Section 20: Moneylender to supply information

20. Moneylender to supply information (1) In respect of every contract for the repayment of money lent by a moneylender, the moneylender shall, on any reasonable demand in writing being made by the borrower at any time during the continuance of the contract and on tender by the borrower of the sum of 10 rupees for expenses, supply to the borrower, or, if the borrower so requires, to any person specified in the demand, a statement signed by the moneylender or his agent showing— (a) the date on which the loan was made, the amount of the principal of the loan and the rate per cent per annum of interest charged; (b) the amount of any payment already received by the moneylender in respect of the loan or the interest on the loan and the date on which it was made; (c) the amount of any sum due to the moneylender, but unpaid, and the date upon which it became due, and the amount of interest accrued due, and unpaid in respect of that sum; and (d) the amount of any sum not yet due which remains outstanding, and the date upon which it will become due. (1A) A statement of account in the form set out in the Third Schedule shall be deemed to comply with subsection (1). M66 – 9 [Issue 1] Moneylenders Act (2) A moneylender shall, on any reasonable demand in writing by a borrower, and on tender of a reasonable sum for expenses, supply a copy of any document relating to a loan made by him or any security for the loan to the borrower, or if the borrower so requires, to any person specified in the demand. (3) (a) Where a moneylender to whom a demand has been made under this section fails without reasonable excuse to comply with the demand within one month after it has been made, he shall not, as long as the default continues, sue for or recover any sum due under the contract on account either of principal or interest, and interest shall not be chargeable in respect of the period of the default. (b) Where the default is made or continued after proceedings have ceased to lie in respect of the loan, the moneylender shall commit an offence and shall, on conviction, be liable to a fine not exceeding 100 rupees for every day on which the default continues. [S. 20 amended by Act 25 of 2000.]