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Moneylenders
*See Note on page 2

L.R.O.

Current Authorised Pages
Pages Authorised
(inclusive) by L.R.O.

1–22 ..
23–28 ..

42 of 1942
6 of 1945
172/1961
136/1976
45 of 1979
*12 of 1985
6 of 1993

*18 of 1993
8 of 1996
6 of 2014

Act
42 of 1932
Amended by

LAWS OF TRINIDAD AND TOBAGO

MONEYLENDERS ACT
CHAPTER 84:04

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Index of Subsidiary Legislation
Page

Moneylenders (Exemption) Order (GN 128/1965) … … … 24
Moneylenders Rules (G. 2.2.1933) … … … … 26

Note on Act No. 12 of 1985
HOME MORTGAGE BANK ACT

Section 33(1) of Act 12 of 1985 states as follows:
The Banking Act, the Financial Institutions (Non-Banking) Act and the Moneylenders Act,

do not apply to the Bank.

Note on Act No. 18 of 1993
See section 62 (2) of Act No. 18 of 1993.

Note on Adaptation
1. Certain fees in this Chapter were increased by the Commission under paragraph 4

of the Second Schedule to the Law Revision Act (Ch. 3:03). Where this occurs, a
marginal reference in the form normally indicating an amendment is made to
LN 51/1980 (the Legal Notice by which the President’s approval was signified).

2. Under paragraph 6 of the Second Schedule to the Law Revision Act (Ch. 3:03)
the Commission amended certain references to public officers in this Chapter.
The Minister’s approval of the amendments was signified by LN 52/1980, but no marginal
reference is made to this Notice where any such amendment is made in the text.

2 Chap. 84:04 Moneylenders

LAWS OF TRINIDAD AND TOBAGO

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Moneylenders Chap. 84:04 3

LAWS OF TRINIDAD AND TOBAGO

L.R.O.

CHAPTER 84:04

MONEYLENDERS ACT
ARRANGEMENT OF SECTIONS

SECTION

1. Short title.
2. Interpretation and application.
3. Licences to be taken out by moneylenders.
4. Penalty for breaches of section 3.
5. Certificate required for grant of moneylender’s licence.
6. Procedure on application for a certificate.
6A. Dispute resolution.
7. Refusal to grant a certificate.
8. Transfer of business to other premises.
9. Suspension and forfeiture of moneylenders’ certificates.
10. Forgery of certificate.
11. Form of moneylenders’ contracts.
12. Interest to be charged.
13. Penalty for charging unauthorised interest.
14. Prohibition of compound interest and provision as to defaults.
15. Method of calculating interest when not expressed in terms of a rate.
16. Prohibition of charge for expenses on loans by moneylenders.
17. Employment of agents or canvassers by moneylender prohibited.
18. Moneylenders to give receipts and keep record of transactions.
19. Obligation of moneylender to supply information as to state of loan

and copies of documents relating thereto.
20. Limitation of time for proceedings in respect of money lent by

moneylenders.
21. Restrictions on moneylending advertisements.
22. Notice and information to be given on assignment of moneylenders’

debts.
23. Application of Act as respects assignees.
24. Re-opening of moneylending transactions.
Proceedings by borrower against moneylender.
Bankruptcy.
Application to all moneylending transactions.
Bona fide assignee.
Existing powers of Court.

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

25. Inducing borrowing by false statements.
26. Protection of lenders against frivolous and vexatious actions.
27. Recovery of penalties.

SCHEDULE.

ARRANGEMENT OF SECTIONS—Continued
SECTION

4 Chap. 84:04 Moneylenders

LAWS OF TRINIDAD AND TOBAGO

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Moneylenders Chap. 84:04 5

LAWS OF TRINIDAD AND TOBAGO

L.R.O.

1950 Ed.
Ch. 31. No. 11.
42 of 1932.
Commencement.
Short title.

Interpretation
and application.
[6 of 2014].

Ch. 84:10.

Ch. 84:05.

CHAPTER 84:04

MONEYLENDERS ACT

An Act relating to Moneylending.

