1

ARRANGEMENT OF CLAUSES.

Clause.

1. Licences to be taken out by moneylenders. 2. Certificate required for grant of moneylender's excise licence.

3. Courts to which proceedings on money-lending transactions are to be taken.

4. Prohibition of money-lending circulars, &c. 5. Names to be stated on documents.

6. Prohibition of charge for preliminary expenses. 7. Restriction on rate of interest to be charged. 8. Form of loan document.

9. Obligation of moneylender to supply information as to state of loan.

10. Provision in case of default in payment of instalment.

11. Proceedings in bankruptcy for moneylenders' loan not to be taken except after application to court having jurisdiction.

12. Re-opening of transaction of moneylender at instance of trustee in bankruptcy.

13.

Restriction on loans to public officers.

14. Restriction on proceedings by moneylenders for recovery of money lent.

15. Prohibition of assignment of debt due to moneylender.

16. Appropriation to principal and interest of sums payable to moneylender in respect of loan.

17. Saving for right of bonâ fide holders for value. 18. Application to Scotland.

19. Short title.

SCHEDULE.

The words enclosed in brackets and underlined were omitted
by the Lords to avoid questions of privilege.]

A

BILL

INTITULED

An Act to amend the law with respect to persons A.D. 1926. carrying on business as moneylenders.

E it enacted by the King's most Excellent Majesty, by and with the advice and consent of the Lords Spiritual and Temporal, and Commons, in this present Parliament assembled, and by the authority of the same, 5 as follows:

be taken out by money. lenders.

[1. (1) Every moneylender shall take out annually Licences to in respect of every place in which he carries on his business an excise licence, and there shall be charged on every such licence an excise duty of fifteen pounds, or 10 if the licence is taken out on or after the first day of July in any year, of ten pounds.

(2) A licence taken out under this section (in this Act referred to as a moneylender's excise licence shall expire on the thirty-first day of December in the 15 year in which it is taken out.

20

(3) If any person—

(a) takes out an excise licence in any name other

than his own name or, in case of a firm, the
names of all the partners of the firm; or

(b) carries on business as a moneylender without
having in force a proper excise licence autho-
rising him so to do, or, being licensed as a

A.D. 1926.

Certificate

moneylender, carries on business as such in any name other than the name under which he is licensed, or at any other place than the place in respect of which the licence is granted; or

5

(c) enters into any agreement in the course of his
business as a moneylender with respect to the
advance or repayment of money, or takes any
security for money in the course of his business
as a moneylender, otherwise than in the name 10
in which he is licensed;

he shall be liable to an excise penalty of one hundred
pounds.

On a second or subsequent conviction of any person (other than a body corporate) for an offence under this 15 subsection the court may, in lieu of or in addition to ordering the offender to pay the penalty aforesaid, order him to be imprisoned, with or without hard labour, for a term not exceeding three months, and an offender being a body corporate shall on a second or subsequent con- 20 viction be liable to an excise penalty of five hundred pounds.

(4) Section twenty-five of the Excise Licences Act, 1825 (which relates to the posting on their premises of the names and other particulars of persons carrying on 25 businesses for which excise licences are required) shall apply with respect to moneylenders' excise licences as if those licences were licences required by that Act, and to persons taking out such licences as if they were persons required by laws of excise to make entry of their premises 30 in order to carry on their businesses therein.

(5) The provisions of this section shall be construed as one with the Acts relating to duties of excise and the management of those duties.

2. (1) A moneylender's excise licence shall not be 35 required for granted except to a person who holds a certificate granted grant of