Moneylenders Act, 1933
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Form of moneylenders' contracts. |
11.—(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 money so lent and no security given by the borrower or by any such agent as aforesaid in respect of any such contract shall be enforceable, unless, before the money was lent or before the security was given, as the case may be, a note or memorandum in writing of the contract be made and signed personally by the borrower, or, where the borrower is a married woman not living apart from her husband, by the borrower and her husband, and unless a copy thereof be delivered or sent to the borrower within seven days of the making of the contract. | |
(2) The note or memorandum aforesaid shall contain all the terms of the contract, and in particular shall show 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. |