[1ST MARCH 1933]
1. This Act may be cited as the Moneylenders Act.
2. (1) In this Act—
“authorised name” and “authorised address” mean respectively

the name under which and the address at which a
moneylender is authorised by a certificate granted under this
Act to carry on business as a moneylender;

“business name” means the name or style under which any
business is carried on, whether in partnership or otherwise;

“company” means any body corporate being a moneylender;
“firm” means an unincorporate body of two or more individuals,

or one or more individuals and one or more corporations,
or two or more corporations, who have entered into
partnership with one another with a view to carrying on
business for profit;

“licensing committee” means a licensing committee established
under the Liquor Licences Act;

“moneylender” includes any person whose business is that of
moneylending, or who advertises or announces himself or
holds himself out in any way as carrying on that business,
but does not include any person bona fide carrying on the
business of banking or insurance or bona fide carrying on
any business not having for its primary object the lending of
money, in the course of which and for the purposes of which
he lends money;

“principal” means in relation to a loan the amount actually lent to
the borrower.

(2) Nothing in this Act shall apply to pawnbrokers
licensed under the Pawnbrokers Act.

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Ch. 79:01.
Ch. 32:50.
Ch. 33:04.
Ch. 81:03.

Licences to be
taken out by
moneylenders.
[6 of 1945
51/1980
6 of 1993
8 of 1996].

(3) Nothing in this Act shall require the licensing, as
moneylenders, of the following:
(a) bankers licensed under the Banking Act;
(b) societies registered under the Friendly Societies

Act, or the Building Societies Act, or the
Co-operative Societies Act;

(c) any body corporate, incorporated or empowered
by special Act to lend money in accordance with
the Act;

(d) any person or body corporate exempted by
Order of the Minister.

3. (1) Every moneylender, whether carrying on business
alone or as partner in a firm, shall take out annually in respect of
every address at which he carries on his business as such, a
licence (in this Act referred to as a “moneylender’s licence”),
which shall expire on the 31st of December next after it is
granted, and there shall be charged on every moneylender’s
licence a fee of five hundred dollars.
However, where moneylenders’ licences are taken out by two
or more moneylenders in respect of any address or addresses at
which they carry on their business as partners in a firm, the Board
of Inland Revenue shall remit, or if the duty has been paid, repay,
to the firm a sum equal to the aggregate of the duties charged on
such number of the licences taken out as exceeds the number of
the addresses in respect of which they are taken out.
(2) Subject to this Act moneylenders’ licences shall be
in such form as the Board of Inland Revenue may direct, and
shall be granted on payment of the appropriate duty by any
officer authorised by the Board of Inland Revenue to grant them.
(3) A moneylender’s licence shall be taken out by a
moneylender in his true name, and shall be void if it is taken out
in any other name, and every moneylender’s licence shall also
show the moneylender’s authorised name and authorised address.

6 Chap. 84:04 Moneylenders

LAWS OF TRINIDAD AND TOBAGO

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Moneylenders Chap. 84:04 7

LAWS OF TRINIDAD AND TOBAGO

L.R.O.

Penalty for
breaches of
section 3.
[6 of 2014].

Certificate
required for
grant of
moneylender’s
licence.
[6 of 2014].

4. If any person—
(a) takes out a moneylender’s licence in any name

other than his true name;
(b) carries on business as a moneylender without

having in force a proper moneylender’s licence
authorising him to do so;

(c) being licensed as a moneylender, carries on
business as such in any name other than his
authorised name, or at any other place than his
authorised address or addresses; or

(d) enters into any agreement in the course of his
business as a moneylender with respect to the
advance or repayment of money or takes any
security for money in the course of his business
as a moneylender, otherwise than in his
authorised name,

he is for each offence liable to a fine of ten thousand dollars and
imprisonment for three years, and in the case of a company to a
fine of thirty thousand dollars.

5. (1) A moneylender’s licence shall not be granted except
to a person who holds a certificate granted in accordance with
this section authorising the grant of the licence to that person, and
a separate certificate shall be required in respect of every separate
licence. Any moneylender’s licence granted in contravention of
this section shall be void.
(2) Certificates under this section (in this Act referred to
as “certificates”) shall be granted by the licensing committee
of the district in which the moneylender’s business is to be
carried on.
(3) Every certificate granted to a moneylender shall
show his true name and the name under which, and the address at
which, he is authorised by the certificate to carry on business as
such, and a certificate shall not authorise a moneylender to carry
on business at more than one address, or under more than one
name, or under any name which includes the word “bank” or

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Ch. 82:85.

Procedure on
application for
a certificate.
[42 of 1942].
[6 of 2014].

