Part IMoneylender Registration

1 Registry of Moneylenders

(1)Every person carrying on moneylending in the Island shall register his trade name and address at the General Registry in Douglas.

(2)Any moneylender who conducts business without registration shall be liable to a fine not exceeding £20.

Part IIEquitable Relief

2 Re-opening of Harsh Transactions

Where proceedings are taken in the High Court for recovery of loans and it appears that interest charges exceed forty-eight per centum per annum or are harsh and unconscionable, the Deemster may reopen the transaction and relieve the borrower from payment of excessive sums.

Part IIIGeneral

3 Citation

This Act may be cited as the Isle of Man Moneylenders Act.