Section 19: Receipts and record of transaction

19. Receipts and record of transaction (1) (a) Every moneylender shall give a receipt for every payment made to him on account of a loan or of interest on the loan. (b) The receipt shall be given as soon as payment is made. (2) (a) Every moneylender shall keep a book which shall be securely bound, paged, numbered, initialled and visaed every year by a Magistrate. (b) The moneylender shall enter in the book in respect of every loan made by him— (i) the date on which the loan was made; (ii) the amount of the principal; (iii) the rate of interest; [Issue 1] M66 – 8 Revised Laws of Mauritius (iv) all sums received in respect of the loan or the interest on the loan with the dates of payment. (2A) Every moneylender shall submit to the Accountant-General by— (a) 15 July, in respect of the preceding period 1 January to 30 June; (b) 15 January, in respect of the preceding period 1 July to 30 December, a return in the prescribed form giving details of all moneys lent to him and all sums received by way of interest, or otherwise, on moneys lent, whether during the period covered by the return or not. (3) The entries in the book shall be made forthwith on the making of the loan or the receipt of sums paid in respect of the loan, as the case may be. (4) A moneylender who fails to comply with this section shall not enforce any claim in respect of any transaction in relation to which the default is made and shall commit an offence and shall, on conviction, be liable to a fine not exceeding 1,000 rupees or in the case of a continuing offence, to a fine not exceeding 100 rupees for each day or part of a day during which the offence continues. [S. 19 amended by Act 25 of 2000; Act 10 of 2002.]