Dispute
resolution.
[6 of 2014].

otherwise implies that he carries on banking business, and no
certificate shall authorise a moneylender to carry on business
under any name except—
(a) his true name;
(b) the name of a firm in which he is a partner, not

being a firm registered by the Registration of
Business Names Act to be registered; or

(c) a business name, whether of an individual or of
a firm in which he is a partner, under which he
or the firm has, at the commencement of this
Act, been registered for not less than three years
under the Registration of Business Names Act.

(4) A certificate shall come into force on the date specified
therein, and shall expire on the 31st of December following.

6. (1) A person intending to apply for a certificate under
this Act shall, fourteen days at least before the application, give
notice by registered letter sent by post of his intention to do so.
The notice shall set forth his name and address and the address at
which he intends to carry on his business and shall be sent to the
licensing committee of the district in which the latter address is
situated and to the officer of Police in charge of the division in
which the latter address is situated.
(2) The Minister may make Rules with respect to the
procedure to be followed in making applications for certificates
(including the notices to be given of intention to make such an
application), and certificates shall be in such form as may be
prescribed by Rules so made.

6A. (1) Where an objection to the grant of a certificate is made,
a licensing committee shall meet with the applicant and the objector
to assist them in reaching a mutually acceptable resolution.
(2) Where the parties fail to agree to a resolution, the
matter shall be heard by a Magistrate assigned for duty in the
magisterial district.

8 Chap. 84:04 Moneylenders

LAWS OF TRINIDAD AND TOBAGO

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Moneylenders Chap. 84:04 9

LAWS OF TRINIDAD AND TOBAGO

L.R.O.

Refusal to grant
a certificate.
[6 of 2014].

Transfer of
business to
other premises.
[42 of l942
6 of 2014].

7. (1) A certificate shall not be refused except on one or
more of the following grounds:
(a) that satisfactory evidence has not been produced

of the good character of the applicant, and in the
case of a company of the persons responsible for
the management of the company;

(b) that satisfactory evidence has been produced
that the applicant, or any person responsible or
proposed to be responsible, for the management
of his business as a moneylender, is not a fit and
proper person to hold a certificate;

(c) that the applicant, or any person responsible or
proposed to be responsible for the management
of his business as a moneylender, is by order of
a Court disqualified from holding a certificate;

(d) that the applicant has not complied with the
provisions of any rules made with respect to
applications for certificates.

(2) A person aggrieved by a refusal of a licensing
committee to grant a certificate for a licence may apply in writing
to a Magistrate for a review of the decision.
(3) A person aggrieved by an order of a Magistrate
under subsection (2) may appeal from the decision to the Court
of Appeal.

8. (1) A moneylender shall not transfer his business to
premises other than those specified in his licence, except with the
other premises consent of the licensing committee of the district
in which the address to which he proposes to transfer his business
is situated. The consent shall not be given until the officer of
Police in charge of the division in which the address is situated
has been notified of the proposed transfer and has had an
opportunity of objecting to it.
(2) Any moneylender contravening this section is liable
to a fine of five thousand dollars.

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

9. (1) Where any person being the holder of a certificate, is
convicted of any offence under this Act, the Court—
(a) may order that any certificates held by that person,

and in the case of a partner in a firm by any other
partner in the firm, shall either be suspended for
such time as the Court thinks fit, or shall be
forfeited, and may also, if the Court thinks fit,
declare any such person or any person responsible
for the management of the moneylending business
carried on by the person convicted, to be
disqualified from obtaining a certificate for such
time as the Court thinks fit; and

(b) shall cause particulars of the conviction and of
any order made by the Court to be endorsed on
every certificate held by the person convicted or
by any other person affected by the Order, and
shall cause copies of those particulars to be sent
to the authority by whom any certificate so
endorsed was granted, and to the Board of
Inland Revenue.

However, where by Order of a Court a certificate held by any
person is suspended or forfeited, or any person is disqualified
from obtaining a certificate, he may, whether or not he is the
person convicted, appeal against the Order in the same manner as
any person convicted may appeal against his conviction, and the
Court may, if it thinks fit, pending the appeal, defer the operation
of the Order.
(2) Any certificate required by a Court for endorsement
in accordance with this section shall be produced, in such manner
and within such time as may be directed by the Court, by the
person by whom it is held, and any person who, without
reasonable cause, makes default in producing any certificate so
required, in respect of each offence, is liable to a fine of two
hundred dollars for each day during which the default continues.
(3) Where a certificate held by any person is ordered to
be suspended or to be forfeited under this section, any

10 Chap. 84:04 Moneylenders

LAWS OF TRINIDAD AND TOBAGO

Suspension and
forfeiture of
moneylenders’
certificates.
[6 of 2014].

