Interest And Credit Charges (Regulation) Amendment Act 1994

Link to law: http://www.bermudalaws.bm/Laws/Annual%20Laws/1994/Acts/Interest%20And%20Credit%20Charges%20%28Regulation%29%20Amendment%20Act%201994.pdf

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Interest And Credit Charges (Regulation) Amendment Act 1994
The Laws of Bermuda
Annual Volume of Public Acts 1994 : 9

1

47

BERMUDA
1994 : 9

INTEREST AND CREDIT CHARGES (REGULATION)
AMENDMENT ACT 1994

[Date of Assent 22 March 1994]

[Operative Date 1 April 1994]

WHEREAS it is expedient to amend the the Interest and Credit
Charges (Regulation) Act 1975 and revoke certain orders made under
that Act:

Be it enacted by The Queen's Most Excellent Majesty, by and
with the advice and consent of the Senate and the House of Assembly of
Bermuda, and by the authority of the same, as follows:

Short title
1 This Act may be cited as the Interest and Credit Charges
(Regulation) Amendment Act 1994.

Amendment of s 14 of Act No 48 of 1975
2 Section 14 of the Interest and Credit Charges (Regulation) Act
1975 is amended by deleting subsection (1) and substituting the
following—

" (1) Until such time as an order is made under section
12 prescribing a maximum rate of interest in relation to
contracts to which Part III applies, or in relation to any class or
category of such contracts, nothing in this Act shall have effect

INTEREST AND CREDIT CHARGES (REGULATION)
AMENDMENT ACT 1994

2

48

to apply a maximum rate of interest in relation to any such
contract, class or category.".

Revocation of BR 14/1982 and BR 15/1982
3 The Interest and Credit Charges (Deposit Companies Special
Exemption) Order 1982 and the Interest (Credit Charges and Finder's
Fees Restriction) Order 1982 are revoked.

Commencement and transitional
4 (1) This Act comes into operation on 1st April 1994
("commencement day").

(2) Nothing in this Act affects any contract, agreement,
transaction, investment, instrument or other thing, being a contract,
agreement, transaction, investment, instrument or thing having legal
effect, which was in being or in force immediately before commencement
day and continues in being or in force on that day.