TRINIDAD AND TOBAGO.
AN ORDINANCE relating to money lending.
rL.S.] -* *
GEORGE B. LE HUNTE,
15th February, 1912.
BE it enacted by the Governor of Trinidad and Tobago
with the advice and consent of the Legislative
Council thereof as follows:-
1. This Ordinance may be cited as the Money Lending short title.
2. (1.)-Where proceedings are taken in any Court by Re-opening of
any person for the recovery of any money lent before or one.y leading
after the commencement of this Ordinance, or the enforce- tio
ment of any agreement or security made or taken before or
after the commencement of this Ordinance in respect of
money lent, and there is evidence which satisfies the Court
that the interest charged in respect of the sum actually
lent is excessive, or that the amounts charged for expenses,
inquiries, fines, bonus, premium, renewals or any other
charges, are excessive, and that in either case the trans-
atction is harsh and unconscionable, or is otherwise such
that a Court of equity would give relief, the Court may
/J P"-i r
No. 3. Money Lending. 1912.
re-open the transaction, and take an account between the
lender and the person sued, and may, notwithstanding any
statement or settlement of account or any agreement
purporting to close previous dealings and create a new
obligation, re-open any account already taken between
them, and relieve the person sued from payment of any
sum in excess of the sum adjudged by the Court to be
fairly due in respect of such principal, interest and charges,
as the Court, having regard to the risk and all the circum-
stances, may adjudge to be reasonable; and if any such
excess has been paid, or allowed in account by the debtor,
may order the creditor to repay it; and may set aside, either
wholly or in part, or revise, or alter, any security give or
agreement made in respect of money lent, and if the
lender has parted with the security may order him to
indemnify the borrower or other person sued.
Provided that in any proceedings for the recovery of
money lent before the commencement of this Ordinance the
Court shall not in the exercise of its powers under this sec-
tion order the repayment by the creditor of any money paid
to him or allowed in account to him before the commence-
ment of this Ordinance, nor set aside, vary or affect any
judgment obtained before the commencement of this Ordi-
nance in respect of any such loan, nor deprive the creditor
of the benefit of any such payment, allowance or judgment.
(2.) Any Court in which proceedings might be taken
for the recovery of money lent by any person shall
have and may, at the instance of the borrower or
surety or other person liable, exercise the like powers
as may be exercised under this section, where
proceedings are taken for the recovery of money lent,
and the Court shall have power, notwithstanding
any provision or agreement to the contrary, to entertain
any application under this Ordinance by the borrower
or surety, or other person liable, notwithstanding that
the time for repayment of the loan, or any instalment
thereof, may not have arrived.
(3.) On any application relating to the admission or
amount of a proof by a person who has lent money in any
No. 3. Money Lending. 1912.
bankruptcy proceedings, the Court may exercise the like
powers as may be exercised under this section when pro-
ceedings are taken for the recovery of money.
(4.) The foregoing provisions of this section shall apply
to any transaction which, whatever its form may be, is
substantially one of money lending.
(5.) Nothing in the foregoing provisions of this section
shall affect the rights of any bond fide assignee or holder
for value without notice.
(6.) Nothing in this section shall be construed as
derogating from the existing powers or jurisdiction of any
3. Any person who by any false, misleading or deceptive Inducing bor-
statement, representation or promise, or by any dishonest rowingbyfalse
concealment of material facts, fraudulently induces or
attempts to induce any person to borrow money or to agree
to the terms on which money is or is to be borrowed, shall
be guilty of a misdemeanor, and shall be liable on indict-
ment to imprisonment with or without hard labour, for a
term not exceeding two years, or to a fine not exceeding
five hundred pounds, or to both.
4. The Usury Ordinance, No. 73, is hereby, repealed. Repeal.
Passed in Council this First day of February, in
the year of Our Lord one thousand nine hundred and
HARRY L. KNAGGS,
Clerk of the Council.