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Moneylenders Chap. 84:04 11

LAWS OF TRINIDAD AND TOBAGO

L.R.O.

Forgery of
certificate.
[6 of 2014].

Form of
moneylenders’
contracts.

Schedule.

Interest to be
charged.

moneylender’s licences granted to that person, whether in
pursuance of that or any other certificate, shall be suspended
during the period for which the certificate is ordered to be
suspended or become void, as the case may be.

10. (1) If any person forges a certificate, or tenders a
certificate knowing it to be forged, he is liable to a fine of five
thousand dollars and to imprisonment for nine months.
(2) A licence granted in pursuance of a forged certificate

shall be void; and if any person makes use of a forged certificate,
knowing it to be forged, he shall be disqualified from obtaining
at any time thereafter a moneylender’s licence.

11. (1) No contract for the repayment by a borrower of
money lent to him or to any agent on his behalf by a moneylender
licensed under this Act or for the payment by him of interest on
money so lent and no security given by the borrower or by any
such agent in respect of any such contract is enforceable, unless
a note or memorandum in writing of the contract is made and
signed personally by the borrower, and unless a copy of the note
or memorandum is delivered or sent to the borrower within seven
days of the making of the contract; and no such contract or
security is enforceable if it is proved that the note or
memorandum was not signed by the borrower before the money
was lent or before the security was given, as the case may be.
(2) The note or memorandum shall contain all the terms
of the contract, and in particular shall show the date on which the
loan is made, the amount of the principal of the loan, and, either
the interest charged on the loan expressed in terms of a rate per
cent per annum, or the rate per cent per annum, represented by the
interest charged as calculated in accordance with the Schedule.

12. (1) The interest which may be charged on loans by any
person other than a moneylender licensed under this Act shall not
exceed the rate of twenty-four per cent simple interest per annum,
whether the interest is payable monthly or at any greater fixed
period, and nothing herein contained shall authorise the charging

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

of compound interest on such loans which would, in effect,
amount to simple interest in excess of such rate per annum.
(2) Interest which may be charged on loans by a
moneylender licensed under this Act, shall not exceed the
respective rates specified, namely—
(a) If by the terms of the contract the principal is not

repayable prior to a date exceeding six
months from the date of making the loan—

On loans not exceeding $25.00 simple interest at
the rate of 60% per annum;

On loans not exceeding $50.00 simple interest at
the rate of 48% per annum;

On loans not exceeding $100.00 simple interest at
the rate of 36% per annum;

On loans exceeding $100.00 simple interest at the
rate of 24% per annum.

(b) If by the terms of the contract the principal is
repayable on any date within six months of
making the loan, or on demand—

On loans not exceeding $10.00 simple interest at
the rate of 7% per month;

On loans not exceeding $25.00 simple interest at
the rate of 6% per month;

On loans not exceeding $50.00 simple interest at
the rate of 5% per month;

On loans not exceeding $100.00 simple interest
at the rate of 41/2% per month;

On loans exceeding $100.00 simple interest at
the rate of 4% per month.

(3) If several sums are loaned by a moneylender to the
same person, whether at the same or different times, the rate of
interest on the aggregate sum loaned, or owing at the date the last
sum is loaned, shall be that authorised as if the whole amount
then owing had been loaned as one transaction.

12 Chap. 84:04 Moneylenders

LAWS OF TRINIDAD AND TOBAGO

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Moneylenders Chap. 84:04 13

LAWS OF TRINIDAD AND TOBAGO

L.R.O.

Penalty for
charging
unauthorised
interest.
[172/1961
8/1962
136/1976
6 of 2014].

Prohibition of
compound
interest and
provision as to
defaults.

Method of
calculating
interest when
not expressed in
terms of a rate.

Schedule.

(4) The interest shall constitute a comprehensive charge
to include all discounts, commissions, bonuses, fines, expenses
and any amount by whatever name called, in excess of the
principal, paid or payable to the moneylender in consideration of
or otherwise in respect of a loan, but shall not include such
charges, expenses and costs as are specifically allowed by this
Act or by the Court adjudicating on the matter.

