Part ILicensing and Form of Contract

1 Moneylenders’ Excise Licences

Every person carrying on the business of a moneylender shall take out annually an excise licence, for which there shall be charged a duty of £15.

2 Note or Memorandum Required

No contract for the repayment of money lent shall be enforceable unless a note or memorandum in writing containing all the terms is signed personally by the borrower.

Part IIRate of Interest

3 Presumption of Harsh and Unconscionable Transactions

Where proceedings are taken in any court by a moneylender for recovery of money lent, and the interest exceeds forty-eight per centum per annum, the court shall presume the interest charged to be excessive and unconscionable unless the contrary is proved.

Part IIIGeneral

4 Citation

This Act may be cited as the Moneylenders and Interest Act.