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QUEENSLAND

MONEY LENDERS ACT 1916-1979 [Reprinted as at 1 May, 1981]

Money Lenders Act of 1916, 7 Geo. 5 No. 13

As amended by

Money Lenders Act Amendment Act of 1933, 24 Geo. 5 No. 5

l.aw of Distress and Other Acts Amendment Act of 1934, 25 Ceo. 5 No. 33

Money Lenders Acts Amendment Act of 1946, 10 Ceo. 6 No. 35

Mone)' Lenders Acts Amendment Act of 1959, 8 Eliz. 2 No. 35

Money Lenders Acts Amendment Act of 1962, No. 11

Money Lenders Acts Amendment Act 1968, No. 57

l'Honcy Lenders Act Amendment Act 1969, No. 15

Stamp Act and Another Act Amendment Act 1973, No. 64

Money Lenders Act Amendment Act 1979, No. 41 Cllmm;:nced I Octo!;ler 1979 (Proc. pubd. Gaz. 15 September 1979, p. 271) .

. -\n A~t to Amend the Law with Respect to Persons Carrying on Business as Money Lenders

[Assented to 18 December, 1916 J

BE IT ENACTED by the King's Most Excellent Majesty, by and with the advice and consent of the Legis13.tive Council and the Legislative As

2 s. 3 MONEY LENDERS ACI' 1916-1979

3. Interpretation. Va. No. 2701, ss. 3, 4. In this Act, unless the context otherwise indicates, the following terms have the meanings set against them respectively, that is to say:-

"Court," where necessary, includes any judge of the court;

Provided that where the amount of the loan does not exceed five thousand dollars, the Magistrates Court con-stituted pursuant to "The Magistrates Courts Act of 1921 ," and constituted by a police magistrate sitting alone, may constitute the court for the purposes of this Act.

"Interest" includes discount, premiums, bonus, commission, deduction, fine, penalty, renewal charge, fees, costs, charges, and expenses, whether preliminary or otherwise, or any money or money's worth or any other consideration what-ever, and whether the same is charged, paid, given, or allowed directly or indirectly for or in connection with the loan or transaction itself or any application, valuation, or security therefor: the term does not include any commission paid by the borrower to any third person, nor any costs or fees paid either by the lender or the borrower to any solicitor or valuator, nor any fees paid out of pocket by the lender where no solicitor acts for him, provided that the lender does not participate or have any interest in any such commission, costs, or fees.

"Loan" includes advance, discount, money paid for or on account of or on behalf of or at the request of any person, or the forbearance to require payment of money owing on any account whatsoever: the term includes every contract (what-ever its terms or form may be) which is in substance or effect a loan of money, and also a contract to secure the repayment of such loan; and the expressions "lend" and "lender" shall be construed accordingly.

"Minister"-The Attorney-General or other Minister of the Crown for the time being administering this Act.

"Money-lender" includes every person whose business Js that of money-lending, or who advertises or announces himself or holds himself out in any way as carrying on that business, or who lends money at a rate of interest exceeding twelve per centum per annum or such other rate as the Governor in Council prescribes for the time being by Order in Council: the term does not include-

(a) Any pawnbroker in respect of business carried on by him in accordance with the laws for the time being in force in relation to pawnbrokers; or

(b) Any society registered under the laws relating to Friendly Societies or Building Societies; or

(c) Any body corporate incorporated or empowered by a special Act of Parliament to lend money in accordance with such special Act; or

MONEY LENDERS ACT 1916-1979 s. 4 3

(d) Any person or body corporate bona fide carrying on the business of banking or insurance, or bona fide carrying on any business not having for any of its objects the lending of money, in the course of which and for the purposes whereof he or it lends money at a rate of interest not exceeding twelve per centum per annum or such other rate as the Governor in Council prescribes for the time being by Order in Council; or

(e) Any body corporate for the time being exempted from registration under this Act by order of the Governor in Council published in the Gazette; or

(f) Any trustee within the meaning of "The Trustees a11d Executors Acts, 1897 to 1906," under any will or under a bona fide marriage or family settlement, or the solicitor of any such trustee, bona fide lending trust funds in accord-ance with the provisions of his trust at a nite of interest not exceeding twelve per centum per annum or such other rate as the Governor in Council prescribes for the time being by Order in Council.

"Person" includes a corporation or company or a firm within the meaning of the Business Names Act 1962-1976.

"Prescribed"-Prescribed by this Act.

"Registrar"-The Registrar of Money Lenders appointed under this Act: the term also includes a deputy registrar or an officer for the time being performing the duties of registrar.

"Regulations"-Regulations made under the authority of this Act.

"This Act"-This Act and all regulations and Rules of Court made thereunder.

As amended by Act of 1933, 24 Geo. 5 No. 5, s. 2; Act of 1959, 8 Eliz. 2 No. 35, s. 3; Act of 1969, No. 15 s. 2; Act of 1973, No. 64, s. 14 (as from 1 September 1973); Act of 1979, No. 41, s. 3.

Decimal currency reference substituted pursuant to section 7 of "The Decimal Currency Act of 1965".

4. ( 1 ) Reopening of transactions of money-lenders. 63 & 64 Vic. c. 51, s. 1. Where proceedings are taken in any court by a money-lender (or by the assignee of or transferee of or holder of a debt or security in respect of a loan by a money-lender) for the recovery of any money lent after the commencement of this Act, or the enforcement of any agreement or security made or taken after the commencement of this Act in respect of money lent either before or after the commencement of this Act, and there is evidence which satisfies the court that-

(a) The interest charged in respect of the sum actually lent is excessive; or

(b) The amounts charged for expenses, inquiries, fines, bonus, premiums, renewals, or any other charges are excessive; or

4 s. 4 MONEY LENDERS ACT 1916-1979

(c) The transaction is harsh and unconsCionable, or Is such that a court of equity would give relief,

th~ court may-

(i) Reopen the transaction and take an account between the plaintiff and the defendant; and

(ii) Notwithstanding any statement or settlement of account or any agreement purporting to close previous dealings and create a new obligation, reopen any account in connection with the transaction; and

(iii) Relieve the defendant from payment of any sum in excess of the sum adjudged by the court to be fairly due in respect of such principal, interest, and charges as the court, having regard to the risk, the value of the security, the time of repayment, and all the other circumstances, may adjudge to be reasonable; and

(iv) If any such excess has been paid or allowed in account by the borrower or defendant, order the plaintiff to repay it; and

(v) Set aside either wholly or in part, or revise or alter, any security given or agreement made in connection with th-:: transaction; and

(vi) If the security has been parted with or the d~bt has b:::cn assigned, order the plaintiff to indemnify the borrower or defendant.

( 2) Any court in which proceedings might be taken for the recovery of money L;nt shall have and may, on the application of the borrower or surety or ocher person liable, exercise the like powers as may be cx:::rciscd under this section where proceedings arc taken for the recovery 0f money lent; and the court shall have power, notwiths~and:ng any provision or agreement to the contrary, to entertain any such application, notwithstanding that the time for repayment of the loan or any instalment thereof has not arrived.

(2A) When court may dedare interest is excessive. In any proceed-ings in respect of any money lent by a money-lender after the commence-ment of "The Money Lenders Act Amendment Act of 1933," or in respect of any agreement or security made or taken after the commence-ment of such lastmentioncd Act in respect of money lent eilher before or after the commencement of such lastmentioned Act, the coart shall have authority and jurisdiction to declare that the interest charged to the borrower is excessive, and that the transaction is harsh and unconscion-able notwithstanding that the interest charged in respect of the loan or transaction concerned does not exceed such maximum rate per centum per annum (as charged and calculated in accordance with the provisions of section 4A or this Act) as may, pursuant to the provisions of this Act, be from time to time hereafter prescribed, and having regard to the date of the loan or transaction concerned.

MONEY LENDERS ACT 1916-1979 SS. 4A, 4B 5

( 3) On any application in any insolvency proceedings relating to the admission or amount of a proof of debt, the court may exercise the like powers as may be exercised under this section when proceedings are taken for the recovery of money lent.

( 4) W.A. 1912, No. 65, s. 4 (4). When it appears to the court that any person other than the money-lender has shared in the profits of or has any beneficial interest, prospectively or otherwise, in the transaction, the court may cite such person as a party to the case, and may make such order in respect to such person as it deems fit.

(5) Limitation of time for reopening transactions, &c. No proceeding to obtain any relief under this section shall be taken after twelve months from the time when the transaction in respect of or in connection with which such proceeding is taken was finaJiy closed, but the legal personal representative of any deceased person who had entered into the transaction may take such proceeding at any time within two years thereafter.

