Moneylenders Act, 1933

JurisdictionIreland
CitationIR No. 36/1933


Number 36 of 1933.


MONEYLENDERS ACT, 1933.


ARRANGEMENT OF SECTIONS

Section

1.

Definitions.

2.

National of Saorstát Eireann.

3.

Irish-owned bodies corporate.

4.

Money lending contracts where interest not expressed in terms of a rate.

5.

Licences to be taken out by moneylenders.

6.

Certificate required for grant of moneylender's licence.

7.

Suspension and forfeiture of moneylenders' certificates.

8.

Prohibition of issue of documents implying a moneylender is a banker.

9.

Names to be stated on documents issued by moneylenders.

10.

Restriction on moneylending advertisements, and prohibition of use of canvassers.

11.

Form of moneylenders' contracts.

12.

Prohibition of compound interest.

13.

Obligation of moneylender to supply information as to state of loan and copies of documents relating thereto.

14.

Written communications by moneylenders to borrowers.

15.

Visits by moneylenders.

16.

Provisions as to bankruptcy proceedings for moneylenders loans.

17.

Amendments of the Moneylenders Act, 1900.

18.

Prohibition of charge for expenses on loans by moneylenders.

19.

Limitation of time for proceedings in respect of money lent by moneylenders.

20.

Determination of moneylending, contract by the Court.

21.

Prohibition of moneylending business on Sundays and certain holidays.

22.

Notice and information to be given on assignment of moneylenders' debts.

23.

Application of Act as respects assignees.

24.

Repeals.

25.

Short title, citation and commencement.

FIRST SCHEDULE.

SECOND SCHEDULE.



Number 36 of 1933.


MONEYLENDERS ACT, 1933.


AN ACT TO AMEND THE LAW WITH RESPECT TO PERSONS CARRYING ON BUSINESS AS MONEYLENDERS. [2nd October, 1933.]

BE IT ENACTED BY THE GÍREACHTAS OF SAORSTÁT EIREANN AS FOLLOWS:—

Definitions.

1.—In this Act—

the word “moneylender” has the meaning assigned to it by the Moneylenders Act, 1900, as amended by this Act;

the expressions “authorised name” and “authorised address” mean respectively the name under which and the address at which a moneylender is authorised by a certificate granted under this Act to carry on business as a moneylender;

the expression “business name” means the name or style under which any business is carried on, whether in partnership or otherwise;

the word “company” means any body corporate being a moneylender;

the word “firm” means an unincorporate body of two or more individuals, or one or more individuals and one or more corporations, or two or more corporations, who have entered into partnership with one another with a view to carrying on business for profit;

the word “interest” does not include any sum lawfully charged in accordance with the provisions of this Act by a moneylender for or on account of expenses, but save as aforesaid, includes any amount, by whatsoever name called, in excess of principal, paid or payable to a moneylender in consideration of or otherwise in respect of a loan;

the word “principal” means in relation to a loan the amount actually lent to the borrower;

the expression “the Bankruptcy Acts” means the Irish Bankrupt and Insolvent Act, 1857, and the Bankruptcy (Ireland) Amendment Act, 1872.

National of Saorstát Eireann.

2.—Each of the following persons shall for the purposes of this Act be a national of Saorstát Eireann, that is to say:—

(a) a person born in Saorstát Eireann or in the area now comprised in Saorstát Eireann;

(b) a person born outside Saorstát Eireann or the area now comprised in Saorstát Eireann whose mother at the time of his birth was ordinarily resident in Saorstát Eireann or such area;

(c) a person who at the relevant time is and for not less than five consecutive years immediately preceding that time has been ordinarily resident in Saorstát Eireann.

Irish-owned bodies corporate.

3.—(1) In this Act the expression “Irish-owned body corporate” means a body corporate, constituted within Saorstát Eireann, the issued shares of which are at the relevant time to an extent exceeding one-half (in nominal value) thereof in the beneficial ownership of a person who is or of two or more persons each of whom is at that time either a national of Saorstát Eireann or a body corporate, constituted within Saorstát Eireann, the issued shares of which are at that time to an extent exceeding one-half (in nominal value) thereof in the beneficial ownership of nationals of Saorstát Eireann.

