Money Lenders Act Amendment Act 1941 (WA)

19411 Money Lenders. [No. 23.

MONEY LENDERS.

5° GEO. VI., No. XXIII.

No. 23 of 1941.

AN ACT to amend the Money Lenders Act, 1912-1937.

[Assented to 8th December, 1941.]

BE it enacted by the King's Most Excellent Majesty,by and with the advice and consent of the Legis- lative Council and Legislative Assembly of Western Australia, in this present Parliament assembled, and by the authority of the same, as follows:-

This Act may be cited as the Money Lenders Act Amendment Act, 1941, and shall be read as one with the	Short title.
Money Lenders Act, 1912-1937, as reprinted hi the Appendix to the Sessional Volume of the Statutes for the years 1937-1938, hereinafter referred to as the prin- cipal Act.

1.

2.	Section ten of the principal Act is amended	Amendment
of s. 10 of the

(a) by deleting the figures "1937" in line two and principal Act.

substituting the figures "1941";

(b) by deleting the whole of the proviso to the sec-

tion.

3. Section eleven of the principal Act is amended by Amendment of s. 11 of te

deleting the words and brackets " (other than simple principal Acht

interest charged in accordance with the proviso to sec-

tion ten hereof)" in lines four, five, and six.

4.    New sections are inserted after section eleven of Now sections.

the principal Act as follows:-

11A. (1) Notwithstanding anything in this or in Prescribed maximum

any Act or law to the contrary, from and after the rate of	interest.
date of the commencement of the Money Lenders Act Amendment Act, 1941, no money lender shall in respect of any loan or transaction made or entered into after such date, lend or agree to lend to any per- son any moneys at a rate of interest exceeding such maximum rate per centum per annum (as charged

No. 23.] Money Lenders. [1941:

and calculated in accordance with the provisions of section eleven B of this Act) as may pursuant to the provisions of this Act be from time to tine pre- scribed, and as shall be the prescribed maximam rate of interest at the date of the loan concerned.

Provided that, from the date of commencement of the Money Lenders Act Amendment Act, 1941, the maximum rate of interest shall be and is hereby declared to be fifteen pounds per centum per annum.

(2) Any money lender offending against the pro- visions of this section shall be liable for every loan in respect of which such offence may have occurred to a penalty not exceeding one hundred pounds or to imprisonment for a period not exceeding six months, or to both such fine and such imprisonment.

Calculation

of interest	11B. For the purposes of the last preceding sec- interest on the loan to the borrower on the monthly balance of the loan after crediting the borrower with any instalment or instalments made during the month, from which instalment or instalments so made during the month the interest payable for such month and as calculated monthly has been deducted.
on loan for
Purpose of	tion the money lender shall calculate and charge the
s. 11A.