( 6) This section applies to any transaction which, whatever its form may be, is substantially one of money-lending by a money-lender, but does not apply to any bona fide assignee, transferee, or holder for value without notice in respect of a loan by a money-lender.

(7) N.S.W. 1905, No. 24, s. 1 (7). For the purposes of effectually carrying out this section, all such orders may be made and directions given by the court as it deems necessary or proper.

As amended by Act of 1933, 24 Geo. 5 No. 5, s. 3.

4A. Calculation of interest on loan. For the purposes of this Act, the money-lender shall calculate and charge the interest on the loan to the borrower on the monthly balance of the loan after crediting the borrower with any instalment or instalments made by him during the month, from which instalment or instalments so made during the month the interest payable for such month, and as calculated monthly, has been deducted.

Any money-lender offending against the provisions of this Act shall be liable to a penalty not exceeding two hundred dollars.

Inserted by Act of 1933, 24 Geo. 5 No. 5, s. 4; as amended by Act of 1959, 8 Eliz. 2 No. 35, s. 4.


4n. Rebate of interest. ·In any case where any person pays off any loan before the time actually fixed in the instrument for the repayment of the loan the money-lender shall allow a rebate of interest to the borrower calculated on the period of time from the actual paying-off of the loan to the time fixed in the instrument for the repayment of the loan.

Any such rebate of interest shall be paid by the money-lender to the borrower within thirty days after the actual paying-off of the loan.

Any person offending against the provisions of this Act shall be liable to a penalty not exceeding two hundred dollars.

2

6 s. 4c MONEY LENDERS ACT 1916-1979

The court, in addition to any penalty prescribed by this section, shall have power to order that any excess interest so charged and retained by the money-lender shall be paid over to the borrower.



4c. Certain illegal or unenforceable money-lending transactions to be legal and enforceable. ( 1) The provisions of this section shall apply to any loan and any transaction which, whatever its form may be, is substantially one of money-lending by a money-lender whether made before or after the commencement of "The Money Lenders Acts Amend-ment Act of 1962," but do not apply to any such loan or transaction in respect of which proceedings in any court for the enforcement thereof have been taken or commenced before such commencement, nor to any contract of guarantee given in respect of a loan or transaction to which the provisions of this section do not apply.

(2) In any proceedings relating to any loan or transaction to which this section applies taken in any court wherein it is established that the money-lender has in relation to that loan or transaction neglected or failed whether before or after the commencement of "The Money Lenders Acts Amendment Act of 1962," to comply with or observe or perform any of the requirements and provisions of this Act, the court notwith-standing anything in this Act save subsection ( 6) of this section, if satisfied that the money-lender was in the circumstances at the time of the making of the loan or entering into the transaction or the taking or giving of the security or guarantee in respect of the loan or transaction and, where the neglect or failure arose at any other time, in the circumstances at that other time acting honestly and ought fairly to be excused, may in giving judgment or making any decree or order pertaining to such proceedings impose such conditions and give such directions as it may consider just and equitable.

( 3) Without limiting the generality of its powers under subsection (2) of this section but subject to subsection (6) of this section, the court shall have power to-

(a) exercise in relation to any loan or transaction to which this section applies the like powers as it may exercise under subsection ( 1) of section four of this Act in relation to loans to which that section applies;

(b) confirm or declare to be valid and enforceable in whole or in part as from the date specified in the judgment, decree or order any contract for repayment of money lent or any security given in respect of any such contract or guarantee given with respect thereto and vary, alter or amend any covenant, condition or agreement contained in such contract, security or guarantee;

(c) relieve the borrower or guarantor from or impose on the borrower or guarantor the obligation to repay the whole or

MONEY LENDERS ACf 1916-1979 s. 5 7

part of the amount of the principal of the loan with interest at the rate specified in the judgment, decree or order or without interest and make such orders relating to the other obligations of the guarantor as the court deems fit;

(d) postpone for such period as it thinks fit the time for' the repayment of such loan and the time before which such security or guarantee shall not be enforced and order any such repayment to be made with interest at the rate specified in the judgment, degree or order or without interest by such instalment, at such intervals or in such amounts as the court may direct; e

(e) make any further orper incidental or ancillary to any judgment, decree or order of the court, or any conditions or directions it may impose or give in relation thereto.

( 4) In any proceedings referred to in subsection (2) of this section, the court may order that any guarantor or other person liable be joined as a party to such proceedings in such manner and upon such terms as the court shall direct.

(5) Any court in which proceedings might be taken for the recovery of money lent shall have and may, on the application of the money-lender exercise the like powers as may be exercised in any proceedings referred to in subsection (2) of this section, and the court shall have power, notwithstanding any provision or agreement to the contrary, to entertain any such application, notwithstanding that the time for repayment of the loan or any instalment thereof has not arrived.

( 6) Money-lending transactions by money-lenders not carrying on business as such. Notwithstanding anything in this Act, any neglect or failure whether before or after the commencement of "The Money Lenders Acts Amendment Act of 1962," to comply with or observe or perform any of the requirements and provisions of this Act by a money-lender who is not a person whose business is that of money-lending or who does not advertise or announce himself or hold himself out in any way as carrying on that business, does not operate to avoid the obligation on the borrower or a guarantor of the loan or transaction to repay to the lender or any assignee of the lender who is not a person whose business is that of money-lending, or who does not advertise or announce himself or hold himself out in any way as carrying on that business, the amount of the principal of the loan.

Save in so far as is necessary to give effect to this subsection, nothing in this subsection affects the operation of subsections (2) to (5) (both inclusive) of this section.

Inserted by Act of 19'62, No. 1 I, s. 2.

5. (Repealed). Repealed by Act of I 959, 8 Eliz. 2 No. 35, s. 6.

8 ss. SA, 6 MONEY LENDERS ACT 1916~1979

5A. Application in camera. Any application made pursuant to the provisions of section four of this Act shall be heard by the court in camera, unless in any particular case the court decides in its discretion that the matter should be heard in open court.

Inserted by Act of 1933, 24 Geo. 5 No. 5, s. 6; as amended by Act of 1959, 8 Eliz. 2 No. 2, No. 35, s. 7.

6. ( 1) Duties of money-lenders, &c. 63 & 64 Vic. c. 51, ss. 2, 3 (2). 1 & 2 Geo. V. c. 38, s. 2. A money-lender as defined by this Act shall-

( a) Register himself as a money-lender in accordance with this Act, under his own and usual trade name (if any) and in no other name, and with the address, or all the addresses if more than one, at which he carries on his business of money-lender; and

(b) Carry on the money-lending business in his registered name and in no other name and under no other description, and at his registered address or addresses and at no other address; and

(c) Not enter into any agreement in the course of his business as a money-lender with respect to the advance and repay-ment of money, or take any security for money in the course of his business as a money-lender, otherwise than in his registered name; and

(d) .On reasonable request and on tender of a reasonable sum for expenses, furnish the borrower with a copy of any document relating to the loan or any security therefor; and

(e) When selling, assigning, transferring, or assuring any debt, promissory note, bill of exchange, chose in action, or security taken or received by him in his business as a money-lender, give to the purchaser, assignee, or transferee full particulars in writing of the transaction in connection with the same:

"Bank." Provided that no person shall be registered as a money-lender under any name including the word "bank" or under any name implying that he carries on banking business.

(IA) Change of address, &c. Upon receipt of the prescribed notice in writing that a money-lender has-

( a) Changed the address of his place of business as a money-lender; or

(b) Opened up a new place of business as a money-lender, and upon receipt of the prescribed fee and his certificate of registration, the registrar shall make such alterations in the certificate -of registration and in the register of money-lenders as may be necessary.

(1 B) Non-application of provisions relating to registration with respect to cash orders. With respect to any cash order issued in compliance in every respect with the requirements of "The Cash Orders Regulation


Acts, 1946 to 1959," by a holder of a licence under those Acts, the provisions relating to registration of this Act do not apply and it is hereby declared such provisions never have applied.

This subsection applies so as not to limit or affect otherwise howsoever any of the provisions of this Act other than the provisions thereof relating to registration.

(2) Renewal of registration. The registration of a money-lender shall cease to have effect at the expiration of one year from the date of the registration, but may be renewed from time to time, and if renewed shall have effect for one year from the date of renewal.

Every money-lender registered under this Act who desires to renew that registration shall apply accordingly as prescribed on or before the day whereon that registration will expire unless renewed or, as the case requires, further renewed.

For the purposes of this section, the day immediately following the day on which the registration or the next previous renewal thereof, as the case may be, expired, shall be deemed to be the date of the renewal of any registration renewed under this Act.

