MONEYLENDERS ACT (NORTHERN IRELAND) 1933 - SECT 6 Form of moneylenders' contracts.

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MONEYLENDERS ACT (NORTHERN IRELAND) 1933 - SECT 6

Form of moneylenders' contracts.

6.(1) No contract for the repayment by a borrower of money lent to him or to
any agent on his behalf by a moneylender after the commencement of this Act or
for the payment by him of interest on any money so lent, and no security given
by the borrower or by any such agent in respect of a contract for the
repayment of money so lent or interest thereon, shall be enforceable

(a)unless a note or memorandum in writing of the contract be made and signed
by the borrower, and, where the borrower is a married woman totally dependent
on her husband, signed also by her husband, and a copy of the note or
memorandum be delivered or sent to the borrower within seven days of the
making of the contract; or

(b)if it is proved that the note or memorandum was not signed by the borrower,
and, where the borrower is a married woman totally dependent on her husband,
signed also by her husband, before the money was lent or the security was
given as the case may be:

Provided that the contract shall not be rendered unenforceable by reason only
of the fact that there is in the copy of the note or memorandum delivered or
sent to the borrower an error or omission if, in the opinion of the court or
judge, the error or omission is not a material one and the borrower has not
been prejudiced thereby.

(2) The note or memorandum required by this section shall contain all the
terms of the contract, and in particular shall show the authorised name and
authorised address of the moneylender and that he is licensed under this Act,
the date on which the loan is made, the amount of the principal of the loan,
and either the interest charged on the loan expressed in terms of a rate per
cent., per annum, or 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.

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Northern Irish Legislation

MONEYLENDERS ACT (NORTHERN IRELAND) 1933 - SECT 6