Clause 14

A licensee must not enter into a contract for a loan under which the interest or late interest charged exceeds such maximum rate of interest or late interest as the Minister may prescribe.(2) For the purposes of subsection (1), the Minister may prescribe different maximum rates of interest or late interest for different classes or descriptions of borrowers or loans.(3) Where any contract for a loan has been entered into by a licensee in contravention of subsection (1) —

the contract is unenforceable against the borrower or any surety;

the licensee is not entitled to enforce any guarantee or security given for the loan; and

any money paid by or on behalf of the licensee under the contract is not recoverable in any court of law.(4) Any licensee who charges interest or late interest at a rate exceeding the maximum rate of interest or late interest that is prescribed for the loan shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $20,000 or to imprisonment for a term not exceeding 6 months or to both.”.