Clause 7

Subsection (4) of section 20 of the Ordinance is hereby deleted and the following new subsections substituted therefor: —“(4) A moneylender, receiving any payment of money under a contract for the repayment of money lent, shall immediately thereafter endorse on the stamped note or memorandum setting out that contract the amount of money received and the date it was received by him and shall, on demand by the payer, give a duly stamped receipt therefor and any moneylender who contravenes the provisions of this subsection shall be guilty of an offence under this Ordinance and shall be liable on conviction to a fine not exceeding two hundred dollars.(5) Where a moneylender has been convicted of an offence under subsection (4) of this section and the borrower has not repaid in full the amount due and payable under the contract for repayment of money lent, such contract shall not be enforceable in respect of any monies still unpaid under that contract.(6) If a moneylender is convicted of an offence under subsection (4) of this section the court shall cause particulars of the conviction to be endorsed on the note or memorandum of the contract for repayment of money lent.”.