Every money-lender shall, within one month after the issue of regulations which shall be made under the "The Money Lenders Act of 1916," as amended by "The Money Lenders Act Amendment Act of 1 933," be required to again register as a money-lender and pay such fees as are prescribed by such regulations, notwithstanding that the certificate of registration existing at the commencement of "The Money Lenders Act Amendment Act of 1933" shall not have expired:

Provided that the regulations may prescribe that a refund may be made on such basis as may be prescribed in respect of the registration fee already paid by him.

And if any money-lender shall within one month after the issue of such regulations fail again so to register and to pay the prescribed fees as aforesaid, such money-lender shall be deemed to be an unregistered money-lender for all the purposes of this Act.

( 3) Rights of bona fide holders for value, &c., under contracts with money-lenders. 1 & 2 Geo. V. c. 38, s. 1. Notwithstandino- anythino-contained in this section- "' "'

(a) Any agreement with, or security taken by, a money-lender, shall be, and shall be deemed always to have been valid in favour of any bona fide assignee, transferee, or holder for value without notice of any defect due to the operation of this section, and of any person deriving title under him; and

(b) Any payment or transfer of money or property made bona fide by any person, whether acting in a fiduciary capacity or otherwise, on the faith of the validity of any such agreement

10 s.6 MONEY LENDERS ACf 1916-1979

or security, without notice of any such defect, shall, in favour of that person, be, and be deemed always to have been, as valid as it would have been if the agreement or security had been valid,

but in either such case the money-lender shall be liable to indemnify the borrower or any other person who is prejudiced by virtue of this provision, and nothing in this provision shall render valid an agreement or security in favour of an assignee, transferree, or holder for value who is himself a money-lender.

Notice. And with respect to notice the following provisions shall apply:-

( c) A person shall not be deemed to have had notice of a defect in an agreement or security by reason only that a search in the register established under this Act would have disclosed the defect or shown that the agreement or security was effected with a money-lender;

(d) 45 & 46 Vic. c. 39, s. 3. A person making any such payment or transfer as aforesaid shall not be prejudicially affected by notice of any instrument, fact, or thing unless-

(i) It is within his own knowledge, or would have come to his knowledge if such inquiries and inspections had been made as ought reasonably to have been made by him; or

(ii) In the same transaction with respect to which a question of notice to such person arises, it has come to the know-ledge of his counsel, as such, or of his solicitor or other agent, as such, or would have come to the knowledge of his solicitor or other agent, as such, if such inquiries and inspections had been made as ought reasonably to have been made by the solicitor or other agent.

This provision shall not exempt such person from any liability under, or any obligation to perform or observe, any covenant, condition, provision, or restriction contained in any instrument under which his title is derived, mediately or immediately; and such liability or obligation may be enforced in the same manner and to the same extent as if this provision had not been enacted.

Such person shall not by reason of anything in this provision be aflected by notice in any case where he would not have been so affected if this provision had not been enacted.

Nothing in this subsection shall render valid for any purpose any agreement, security, or other transaction which would, apart from this section, have been void or unenforceable.

( 4) Penalties. If a money-lender-( a) Fails to register himself as prescribed; or

(aa) Carries on business as a money-lender at a time when he is not registered as such under and in accordance with this Act; or

MONEY LENDERS ACT 1916-1979 S. 6A 11

(b) Carries on business otherwise than in his registered name or in more than one name, or elsewhere than at his registered address; or

(c) Fails to comply with any other requirements of this Act; or

(d) In the course of carrying on the money-lending business issues or publishes, or causes to be issued or published, any circular, notice, advertisement, letter, account, or state-ment of any kind containing expressions which might reason-ably be held to imply that he carries on banking business,

he shall be liable to a penalty not exceeding two hundred dollars, and in the case of a second or subsequent conviction to imprisonment with or without hard labour for any period not exceeding three months, or or to a penalty not exceeding two hundred dollars, or to both: Provided that, if the offender is a body corporate, that body corporate shall be liable on a second or subsequent conviction to a penalty not exceeding one thousand dollars.

(5) A prosecution under this section shall not be instituted except with the consent of the Attorney-General.

As amended by Act of 1933, 24 Geo. 5 No. 5, s. 7; Act of 1959, 8 Eliz. 2 No. 35, s. 8.


6A. Inspection of books; &c. A money-lender or, in the case of a corporation or joint stock company, the secretary, manager, director, or public officer thereof, upon demand by the registrar, or any person appointed in that behalf by the Minister, shall produce for his inspection any books, accounts, registers, documents, or w;itings relating to his business as a money-lender or, when so directed by the registrar in any particular case, any other books, accounts, registers, documents, or writings in his possession whether relating to his business as a money-lender or not.

The registrar or such person may, without fee or reward take or receive such notes, copies, or extracts thereof or therefrom as he may deem necessary.

Any person who obstructs the registrar or any person so appointed as aforesaid, and any person who refuses to produce such books, accounts, registers, documents, or writings as aforesaid, or obstructs the taking of any such notes, copies, or extracts, or refuses to answer any question relating to such books, accounts, registers, documents, or writings, or who wilfully gives any untruthful answer to any such questions shall be guilty of an offence, and shall on conviction be liable to a penalty not exceeding two hundred dollars.

Inserted by Act of 1933, 24 Geo. 5 No. 5, s. 8. Decimal currency reference substituted pursuant to section 7 of "The Decimal

Currency Act of 1965".

12 ss. 7-9 MONEY LENDERS ACT 1916-1979

7. Penalties for false statements and representations. 63 & 64 Vic. c. 51, s. 4. Any money-lender or any manager, agent, or clerk of a money-lender, or any person being a director, manager, or any other officer of any corporation carrying on the business of a money-lender, who by any false, misleading, or deceptive statement, representation, or promise or by any dishonest concealment of material facts, induces or attempts to induce any person to borrow money or to agree to the terms on which money is or is to be borrowed, shall be liable to imprisonment with or without hard labour for a term not exceeding one year, or to a penalty not exceeding one thousand dollars, or to both penalty and imprisonment.


8. Persons sending infants circulars inviting to borrow money. N.S.W. 1905, No. 24, s. 5. ( 1) Any person who, for the purpose of earning interest, commission, reward, or other profit, sends or causes to be sent to a person who is an infant any circular, notice, advertisement, letter, telegram, or other document which invites, or may reasonably be implied to invite, the person receiving it to borrow money, or to enter into any transaction involving the borrowing of money, or to apply to any person or at any place with a view to obtaining information or advice as to borrowing money, shall be liable to imprisonment with or without hard labour for a term not exceeding six months, or to a penalty not exceeding two hundred dollars, or to both imprisonment and penalty.

(2) If any such document as in this section mentioned sent to an infant purports to issue from any address named therein, or indicates any address as the place at which application is to be made as to the subject-matter of the document, and at that place there is carried on any business connected with loans, whether making or procuring loans or otherwise, every person who attends at such place for the purpose of taking part in, or who takes part in or assists in the carrying on of, such business shall be deemed to have sent or caused to be sent such document, unless he proves that he was not in any way a party to and was wholly ignorant of the sending of such document.

(3) Where in any proceedings under this section it is proved that the person to whom the document was sent was an infant, the person charged shall be deemed to have known that the person to whom the document was sent was an infant, unless he proves that he had reasonable ground for believing the infant to be of full age.

Decimal currency reference sub

MONEY LENDERS ACT 1916-1979 ss. 10, 11 13

imprisonment with or without hard labour for a term not exceeding three months, or to a penalty not exceeding one hundred dollars, or to both imprisonment and penalty.

Decimal currency reference substituted pursuant to section 7 of "Tize Decimal Currency Act of 1965".

10. Avoiding contract for payment of loan advanced during infancy, N.S.W. 1905, No. 24, s. 7. If any infant, who has contracted a loan which is void or voidable in law, agrees after he comes of age to pay any money which in whole or in part represents or is agreed to be paid in respect of any such loan and is not a new advance, such agreement and any instrument, negotiable or other, given in pursuance of or for carrying into effect such agreement or otherwise in relation to the payment of money representing or in respect of such loan shall, so far as it relates to money which represents or is payable in respect of such loan and is not a new advance, be void absolutely as against all persons whomsoever.

11. ( 1) Execution and attestation of certain assignments. No assign-ment to a money-lender, whether absolute or by way of security or otherwise howsoever made, after the commencement of this Act, by any person (hereinafter called the grantor) of or in respect of all or any part of his right title or interest whether actual or expectant, in possession remainder reversion or contingency, or of any nature whatsoever, in or under any will, codicil, or deed or in under or to the estate of any deceased person, whether the decease of such last-mentioned person was before or after the making of such assignment or before or after the commencement of this Act, shall be of any force or validity at law or in equity unless the assignment is in writing and was executed by the grantor in the presence of a police magistrate or registrar of a uistrict court, or clerk of petty sessions, or solicitor instructed and employed independently of the money-lender, and is certified by the police magistrate, or registrar, or clerk of petty sessions, or solicitor, as next hereinafter provided.

