Clause 8

by deleting the words “in the case of a secured loan the rate of twelve per cent per annum or in the case of an unsecured loan the rate of eighteen per cent per annum” appearing in the sixth, seventh, eighth and ninth lines of subsection (1) thereof and substituting therefor the words “the prescribed maximum rate of interest for such loan”; and

by inserting immediately after subsection (5) thereof the following new subsection: —“(6) A moneylender who charges interest for a loan at a rate exceeding the maximum rate of interest prescribed for such a loan shall be guilty of an offence under this Act and shall be liable on conviction to a fine not exceeding two thousand dollars and for a second or subsequent offence —

to a fine not exceeding five thousand dollars or to imprisonment for a term not exceeding one year or to both such fine and imprisonment; or

where the moneylender is a company, to a fine not exceeding ten thousand dollars.”.