Section 14D: Licensing of moneylenders

14D. Licensing of moneylenders (1) (a) Subject to subsection (2), no person shall engage in the business of moneylending in Mauritius without a licence granted by the central bank. B3 – 18 (1) [Issue 9] Banking Act (b) Section 14 shall apply to the grant of a licence to a moneylender as it applies to a licence granted under that section, with such modifications, adaptations and exceptions as may be necessary. (c) No person, other than a company, shall be granted a licence under this section. (2) Every moneylender shall comply with such prudential requirements as the central bank may specify. (3) The central bank may, by guidelines, instructions or directives, require every moneylender to comply with such provision of this Act as it considers appropriate, so as to ensure effective supervision of moneylenders. (4) (a) The central bank may cause an inspection of the operations and affairs of a moneylender to be made by its officers or such other duly qualified person as it may appoint, so as to assess whether the moneylender is complying with the banking laws and any guidelines, instructions or directives issued by the central bank. (b) Where the central bank appoints a duly qualified person to conduct an inspection under paragraph (a), the costs incurred in that connection may be recovered, in whole or in part, by the central bank as if it were a civil debt. (4A) This section shall not apply to a loan made or provided by any person specified in the Fourth Schedule. (5) Any person who contravenes this section shall commit an offence and shall, on conviction, be liable to a fine not exceeding one million rupees and to imprisonment for a term not exceeding 5 years. [S. 14D inserted by s. 3 (e) of Act 27 of 2013 w.e.f. 21 December 2013; amended by s. 4 (g) of Act 9 of 2015 w.e.f. 14 May 2015.] 14E. — [S. 14E inserted by s. 3 (e) of Act 27 of 2013 w.e.f. 21 December 2013; repealed by s. 3 (f) of Act 18 of 2016 w.e.f. 20 October 2016.]