(2) The police magistrate, or registrar, or clerk of petty sessions, or solicitor-

( a) Shall read over and explain, or cause to. be read over and explained in his presence, to the grantor the said assignment; and

(b) Shall examine the grantor touching his knowledge of the assignment; and

(c) If he thinks fit may so examine him separately and apart from any other person; and

(d) If he is satisfied that the grantor understands the true purport and effect thereof and freely and voluntarily executes the same, shall certify in writing upon the assignment that such assignment has been so read over and explained, and that he has examined the grantor and is satisfied as hereinbefore required, and that the grantor has executed the assignment in his presence.

14 ss. 12, 13 MONEY LENDERS ACT 1916--1979

(3) This section does not apply to any assignment made only for the purpose of vesting property in the person entitled thereto under or by virtue of the provisions of a will, codicil, or deed, or in a person entitled thereto as part of the estate of a deceased person, or to any assignment made by any person to whom such property as aforesaid has been actually conveyed, assigned, or transferred.

( 4) No assignment (except assignments by way of security) executed in pursuance of this section shall be impeached upon any ground whatso-ever except in the case of fraud or any kind of imposition, and no assignment by way of security executed in pursuance of this section shall be impeached upon any ground whatsoever, except in the case of fraud or any kind of imposition, or except as provided by this Act.

( 5) In this section-Definition of "assignment." "Assignment" means any assignment,

assurance, sale, mortgage, lien, charge, conveyance, transfer, or declaration of trust, and any contract, agreement, or arrangement for assignment, assurance, sale, mortgage, lien, charge, conveyance, transfer, or declaration of trust, and any power or attorney, appointment of agency, license, or power to receive, or other authority of a like nature;

Definition of "deed." "Deed" means any instrument (other than a will or codicil), whether under seal or not, whereby any property is settled, appointed, given, or declared to be held in trust, or is agreed to be settled, appointed, given, or held in trust.

Clerk of petty sessions-Now clerk of the court; sec Justies Acts Amendment Act of 1964, No. 32, s. 2 (4).

12. Restriction on recovery of interest. (1) Whenever by the terms of any contract in writing entered into after the commencement of this Act (whether under seal or not), any interest is made payable at a rate or percentage per day, week, or month, or at any rate or percentage for any period less than a year, no interest exceeding the rate or percentage of twelve per centum per annum or such other rate as the Governor in Council prescribes for the time being by Order in Council shall be chargeable, payable, recoverable, or enforceable on any part of the principal money unless the contract contains an express statement of the total amount of interest paid or to be paid, or of the yearly rate or percentage of interest to which such other rate or percentage is equivalent.

(2) If any sum is paid on account of any interest not chargeable, payable, recoverable, or enforceable by reason of the last preceding subsection, such sum may be recovered back or deducted from any principal or interest payable under such contract, notwithstanding any contract to the contrary.

As amended by Act of 1933, 24 Geo. 5 No. 5, s. 9; Act of 1969, No. 15, s. 3; Act of 1973, No. 64, s. 15 (as from 1 September 1973).

13. ( 1) In certain cases duplicates of contract or memorandum of particulars to be supplied to borrower. Where money is or has been lent at a rate of interest exceeding twelve per centum per annum or

MONEY LENDERS ACT I9I6-I979 SS. 13A, 13B 15

such other rate as the Governor in Council · prescribes for the time being by Order in Council, every document executed after the commence-ment of this Act by the borrower or a surety to evidence the contract of loan or suretyship shall be executed in duplicate, and one of such duplicates shall within twenty-one days after the execution of the document be delivered by the lender to the borrower or surety or sent by the lender through the post by registered letter or certified mail addressed to the borrower or surety.

(2) Noncompliance. If a lender does not comply with the foregoing provision, the contract, if made for the payment of a higher rate of interest that twelve per centum per annum or such other rate as the Governor in Council prescribes for the time being by Order in Council, shall to the extent of the excess be absolutely void: Provided that nothing in this subsection contained shall prejudice or affect the right which any person would otherwise have as assignee or transferee of any contract if he proves that he became such assignee or transferee in good faith and for valuable consideration, and without knowledge or notice of any contravention of this section, but the lender shall indemnify the borrower or surety against the payment of any higher rate of interest than twelve per centum per annum or such other rate as the Governor in Council prescribes for the time being by Order in Council in respect of the contract.

( 3) Nonapplication. Nothing in this section applies to negotiable instruments.

As amended by Act of 1933, 24 Geo. 5 No. 5, s. 10; Act of 1962, No. 11, s. 3; Act of 1969, No. 15, s. 4; Act of I973, No. 64, s. I6 (as from I September 1973).

13A. Power to vary rate of interest by Order in Council. The Governor in Council may, from time to time, by Order in Council, vary by increasing or decreasing the rate of interest specified in the definition "money lender" prescribed by section 3, in section 12 and in section 13, or for the time being prescribed by Order in Council made under this section.

The Order in Council may be expressed to take effect on a date specified in the order (whether such date be before or after the publication of the order in the Gazette), and the variation thereby made shall take effect accordingly, and in that respect the order shall have retrospective operation where the case requires it.

Where a date is not specified in an Order in Council for its taking effect, the order shall take effect on the date of its publication in the Gazette and the variation thereby made shall take effect accordingly.

Inserted by Act of I973, No. 64, s. I7 (as from I September I973).

13B. Orders in Council to be laid before Legislative Assembly. (1) Every Order in Council under section 13A shall-

( a) upon its publication in the Gazette, be judicially noticed and that publication shall be conclusive evidence of the matters contained therein; and

16 s. 14 MONEY LENDERS ACT 1916-1979

(b) by laid before the Legislative Assembly within 14 s1ttmg days after such publication, if the Legislative Assembly is in session, and if not, then within 14 sitting days after commencement of the next session.

(2) If the Legislative Assembly passes a resolution of which notice has been given at any time within 14 sitting days after any Order in Council under section 13A has been laid before it disallowing the same or part thereof, that Order in Council or part shall thereupon cease to have effect, but without prejudice to the validity of anything done in the meantime or to the making of a further Order in Council.

Inserted by Act of 1973, No. 64, s. 18 (as from 1 September 1973).

14. Restriction as to obtaining a loan. ( 1) Except as hereinafter in this section provided, it shall not be lawful for any person to charge, recover, or receive directly or indirectly, or as a partner with any other person, any moneys-

(i) For or in respect of the making, procuring, negotiating or obtaining of any loan, or of any proposal, application or offer to make, procure, negotiate or obtain any loan, or for or in respect of the collection of repayments of any loan;

(ii) For or in respect of any recommendation which such person shall make or cause to be made or agree or offer to make or cause to be made that any loan should or may or should not or may not be made to any person;

(iii) For or in respect of any report which such person may make or cause to be made or agree or offer to make or cause to be made as to the financial status of any person (hereinafter referred to as "the said person") or as to the suitability of any person (hereinafter also referred to as "the said person") as a person to whom money may be advanced on loan if the said report is to be or may be or is intended to be used as a basis for making or refusing to make a loan to the said person; or

(iv) For or in respect of any inquiries which such person may make or cause to be made or agree or offer to make or cause to be made into or concerning the financial status of any person (hereinafter referred to as "the said person") or the suitability of any person (hereinafter also referred to as "the said person") as a person to whom money may be advanced on loan if the information obtained or to be obtained as a result of such enquiries is to be or may be or is intended to be used as a basis for making or refusing to make a loan to the said person or as a basis for recom-mending or refusing to recommend the making of a loan to the said person or as a basis for making any report as to the financial status of the said person or as to the suitability of the said person as a person to whom money may be advanced on loan:

MONEY LENDERS ACT 1916-1979 s.14 17

Provided that the lender may charge and recover from the borrower costs, fees, and charges-

(a) paid or payable by the lender in respect of the preparation by a solicitor or conveyancer of documents evidencing the contract of loan in question or of any suretyship in relation thereto,

(b) assessed and paid or assessed and payable (whichever is the less) by the lender in respect of stamp duties or registration fees payable under any Act in respect of the loan in question or in respect of documents relating (wholly or in part) thereto and, in the latter case, attributable to the loan in question,

(c) paid by the lender in respect of a valuation obtained in connexion with the loan in question,

(d) in a reasonable amount paid by the lender for a reasonable purpose (including that of collection fees) in connexion with the loan in question:

Provided further, that the total sums so charged in respect of any costs, fees, or charges included in paragraphs (c) and/or (d) shall not exceed such per centum of the amount of the principal sum actually lent as may from time to time be prescribed.

