113 Rate Of Interest

• Author: Ralph Hone
• Pages: #3

CHAPTER 113.

RATE OF INTEREST.

AN ACT TO REGULATE THE RATE OF INTEREST WHICH 25 of 1948.

MAY BE CHARGED ON LOANS AND FOR PURPOSES CONNECTED THEREWITH.

[17th August 1948.] 1. This Act may be cited as The Rate of Interest Short title.

Act.

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

   requires'court' means the Supreme Court, or a magistrate's court to the extent to which it has civil jurisdiction under any Act.

3. The rate of interest which may be charged by Rates of any person on any loan -of money made after the interest on commencement of this Act shall not directly or indirectly exceed twenty per centum per annum simple interest on loans of more than twenty-five pounds, or thirty per centum per annum simple interest on loans,of twenty-.

   five pounds or any less amount irrespective of the date fixed for repayment of the said loan.

4. Any contract, promissory note, bill of ex- Contracts to change, cheque, receipt or any other document entered uthorized into after the commencement of this Act, whereby a rates void.

   rate of interest higher than that authorized by section 3 of this Act purports to be payable either expressly or by implication in respect of any loan, shall be absolutely null and void, and no proceedings shall be -entertained in any court either for the recovery of the loan or of any interest thereon.

   Transaction harsh and unconscionable if rates exceeded on loans made prior to this Act.

   Ch. 112.

5. For the purposes of The Money Lending Act, and the granting of relief thereunder, the fact that...