MONEYLENDERS Law – Legal Guidelines

private moneylender

If any moneylender, or any person being a manager, agent or clerk of a private moneylender, or a director, manager or different officer of any corporation carrying on the enterprise of a moneylender by any false, deceptive, or deceptive assertion, illustration, or promise, or by any dishonest concealment of material facts fraudulently induces or attempts to induce any individual to borrow cash or to conform to the phrases on which cash is or is to be borrowed, shall be liable, on conviction, to imprisonment for six months, or to a fine of 2 hundred naira.

(2) If any person topic to the obligations of this part fails to adjust to any of the requirements thereof, he shall not been entitled to enforce any claim in respect of any transaction in relation to which default shall have been made. He shall even be responsible of an offence under this Act and shall be liable to a wonderful not exceeding ten dollars or within the case of a persevering with offence to a fine not exceeding two dollars for each day or a part of a day during which such offence continues. (Amended by 2 of 1945, s. 117)

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Abatis Ltd, additionally based on the East Level Point P4B and licensed to lend in district 11, fees as much as 184.1pc per annum over 22 weeks and units a collection cost at ?Three within the ?100. Aria Enterprises Ltd, also based at East Point Level P4B, Dublin 3, fees up to 153.2pc per annum over 20 weeks and may cost an additional ?Eight within the ?A hundred for a group fee.