Section 19

Every moneylender shall keep or cause to be kept a regular account of each loan made by him clearly stating in plain words and in English numerals with or without the numerals of the script otherwise used the terms and transactions incidental to the account entered in a book paged and bound in such manner as not to facilitate the elimination of pages or the interpolation or substitution of pages.

Every moneylender shall keep or cause to be kept such books of accounts relating to his business as are prescribed so as to exhibit and explain the financial position in his business, including a book or books containing entries from day to day in sufficient detail of all cash received and paid.

Every moneylender shall submit to the Registrar a statement in such form as the Registrar may require showing his cash and loan position for each quarter of the year not later than the end of the second week of the next ensuing quarter.

Every moneylender shall, when so required by the Registrar, account for or explain any item or particulars appearing in the statement submitted to the Registrar under subsection (3).

The Registrar may from time to time inspect, under conditions of secrecy, the books of accounts of a moneylender and a moneylender shall, when so required by the Registrar, afford the Registrar access to his books of accounts and to any cheque drawn by the moneylender or his agent that has been cleared by any bank and to any note or memorandum setting out a contract for the repayment of money lent in which he is or has been concerned.

If any person subject to the obligations of this section fails to comply with any of the requirements of subsection (1), he shall not be entitled to enforce any claim in respect of any transaction in relation to which default has been made.

Any person who fails to comply with the requirements of this section or any requisition made by the Registrar under subsection (4) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $1,000 and in the case of a continuing offence to a further fine not exceeding $100 for every day or part thereof during which the offence continues after conviction.