(2) Every contract made or entered into or transaction entered into or performed in breach of or with intent to evade or avoid this section shall be absolutely void:

Moreover, any money or money's worth directly or indirectly paid or allowed to or received by any person in contravention of this section may, notwithstanding any contract or agreement to the contrary, be recovered by the borrower from such person.

(3) Any person guilty of an offence against this section shall be liable to a penalty of not exceeding two hundred dollars, and in addition upon conviction the court may order him to repay any moneys charged, recovered, or received by him contrary to the provisions of this section.

Substituted by Act of ·1934, 25 Geo. 5 No. 33, s. 27 (I); as amended by Act of 1946, 10 Geo. 6 No. 35, s. 2; Act of 1968, No. 57, s. 2 (as from 1 August 1968) 0

Decimal currency reference substituted pursuant to section 7 of "The Decimal Currency Act of !965".

Section 27 (2) of Act of 1934, 25 Geo. 5 No. 33 reads as follows:-" (2) The provisions of this section shall take effect and have operation

as and from the passing of this Act: Prov·ided that not withstanding any Act or law to the contrary in

respect of any loan made to a borrower by a money-lender, and whether such loan is made before, on, or after the passing of this Act, the Court shall, on application by the borrower, have power, authority, and jurisdiction to declare that any sum paid by or payable by the borrower for or in respect of the making, procuring, negotiating, or obtaining such loan, or for or in respect of the collection of repayments thereof is harsh and excess-ive; and the Court shall in its discretion have power, authority, and jurisdiction to review any sum so paid or payable by the borrower as aforesaid (notwithstanding that any costs, fees, or charges as

18 ss. 14A-14c MONEY LENDERS ACT 1916-1979

are included in paragraphs (c) and/or (d) of subsection one of this section have not at the making of such application been prescribed) and to make such order in respect of such applicat·ion as it shall think just and proper in the circumstances; and any such application herein may be made as and from the passing of this Act."

14A. Mortgage brokers. ( 1) The provisions of section 14 do not apply to a person registered as a mortgage broker under this Act in respect of his carrying on the business of a mortgage broker.

(2) For the purposes of this section and sections 14B to 14N-"mortgage broker" means a person who, whether or not he

carries on any other business, carries on or advertises or announces himself or holds himself out in any way as carrying on the business of procuring, negotiating or arranging for the conveyance or transfer of any mortgage or mortgages secured on land or on land and improvements thereon, whether the conveyance or transfer is absolute or by way of security;

"person" means an individual or a body corporate; "register" means the Register of Mortgage Brokers required to

be kept under section 14B. Inserted by Act of 1979, No. 41, s. 4.

14B. Register of Mortgage Brokers. (1) The registrar shall keep in such form as . he thinks fit a register to be called the Register of Mortgage Brokers in which he shall cause to be registered the names of all persons approved by him to carry on the business of a mortgage broker and the address or addresses in Queensland at which it is proposed that such business will be carried on and any conditions to which his approval is subject.

(2) The registrar may enter in the register such particulars as he thinks fit in relation to any registration in the register.

(3) The register shall be available for perusal by any member of the public at any reasonable time on payment of the prescribed fee.

( 4) The registrar may, on payment of the prescribed fee, issue a certificate relating to any entry in the register or a copy of or extract from any such entry and every such certificate, copy or extract purporting to have been issued by the registrar shall be accepted in all proceedings as evidence and, in the absence of evidence to the contrary, conclusive evidence of the matters contained therein.

Inserted by Act of 1979, No. 41, s. 4.

14c. Application for registration. ( 1) A person who proposes to carry on the business of a mortgage broker shall lodge with the registrar an application to have his name and each address in Queensland at which the business is to be carried on registered in the register.

(2) Every application-( a) shall be made in the prescribed form and manner; and (b) shall be accompanied by a fee of $200 or such other

amount, not exceeding $300, as may be prescribed for the purpose from time to time by the regulations.

MONEY LENDERS ACT 1916-1979 ss. 14o, 14E 19

(3) Every applicant shall supply to the registrar such further infom1ation as the registrar may require in relation to the application.


14D. Registrar's disposal of applications. ( 1) Upon consideration of an application the registrar may grant the application (without con-ditions as he thinks appropriate) or refuse it.

(2) Before granting an application the registrar shall enquire-( a) in the case of an, application made by an individual, into

the character and financial position of the applicant; (b) in the case of an application made by a body corporate,

into the financial position of the applicant and into the character of each director of the applicant and of the secretary of the applicant,

and shall satisfy himself, after consideration of the interests of the public, that the applicant is a fit and proper person to be approved by him to carry on the business of a mortgage broker.

For the purpose of enquiring into the matters referred to in this subsection the registrar may request the Commissioner of Police to furnish him with a report on the character of the applicant or, where the applicant is a body corporate, on the character of all or any of the directors and the secretary of the applicant, and the Commissioner of Police, upon receipt of such request shall cause enquiries to be made and a report to be furnished to the registrar in accordance with the request.

( 3) If the registrar grants an application he shall issue to the applicant a certificate in the prescribed form which shall specify the matters registered in the register in respect of the applicant.

( 4) If the registrar refuses an application he shall, as soon as practicable thereafter, cause written notice of such refusal and the grounds thereof to be given to the applicant.

(5) Upoh the refusal or withdrawal of an application for registration in the register, there shall be refunded to the applicant or to any person who appears to the registrar to be entitled thereto, such part of the fee paid by the applicant under section 14c as may be prescribed.


14E. Renewal and duration of registration. ( 1) Renewal of registra-tion of a nam~ in the register may be effected by the payment to the registrar of a fee of $200 or such other amount, not exceeding $300, as may be prescribed for the purpose from time to time by the regulatiol)S, at any time before the expiration of the current period of registration.

(2) Subject to section 14F, registration of a name in the register and any renewal of such registration shall continue in force for one year from the date on which the registration is made in the register or, as the case may be, from the date on which the last preceding period of registration would have expired if not renewed.


20 S. 14F MONEY LENDERS ACT 1916-1979

14F. Cancellation and suspension of registration. ( 1) If the registrar forms the opinion-

(a) where the person registered in the register is an individual, that he is not a fit and proper person to continue to be so registered; or

(b) where the person registered in the register is a body corporate-

(i) that any director or the secretary thereof is not a fit and proper person to be a director or, as the case may be, the secretary of a body corporate so registered; or

( ii) that the affairs of the body corporate have been so conducted as to render it unfit to continue to be so registered,

he may, by written notice given to the person registered, require him or it to show cause to the registrar at a time and place specified in the notice why the registration in the register should not be cancelled or, at the registrar's election, suspended.

The notice shall be served-( a) personally on the person to whom it is directed; or (b) by post addressed to the person to whom it is directed

at an address registered in the register in relation to such person or by delivery to such an address for such person,

and where the notice alleges a ground referred to in provision (b) of the preceding paragraph, a copy of the notice shall be served in a manner aforesaid on every director and the secretary of the person registered.

(2) If cause to the contrary is not shown to the registrar's satisfaction (whether at the time and place specified in the notice or at a time and place to which the matter may have been adjourned or transferred by the registrar) the registrar may determine to cancel or at his election, to suspend for a period the registration in the register of the person so registered, whereupon he shall by written notice notify that person of his determination in a manner prescribed by subsection (I).

( 3) If within 30 days after the registrar has given or dispatched notice of his determination, the person whose registration in the register is proposed to be cancelled or suspended has not duly instituted an appeal provided for by section 14G and duly notified the registrar of such appeal, the registrar may-

(a) where the determination is to cancel a registration, remove from the register the name and other particulars of the person concerned, whereupon that person's registration shall be taken to be cancelled; or

(b) where the determination is to suspend a registration, endorse the registration in the register of the person concerned with particulars of the suspension, whereupon that person's registration shall be taken to be suspended for the period determined by the registrar.

MONEY LENDERS ACT 1916-1979 s.14G 21

( 4) Where a registration in the register is cancelled or suspended the person whose registration is affected shall within seven days thereafter deliver his certificate of registration to the registrar who shall, in the case of suspension, retain the certificate until the expiration of the period of suspension.


