Section 22: Assignment of moneylender’s debts
consolidated text (as at 2007). juris shows the text as it was consolidated; it does not confirm that this is the law in force today.
22. Assignment of moneylender’s debts
(1) Where any debt in respect of money lent by a moneylender or in respect of interest on the debt or the benefit of any agreement made or security taken in respect of the debt or interest is assigned to any assignee, the
assignor (whether he is the moneylender by whom the money was lent or
any person to whom the debt has been previously assigned) shall, before the
assignment is made—
(a) give to the assignee notice in writing that the debt, agreement or
security is affected by this Act; and
(b) supply to the assignee all information necessary to enable him to
comply with the provisions of this Act relating to the obligation
to supply information as to the state of loans and copies of
documents relating to the loan.
(1A) Any person who contravenes this section shall be liable to indemnify any other person who is prejudiced by the contravention, and shall also
commit an offence and shall, on conviction, be liable to a fine not exceeding
5,000 rupees and to imprisonment for a term not exceeding 12 months.
(2) In this section, “assign” means assign by any assignment inter vivos,
other than an assignment by operation of law.
[S. 22 amended by Act 25 of 2000.]