan of money by a money lender shall be entitled at any time by notice in writing to the money lender and the payment to the money lender of all amounts payable as principal by the borrower which are outstanding under the agreement, together with interest computed up to the date of such payment, to discharge his indebtedness under the agreement:
Provided that the effective rate of such interest shall not exceed the effective rate at which interest would have been payable under the agreement if the borrower had not exercised his right under this section to discharge his indebtedness. (Amended, 69 of 1988, s. 17)
(2) [Repealed, 69 of 1988, s. 17]
Illegal agreements
22. (1) Any agreement made for the loan of money by a money lender shall be illegal if it provides directly or indirectly for
(a) the payment of compound interest;
(b) prohibiting the repayment of the loan by instalments; or
(c) the rate or amount of interest being increased by reason of any default
in the payment of sums due under the agreement:
i
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