14G. Appeal against registrar's determination. ( 1) The person aggrieved by the registrar's determination to refuse an application for registration in the register or to cancel or suspend a registration in the register or to impose a condition upon a registration in the register may appeal against the determination to a Judge of District Courts (at Brisbane or at a place where the person aggrieved carries on or proposes to carry on the business of a mortgage broker, being a place appointed for holding such courts), who is hereby invested with jurisdiction to hear and determine the appeal and to make such order therein as to him appears just (including an order as to costs of the appeal) and whose decision shall be final and binding on the appellant and the registrar.

(2) Every appeal-( a) shall be instituted within 21 days after receipt by the person

aggrieved of notice of the registrar's determination by filing in the registry of the District Court at the place where the appeal is to be instituted a notice of appeal specifying the grounds of appeal and depositing in that registry the sum of $250 by way of security for costs of the appeal;

(b) shall be by way of rehearing, if there exists a sufficient record of the proceedings before the registrar from which the appeal is brought, and otherwise shall be a hearing de novo:

Provided that where an appeal is by way of rehearing either party may, by leave of the Judge, lead further evidence in support of or in addition to evidence given before the registrar.

( 3) Within seven days after institution of an appeal the appellant shall cause to be given to the registrar a copy of the notice of appeal and to be furnished to the registrar evidence of the deposit of the prescribed security for costs of the appeal.

Upon being satisfied that an appeal has been duly instituted the registrar shall cause to be furnished as soon as practicable to the registrar of the District Court at the place where the appeal is instituted a copy of all notices given by the registrar relevant to the matter of the appeal and a copy of the record (if any) of the proceedings before the registrar from which the appeal is brought.

( 4) The power to make rules of court conferred by the District Courts Act 1967-1978 extends to making all such rules as are considered necessary or convenient for regulating the procedure and practice of District Courts in relation to appeals provided for by this section.

22 SS. 14H-14J MONEY LENDERS ACT 1916-1979

Until such rules are made or in so far as the rules made do not provide, the Judge hearing an appeal may, in relation to the particular case, give such directions as he thinks fit and the directions shall be given effect in the conduct of that appeal.


14H. Notification of matters concerning mortgage brokers' business. ( 1) A person whose name is registered in the register shall give written notification to the registrar forthwith upon any variation in the address or addresses in Queensland at which that person carries on or proposes to carry on the business of a mortgage broker.

Penalty: $200.

(2) A person whose name is registered in the register, being a body corporate, shall give written notification to the registrar forthwith upon any variation in the membership of the governing body thereof or in the identity of the secretary thereof.

Penalty: $200.

(3) A person whose name is registered in the register shall give written notification to the registrar forthwith upon his ceasing to carry on in Queensland business as a mortgage broker.

Penalty: $200.

( 4) The registrar shall-( a) upon receipt by him of a notification referred to in subsection

(1) or (2), make an appropriate amendment in the register in relation to the registration to which the notification relates;

(b) upon receipt by him of a notification referred to in subsection ( 3), remove from the register the name to which the notifica-tion relates and all particulars in the register relating to the registration of that name.


14r. Mortgage broker must be registered. A person shall not carry on, or advertise or announce himself, or hold himself out in any way as carrying on the business of a mortgage broker unless his name is registered in the register.

Penalty: $10 for each day on which he contravenes this section. Inserted by Act of 1979, No. 41, s. 4.

14J. Mortgage broker to carry on business in registered name and at registered address. A person whose name is registered in the register shall not carry on the business of a mortgage broker-

{a) under the name of a partnership of which he is a member, or a name under which he carries on business and which is registered under the Business Names Act 1962-1976, or any other name, unless the name is one of the particulars entered in the register in respect of that person and every

MONEY LENDERS ACT 1916-1979 SS. 14K, 14L 23

person in association with whom he carries on the business of a mortgage broker under that name is registered in the register as a mortgage broker;

(b) except at an address registered in the register as an address at which that person's business as a mortgage broker is to be carried on.

Penalty: $10 for each day on which he contravenes this section. Inserted by Act {lf 1979, No. 41, s. 4.

14K, Mortgage broker to advertise registered name and address. A person whose name is registered in the register shall not publish, cause to be published, or suffer to be published, by any means whatever, an advertisement relating to or in connexion with his business as a mortgage broker without specifying therein-

( a) subject to paragraph (b), his name or a name that is one of the particulars entered in the register in respect of him; or

(b) in a case where the requirements of section 14J (a) in respect of a business name are met and the business is carried on under the business name in question, that business name and his name; and

(c) an address registered in the register as an address at which his business as a mortgage broker is or is to be carried on.

Penalty: $200. Inserted by Act of 1979, No. 41, s. 4.

14L. Mortgage broker to keep records. ( 1) A person whose name is registered in the register shall-

(a) at a time not later than immediately after he effects a con-veyance or transfer of a mortgage, legibly make in a bound book or a manner approved in writing by the registrar a written record containing full particulars of the transaction involving that conveyance or transfer;

(b) preserve a record made by him under this subsection for a period of at least three years after the date of the conveyance or transfer of mortgage to which the record relates; and

(c) upon being requested to do so by the registrar or a person authorized in writing by the registrar, generally or in a particular case, produce a record made by him under this subsection for inspection by the person who makes the request.

Penalty: $200.

(2) An entry in a written record kept at an address registered in the register as an address at which the business of a mortgage broker is to be carried on shall be deemed, unless the contrary is proved, to have been made therein by or with the authority of the person in respect of whom that address is so registered as a particular.

24 ss.14M, 14N MONEY LENDERS ACT 1916--'1979

(3) Where it appears to the registrar or a person authorized in writing by him necessary to do so for the purpose of obtaining evidence for production in any proceeding (whether pending or not) against a person whose name is registered in the register, he may seize, make copies of or extracts from, and retain any books, documents, records or writings in the possession of or belonging to such person in connexion with his carrying on the business of a mortgage broker.

Inse.rted by Act of 1979, No. 41, s. 4.

14M. Misrepresentation an offence. A person whose name is regis-tered in the register or a person acting on his behalf shall not by any false, misleading or deceptive statement, representation or promise, or by dishonest concealment of material facts induce, or attempt to induce, a person to enter into an agreement or contract for or with respect to a conveyance or transfer of a mortgage.

Penalty: $500 or imprisonment for three months or both. Inserted by Act of 1979, No. 41, s. 4.

14N. Restrictions on mortgage broker's right to fee. ( 1) Subject to this section, in respect of each transaction in the business of a mortgage broker there shall be but one fee payable and that fee shall be paid by the person or persons who convey or transfer the mortgage or mortgages in that transaction.

Where there are two or more mortgage brokers engaged in the one transaction the fee payable pursuant to this section shall be shared by them.

(2) A mortgage broker shall not demand, receive or accept, directly or indirectly, or retain, solely or as a partner with any other person, any moneys for or in respect of procuring, negotiating or arranging the conveyance or transfer of a mortgage--

(a) unless-(i) his engagement or appointment to act as a mortgage broker

is in writing signed by the person charged or to be charged with the payment of his fee;

(ii) an actual conveyance or transfer of the mortgage occurs as a result of the activity of the mortgage broker with a view to procuring, negotiating or arranging the same; and

(iii) his receipt, acceptance or retention of those moneys is or would be permitted by subsection ( 1) ; or

(b) if-(i) following the conveyance or transfer of the mortgage, he

will have, directly or indirectly, c>n interest in the mortgage; or

MONEY LENDERS ACI' 191~1979 s.lS 25

(ii) the amount of those moneys exceeds two per centum of the sum paid as consideration for the conveyance or transfer of the mortgage or such less rate per centum thereof as may be prescribed by the regulations.

Penalty: $500.

( 3) Upon convicting a person whose name is registered in the register of an offence against subsection (2) the adjudicating court may order him to refund any moneys received, accepted or retained by him contrary to that subsection together with interest at such rate as is fixed by the court, not exceeding 8 per centum per annum from the time of the receipt, acceptance or retention of the moneys until the time when it is refunded.

The amount ordered to be refunded together with interest accrued thereon shall constitute a debt due and owing to the person to whom the refund is ordered to be made and may be recovered by action for debt in a court of competent jurisdiction.

(4) Notwithstanding the provisions of subsection (1) or (2), a person whose name is registered in the register and who has been engaged or appointed in writing to act as a mortgage broker may recover from the person charged· with the payment of his fee an amount paid by the mortgage broker as the cost of obtaining a valuation of any security to which the mortgage or mortgages sought to be conveyed or transferred relate.


15. ( 1 ) How loan to be made. All loans purporting to be loans of money shall be made in current money, bank notes, or cheques on bankers, and shall be made in full without any deduction for interest or otherwise.

No land, goods, or articles of any kind whatever or things in action shall be given or supplied in or by way of barter or otherwise for or as part of any such loan.

