850

Ch. 31. No. 11.] Moneylenders.

 

Penalty for
charging une
authorised
interest.

Prohibition
of compound
interest and

not repayable prior to a date exceeding six months
from the date of making the loan -—

On loans not exceeding $24.00 simple interest at the rate of 60", per annum

do. do. $48.00 do. do. 48% do.
do. do. $96.00 do. do. 36°, do.
do. exceeding $96.00 do. do. 24°’ do.

(b) lf by the terms of the contract the principal is
repayable on any date within six months of making
the loan, or on demand—-

On loans not exceeding $ 9.60 simple interest at the rate of 7 °,, per month

do. do. $24.00 do. do. 6%, do.
do. do. $48.00 do. do. 5 do.
do. do. $96.00 do. do. 4h°,, do.
do. exceeding $96.00 do. do. 4 do.

(3) If several sums are loaned by a moneylender to
the same person, whether at the same or different times,
the rate of interest on the aggregate sum loaned, or owing
at the date the last sum is loaned, shall be that authorised
as if the whole amount then owing had been loaned as one
transaction.

(4) The interest shall constitute a comprehensive
charge to include all discounts, commissions, bonuses,
fines, expenses, and any amount by whatsoever name
called, in excess of the principal, paid or payable to the
monevlender in consideration of or otherwise in respect
of a loan, but shall not include such charges, expenses and
costs as are specifically allowed by this Ordinance or by
the court adjudicating on the matter.

13. Any person who loans money at a rate of interest
higher than that authorised by this Ordinance may be
prosecuted summarily on the complaint of any person,
and on conviction he shall be liable to a fine of two hundred
and forty dollars in respect of each loan and one-fourth
of the sum recovered by way of fine shall be paid to the
informer other than the borrower.

A prosecution for an offence under this section shall not
be instituted except by or with the consent of the Attorney
General.

14, Any contract made after the commencement of this
Ordinance for the loan of money by a moneylender licensed