Section 2: Interpretation

2. Interpretation In this Act— “borrower” means any person who is granted a credit facility; “Commissioner” means the Commissioner for the Protection of Borrowers appointed under section 3; B11 – 1 [Issue 1] Borrower Protection Act “credit agreement” means a written agreement under which a credit facility is granted; “credit facility”— (a) means— (i) lending of money to a borrower; or (ii) financing the acquisition of movable or immovable property, by a lending institution for a sum not exceeding the amount specified in the First Schedule; but (b) does not include lending or advancing of money by a bank for a period not exceeding 12 months; “extortionate” has the meaning assigned to it by section 18 (6); “guarantor” means a person who gives his immovable property or offers his personal guarantee as security for the repayment of a credit facility by a borrower; “law practitioner” has the meaning assigned to it by the Law Practitioners Act; “lender” means any lending institution which grants a credit facility; “lending institution”— (a) means a body specified in the Second Schedule; and (b) includes a moneylender under the Moneylenders Act; “Minister” means the Minister to whom responsibility for the subject of finance is assigned. PART II – ADMINISTRATION