Power for lender to deduct costs, &c., from loans. This subsection shall not be construed to prevent a money-lender deducting from any loan of money all such fees, costs, charges, and expenses of any kind whatsoever as may be lawfully charged pursuant to this Act, except interest.

(2) Contracts contravening section void to extent of contravention. Every contract made or transaction entered into or performed in breach of or with intent to evade or avoid this section in respect of a loan after the commencement of this Act shall, to the extent of such breach, evasion, or avoidance, be absolutely void.

(3) Non-application of section. This section does not apply to dedu~tions for the. current rate of ~iscount on. bills of exchange or promissory notes discounted, and havmg when discounted an unexpired currency of not more than twelve months.

26 ss. 16-17c MONEY LENDERS ACT 1916-

MONEY LENDERS ACT 1916---1979 ss. 17D, 17E 27

(b) The registrar shall enter in the register of money-lenders the full name, the usual trade name (if any) and the address of all persons registered as money-lenders under this Act and such other particulars as may be prescribed.

(c) Such register shall be open to inspection to any person upon payment of the prescribed fee at all times during which the office of the registrar is open for the transaction of business.

( 4) The registrar shall have such duties, powers and authorities as are prescribed.

( 5) All applications, notices or documents required to be lodged with, delivered, forwarded, furnished, or sent to the registrar shall be kept in the office of the registrar.

( 6) During the absence from duty of the registrar by reason of illness, leave of absence or other cause, or during any vacancy in the office of the registrar, the duties, powers and authorities of the registrar may be performed and exercised by a deputy registrar appointed by the Governor in Council (whether generally or in respect of any particular period of absence from duty of, or vacancy in the office of, the registrar).

Substituted by Act of 1959, 8 Eliz. 2 No. 35, s. 9.

17o. (1) Applications for registration or renewal. Every money-lender shall make application to the Registrar of Money Lenders for registration or renewal of registration as a money-lender in accordance with the Act. Such application shall be accompanied by the prescribed fee and by a statutory declaration to be made by the applicant in the prescribed form, which declaration shall either be delivered at the office of the Registrar of Money Lenders or transmitted to that office by prepaid registered letter post.

(2) Registration. Subject to section 17 J of this Act, the Registrar of Money Lenders, upon receipt of such application and statutory declara-tion and of the prescribed fee, shall register or renew or further renew the registration of, as the case may be, the applicant as a money-lender.

(3) Issue of certificate. The Registrar of Money Lenders shall upon every registration or renewal of registration issue to the money-lender a certificate in the prescribed form and shall, at any time upon request being made and the prescribed fee tendered by any person, issue to such person a duplicate of such certificate.


17E. Notice of ceasing of business as a money-lender. When any money-lender ceases to carry on the business of a money-lender he shall send by prepaid post or deliver to the registrar a notice in the prescribed form, and upon receipt of such notice the registrar shall cancel the registration of such money-lender accordingly.

28 SS. 17F-17H MONEY LENDERS ACf 1916-

MONEY LENDERS ACT 1916-1979 ss. 17r-18 29

17r. Contracting-out prohibited. No contract or agreement made or entered into either before or after the passing of "The Money Lenders Act Amendment Act of 1933," shall operate to annul or vary or excl~de any of the provisions of this Act or to prevent the court from makmg any order under this Act.

Inserted by Act of 1933, 24 Geo. 5 No. 5, s. 13.

17J. Cancellation of license. (1) If any money-lender who has been convicted of any offence against this Act is within twelve months thereafter convicted of a second or any subsequent offence, the court (when con-stituted by a police magistrate sitting alone) may, if it thinks fit, in addition to any other penalty or punishment, and on application being made by the registrar in that behalf, cancel the registration under this Act of such a person as a money-lender.

(2) Unless the money-lender is actually present by himself or his solicitor or agent at the time of the making of the order of the court under this section, any application to the court by the registrar shall not be entertained by the court unless the registrar has served on the money-lender in question, in accordance with the practice of the court as to services of summonses, a notice of his intention to make such application for cancellation. The practice of the court in question as to the time and place and method of service shall apply to the service of a notice under this section.

( 3) An appeal shall lie from the decision of the court to the Supreme Court. Such appeal shall be by way of rehearing and shall be made by way of special case in the manner provided by "The Justices Acts, 1886 to 1932," with respect to appeals from decisions of justices; and the provisions of those Acts relating to such appeals shall, mutatis mutandis, apply to appeals under this section, and ·the costs of such appeal shall be in the discretion of the Supreme Court.

( 4) When the registration under this Act of any person as a money-lender has been cancelled under this section, that person shall not be again registered under this Act as a money-lender except by direction of a court of petty sessions constituted by a stipendiary magistrate or acting stipendiary magistrate sitting alone.

Inserted by Act of 11933, 24 Geo. 5 No. 5, s. 13; as amended by Act of 1959 8 Eliz. 2 No. 35, s. 13. '

Clerk of petty sessions-Now clerk of the court; see "The Justices Acts Amendment Act of 1964", No. 32, s. 2 (4).

17K. Indemnity to persons discharging functions under Act. Neither the Crown nor any person shall incur liability on account of any act done or decision taken in good faith and without negligence for the purposes of this Act or purporting to be for those purposes.


18. ( 1) Regulations as to registration. 63 & 64 Vic. c. 51, s. 3. The Gover~or i~ Council may from time to time make regulations respecting the regrstratlon of money-lenders and mortgage brokers within the meaning

30 s. 18 MONEY LENDERS ACI' 1916-->1979

of section 14A (2) (including the prescribing of the conditions for registration and the grounds on which they may be removed from the register), whether individuals, firms, societies, or companies, the form of the register and the particulars to be entered therein, and the fees to be paid on registration and renewal of registration, and respecting the inspection of the register and the fees payable therefor, and in any such regulations may prescribe such other forms, declarations, notices, and fees in and for such purposes as it may deem fit.

Without limiting the generality of the above provisions, such regulations may from time to time prescribe that, from and after any date or dates as specified in any such regulations, the maximum rate per centum per annum of interest (as charged and calculated in accordance with the provisions of this Act) in respect of any loan or transaction, as the case may be, made after any such prescribed date or dates, shall not exceed such maximum rate per centum per annum of interest as shall be so prescribed; provided that such regulations may from time to time provide therein for such exemptions in respect of such amounts in regard to any such loan or transaction as so prescribed:

Proyideg further .. that regulati~ns may. 1Je . 111ad~ . exempting any individual person or class or classes of persons from regl.stnition ·· under this Act. ·· ··

Such regulations may also prescribe the duties, powers, and authorities of the registrar, the furnishing by the money-lender to the borrower of ·prescribed books of account or statements showing the nature and details of the loan, the payments made or to be made thereunder and such other particulars as may be prescribed.

Such regulations may also prescribe such matters as are required or permitted by this Act to be prescribed where the means by which they are to be prescribed are not otherwise provided for.

(2) Publication of regulations. All such regulations shall be published in the Gazette, and when so published shall have the force of law and shall be judicially noticed, and shall be laid before both Houses of Parliament within fourteen days after the same have been made if Parliament is then sitting, and if not then within ten days after the next meeting of Parliament.

If either House of Parliament passes a resolution disallowing any such regulation, of which resolution notice has been given at any time within fourteen sitting days of such House after such regulation has been laid before it, such regulation shall thereupon cease to have effect, but without prejudice to the validity of anything done in the meantime.

For the purpose of this Act, the term "sitting days" shall mean days on which the House actually sits for the despatch of business:


Provided always that if such regulations are not duly laid before Parliament as hereinbefore prescribed they shall thereupon cease to have any force, effect, or operation whatsoever.

(3) Application of Magistrates Courts Acts and Rules. Subject to this Act, the provisions of "The Magistrates Courts Act of 1921," and Rules of Court made thereunder shall, so far as the ·same are applicable, apply and extend in respect of any matter or thing under this Act, and the power and authority to make Rules of Court under such Act shall apply and extend for the purposes of this Act.

As amended by Act of '1933, 24 Geo. 5 No. 5, s. 14; Act of 1959, 8 E.J.iz. 2 No. 35, s. 14; Act of 1962, No. 11, s. 4; Act of 1979, No. 41, s. 7.

By Authority: S. R. Hampson, Government Printer, Queensland

INDEX

TO

MONEY LENDERS ACT 1916-1979

Accounts, reopening of-with money lenders

Address-advertise registered address change of . . . . . . . . . .

A

must carry on business at registered address

Appeal against cancellation or suspension of registration

Applications in camera

Assignee. See Transfers, post.