(2) For the purposes of the immediately preceding sub-section, but not further or otherwise, the following provisions shall have effect, that is to say:—

(a) where a national of Saorstát Eireann dies and is at the time of his death the beneficial owner of any shares in a body corporate, such shares shall, until the grant of probate of his will or letters of administration of his personal estate, be deemed to continue in the beneficial ownership of a national of Saorstát Eireann, and upon the grant of such probate or letters of administration the personal representative for the time being of such national shall, so long as he is entitled to such shares in his representative capacity, be deemed to be the beneficial owner of such shares and, if he is not a national of Saorstát Eireann, to be a national of Saorstát Eireann; and

(b) where a national of Saorstát Eireann becomes a bankrupt or carries an arrangement with his creditors and such national was at the time of his bankruptcy or arrangement the beneficial owner of any shares in a body corporate, and his interest in such shares becomes vested in his assignee in bankruptcy or a trustee of the estate of such national as an arranging debtor, such shares shall be deemed, so long as such interest remains so vested, to be in the beneficial ownership of such assignee or trustee, and such assignee or trustee shall, so long as such interest remains so vested, be deemed, if he is not a national of Saorstát Eireann, to be a national of Saorstát Eireann; and

(c) where a person is for the time being entitled to the income arising from any shares in a body corporate held by a trustee, such person shall, so long as he continues to be entitled to such income, be deemed to be the beneficial owner of such shares; and

(d) where two or more persons are each for the time being entitled to a proportionate part of the income arising from shares in a particular body corporate or from such shares and other property held by a trustee, each of such persons, so long as he continues to be entitled to a proportion of such income, shall be deemed to be the beneficial owner of a corresponding proportion of such shares; and

(e) where the issued shares of a body corporate are transferred to a bank, being a body corporate, by way of security for an advance and such bank is registered as the owner of such shares in the register of shareholders of such first-mentioned body corporate, such transfer and registration shall be deemed not to operate to transfer the ownership of such shares to such bank.

Moneylending contracts where interest not expressed in terms of a rate.

4.—Where by a contract for the loan of money by a moneylender the interest charged on the loan is not expressed in terms of a rate, any amount paid or payable to the moneylender under the contract shall be appropriated to principal and interest in the proportion that the principal bears to the total amount of the interest, and the rate per cent, per annum represented by the interest charged as calculated in accordance with the provisions of the First Schedule to this Act shall be deemed to be the rate of interest charged on the loan.

Licences to be taken out by moneylenders.

5.—(1) Every moneylender, whether carrying on business alone or as a partner in a firm, shall take out annually in respect of every address at which he carries on his business as such a licence (in this Act referred to as a moneylender's licence), which shall expire on the thirty-first day of July in every year.

(2) Subject to the provisions of this Act, the Revenue Commissioners shall, upon an application being made, in accordance with regulations made by them, for a moneylenders licence and upon payment to them by the applicant of the excise duty for the time being required by law to be paid by persons taking out a moneylender's licence, grant to the applicant a moneylenders licence.

(3) Every moneylenders licence taken out by a person shall be taken out by such person in his true name, and if any moneylenders licence is taken out by any person in any name other than his true name such licence shall be void.

For the purposes of this sub-section the true name of a limited liability company shall be the name under which such company is incorporated.

(4) Every moneylenders licence shall be in such form as the Revenue Commissioners may direct and shall state the authorised name and authorised address of the person by whom it is taken out.

(5) If any person—

(a) takes out a moneylender's licence in any name other than his true name; or

(b) carries on business as a moneylender, without having in force a proper moneylender's licence authorising him so to do, or, being licensed as a moneylender, carries on business as such in any name other than his authorised name, or at any other place than his authorised address or addresses; or

(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 his authorised name;

such person shall be guilty of an offence under this section and shall be liable on summary conviction thereof to the following...

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