112 Money Lending

• Author: Ralph Hone
• Pages: #3

CHAPTER 112.

MONEY LENDING.

AN ACT RELATING TO MONEY LENDING. 20 of 1913.

[7th July 1913.1

1. This Act may be cited as The Money Lending Short title.

   Act.

2. In this Act, unless the context otherwise Interpretation.

   requires'court' means the Supreme Court or any magisterial court to the extent to which it has civil jurisdiction under any Act.

3. -(1) If proceedings are taken in any court by Powers of the any person for the recovery of any money lent after the court.

   commencement of this Act or for the enforcement of any agreement or security made or taken after the commencement of this Act in respect of money lent, and if 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, premiums, 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(a) re-open the transaction and take an account between the lender and the person sued;

   (b) 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;

   Proceedings by borrower against lender.

   Bankruptcy.

   Application to all money lending.

   Bona fide assignee.

   Existing powers of court.

   (c) if any such excess has been paid, or allowed in account, by the debtor, order the creditor to repay it;

   (d) set aside, either wholly -or in part, or revise, or alter, any security given or agreement made in respect of money lent;

   (e) if the lender has parted with the security, order him to indemnify the borrower or other...