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MONEYLENDERS ACT (NORTHERN IRELAND) 1933 - SECT 12

Prohibition of charge for expenses on loans by moneylenders.

12. Any agreement between a moneylender and a borrower or intending borrower
for the payment by the borrower or intending borrower to the moneylender of
any sum on account of costs, charges or expenses incidental to or relating to
the negotiations for or the granting of the loan or proposed loan shall be
illegal, and if any sum is paid to a moneylender by a borrower or intending
borrower as for or on account of any such costs, charges or expenses, that sum
shall be recoverable as a debt due to the borrower or intending borrower, or,
in the event of the loan being completed, shall, if not so recovered, be set
off against the amount actually lent and that amount shall be deemed to be
reduced accordingly.

© 1933 Crown Copyright

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