Assignment to money lender, formaliti

34 INDEX

Court-continued excessive interest in money lending transaction .. making order notwithstanding contracting out .. may allow registration of convicted money lenders saving of general jurisdiction of

Crown-not incur liability

D Debt collecting, fee not to be demanded from debtor

Defects in agreement, etc., notice of

Definitions-assignment court deed interest loan Minister .. money-lender mortgage broker person .. prescribed .. Registrar .. regulations this Act

Disposal of applications-Registrar's

Documents, money lender to furnish

Entries in money lenders books-copies of, in registers, to be evidence deemed made by him

Entries in mortgage brokers books-copies of, in evidence

Evidence-appeal against Registrar's decision

E

copies of entries in register to be . . . . presumptions, where infants are invited to borrow regulations to be judicially noticed . . . . . . soliciting infant to make affidavit connected with loan

Exemptions-from registration . . . . . . . . . . . . . . regulations may provide, in respect of Joans or transaction

False representations, penalty for

Fee-for registration of money lender for registration of mortgage broker for inspection of register . . . . refund of, on canceJiation of registration to be paid on registration

Gazette, publication in, of regulations

Governor in Council-

F

G

make regulations and prescribe other matters where means not provided for

s. 4 (2A) 171 171 17

17K

16

6 (3)

II 3

II 3 3 3 3

14A (ij 14A (2)

3 3 3 3

14D

6

17A (2) 17A (I)

14o (3)

14o (2) (b) .. SS. 148 (4), 17A (2) s. 8

ss. s.

ss.

18 9

18 18

7

6 (2) 14c (2) 14a (3), 17c 17E 14c (2), 17o

s. 18

18 (I)

..

.. [

Page

4 29 29 26

29

26

9

13 2

13 2 2 2 2

18 18

3 3 3 3

19

8

26 26

21

21 18,26

12 29 12

29 29

IZ

9 18

18,26 27

18,27

29

29

Holder of value from money lender-notice, provisions with respect to protection of

Indemnity-

INDEX

H

I to borrower by money lender in certain instances to persons discharging functions under the Act

Infants-avoiding .contract for loan advanced during infancy soliciting to borrow . . . . . . . . . . soliciting to make affidavit, etc., in connection with Joan

Insolvency proceedings, reopening transactions in

Inspection of books of money lender

Inspection of books of mortgage broker

Insurance cornpany, when not a money lender

Interest-calculation of, on loan .. excessive--

relief against .. when court may decl~re--

in money lending transaction maximum rate to be preserih\ld meaning of term . . . . · .. not to be deducted from l~an money rebate of, on loans .. restriction on recovery of

Interpretation of terms. See Definitions.

Liability-L

no~ incurred by Crown or ~ny person re discharge of functions in case of offence by corporation or company . . . .

Limitation of time for reopening-transactions with money lender

Loan-calculation of interest on meaning of term .. rebate of interest on .. restriction as to obtaining

Magistrate-M

attestatio~ of assignment to money lender

Magistrates Court, jurisdiction of ..

Magistrates Courts Act of 1921 and rules, application of ..

Maximum rate of interest prescribed

Membership (Mortgage Broker) variation of

Minister, meaning of term

Money-lender. See a/so Infant. application for registration or renewal of books of, entries in, deemed made by him cancellation of licence on convictions .. change of address, etc. . . . . . . . . execution and attestation of certain assignments to false statements, etc., by how loan to be made inspection of books of .. issue of certificate may have licence canceJJed

s. 6 (3) 6 (3)

6 (3) 171<

10 8 9

4 (3)

6A

14L

4A

4

4 (2A) ]7p 3

IS 4B

12

171< 17B

4(5)

4A 3 48

14

II

3

ss. 14G (4), 18 (3)

s. 17F .. 14H (2)

170 17A (I) 171 6 (I~)

II 7

15 6A ..

17o (3) 171 ..

Page

35

9 9

9 29

13 12 12

5

II

23

2

5

4 28

2 2 5

14

29 26

5 2 5

16

13

2

21,31

28

22

2

27 26 29

8 13 12 25 II 27 29

36 INDEX

Money-lenders-continued meaning of term . . . . . . . . . . . . mu~t not charge interest beyond prescribed maximum notice by, of ceasing to carry on business . . . . prescribed maximum rate of interest rebate of interest to be paid by register of . . . . . . registrar of, appointment of registration of, and fees .. renewal of registration as .. restriction as to procuration fees restriction on recovery of interest by to give copy of transaction .. unregistered, an offence . . . . . . . . when to furnish duplicate agreement to borrower when transactions may be reopened

Money Lending transaction, when court may declare interest excessive

Mortgage Brokers-appeal against Registrar's decision for cancellation or

suspension advertise registered name and address application for registration of .. application for renewal of . . . . before granting application Registrar shall cancellation of registration-

notification of . . . . . . where Registrar forms the opinion for

change of address .. change of membership .. definition of . . . . duration of registration . . . . exclusion to provisions of section 14 fees for registration of .. issue of certificate to keep records . . . . . . . . liability in case of offence by corporation .. re making of regulations by Governor in Council misrepresentation of an offence must be registered . . . . . . . . . . . . must carry on business in registered name and at registered

address offence (restrictions on right to fee) refund on refusal or withdrawal .. refusal of application for registration of register of . . . . . . . . . . . . Registrar's disposal of application for registration restriction on right to fee .. suspension of registration of- ..

appeal against . . . . . . where Registrar forms the opinion for

withdrawal of application

Notice-of ceasing business as money lender of ceasing business as mortgage broker of defect, etc., in agreement or security of change of address of mortgage broker

Offences-by company

N

0

by money lender . . . . . . . . . . charging interest higher than prescribed maximum false representations general penalty .. heard under Justices Acts . . . . making charge on debtor for debt collecting misrepresentation of prosecution for . . . . . . . . prosecutions authorised by Attorney~General restrictions on right to fee soliciting infants to borrow . . . . . . . . soliciting infant to make affidavit connected wjth loan unregistered money lender carrying on business

3 17F i7E 17F 4B

l7c l7c ..

ss. 6, 17o s. 6

14 12 l3 6

13

ss.

..

ss.

s.

ss. s.

ss. s.

4

4 (2A)

14 (3), (4), l4G

14K .. 14c .. l4E (!), (2) l4o (2)

l4H (3) l4F (!) 14H (I) 14H (2) 14A (2) 14E (1), (2) 14A (I) 14c (2) 14o (3) 14L 17B :: 18 (l) 14M .. !4! .. 14J .. 14N (3) 14o (5), l4a· · l4o (4), (5), l4o l4o .. 14o .. 14N .. 14F l4F di, (4), ·!4o l4F (I) 14o (5)

l7E . . . . 14M (3), (4) (b) 6 (3)

14H (I)

17o 6 (4i.

17F .. 7

141, 1"io 17H 16 14M :: 17H .. 6 (5)

14N (3) 8 9 6

Page

2 28 27 28

5 26 26

8, 27 8

[6 !4 !4 8

14 3

4

!7, 21

23 !8 19 19

22 20 22 22 18 19 18 !8 19 23 26 29 24 22 22

25 19,21 19, 21

18 l9 24 20

20, 21 20 19

27 24

9 22

26 10 28 12

22, 28 . 28

26 24 28 II 25 12 12 8

Parliament, regulations to be laid before

Particulars, money lender to furnish

Pawnbroker, not a money lender

Penalty, Sec Offences.

Person-

INDEX

p

meaning of term . . . . . . . . . . . . indemnity to persons discharging functions under Act

Prescribe-Governor in Council may prescribe such matters where means

not otherwise provided for

Prescribed maximum rate of interest

Prescribt!d, meaning of term

Procuration fees, forbidden

Procuring loan, charges unlawful

Prosecution, time for ..

Prosecution of Offences. See Offences.

Rebate of interest, on loans ..

Refund-of fee on cancellation of registration

R

of fee on refusal or withdrawal . . . . rc restriction on mortgage brokers right to fee

Refusal, of application for registration as a mortgage broker

Register-of money lenders-

copies of entries in, to be evidence inspection of Registrar to keep

of mortgage broker-copies of entries in meaning of . . . . . . perusal of . . . . . . Registrar to keep and make

Registrar-of money lenders-

appointment of . . . . . . . . attestation of assignment to money lender continuance in office of former duties of . . . . . . . . duties of, may be performed by deputy .. duties of, as to registration . . . . inspection by, of books of money lender meaning of term office of . . . . to be member of Public Service to keep rc.~gister .. to keep documents . . . . . . to be notified of change of address to issue certificate of registration .. to register money lenders ..

of mortgage brokers-before granting application . . . . . . cancellation of registration, where Registrar forms the

opinion for disposal of applications issue of certificate . . . . . . . . may issue copy or extract of entries in regi