13. Any person who loans money at a rate of interest higher
than that authorised by this Act may be prosecuted summarily on
the complaint of any person, and on conviction he is liable to a
fine of five thousand dollars in respect of each loan and one-
fourth of the sum recovered by way of fine shall be paid to the
informer other than the borrower. A prosecution for an offence
under this section shall not be instituted except by or with the
consent of the Director of Public Prosecutions.

14. Any contract made after the commencement of this Act
for the loan of money by a moneylender licensed under this Act
shall be illegal in so far as it provides directly or indirectly for the
payment of interest in advance whether by deduction of any
amount from the principal sum borrowed or otherwise or for the
payment of compound interest or for the rate or amount of interest
being increased by reason of any default in the payment of sums
due under the contract and any such moneylender contravening
this section is liable to the penalties prescribed by section 13.

15. Where by a contract for the loan of money by a
moneylender licensed under this Act the interest charged on the
loan is not expressed in terms of a rate, any amount paid or
payable to the moneylender under the contract (other than simple
interest charged in accordance with section 12) shall be
appropriated to principal and interest in the proportion that the
principal bears to the total amount of the interest, and the rate per
cent per annum represented by the interest charged as calculated
in accordance with the provisions of the Schedule shall be
deemed to be the rate of interest charged on the loan.

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

16. Any agreement between a moneylender licensed under this
Act and a borrower or intending borrower for the payment by the
borrower or intending borrower to the moneylender of any sum on
account of costs, charges or expenses incidental to or relating to the
negotiations for or the granting of the loan or proposed loan shall be
illegal, and if any sum is paid to the moneylender by a borrower or
intending borrower as for or on account of any such costs, charges or
expenses that sum shall be recoverable as a debt due to the borrower
or intending borrower, or, in the event of the loan being completed,
shall, if not so recovered, be set off against the amount actually lent
and that amount shall be deemed to be reduced accordingly.
However, the provisions of this section shall not apply to such
charges, expenses and costs as are specifically allowed by this
Act or by the Court adjudicating on the matter.

17. (1) No moneylender licensed under this Act or any
person on his behalf shall employ any agent or canvasser for the
purpose of inviting any person to borrow money or to enter into
any transaction involving the borrowing of money from the
moneylender, and no person shall act as such agent or canvasser,
or demand or receive directly or indirectly any sum or other
valuable consideration by way of commission or otherwise for
introducing or undertaking to introduce to a moneylender any
person desiring to borrow money.
(2) Any contract by the borrower to pay to an agent or
canvasser of a moneylender licensed under this Act a commission
for securing a loan shall be null and void, and if any sum has
been paid by way of commission or otherwise for such service,
the agent or canvasser is liable to a fine of three thousand dollars,
and one-half of the sum recovered by way of fine shall be paid to
the informer, even though he is the person who paid the agent
or canvasser.

18. (1) Every moneylender licensed under this Act shall
give a receipt for every payment made to him on account of a
loan or of interest thereon. Every such receipt shall be given
immediately the payment is made.

14 Chap. 84:04 Moneylenders

LAWS OF TRINIDAD AND TOBAGO

Prohibition of
charge for
expenses on
loans by
moneylenders.

Employment of
agents or
canvassers by
moneylender
prohibited.
[6 of 2014].

Moneylenders
to give receipts
and keep record
of transactions.
[6 of 2014].

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Moneylenders Chap. 84:04 15

LAWS OF TRINIDAD AND TOBAGO

L.R.O.

Obligation of
moneylender to
supply
information as
to state of loan
and copies of
documents
relating thereto.
[51/1980
6 of 2014].

(2) Every moneylender licensed under this Act shall
keep a book in which he shall enter in connection with every loan
made by him—
(a) the date on which the loan was made;
(b) the amount of the principal;
(c) the rate of interest;
(d) all sums received in respect of the loan, with the

respective dates of payment.
(3) The entries in the said 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) Any moneylender licensed under this Act who fails
or neglects to keep the book required by this section, or to make
the necessary entries in such book, or to produce such book when
required to do so by any Court, or to give a receipt required by this
section, is for each offence liable to a fine of one thousand dollars.

19. (1) In respect of every contract for the repayment of
money lent by a moneylender (whether made before or after the
commencement of this Act) 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 two dollars for expenses, supply to the
borrower or, if the borrower so requires, to any person specified
in that behalf 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 and the
date on which it was made;

(c) the amount of every 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 every such sum; and

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Limitation of
time for
proceedings in
respect of
money lent by
moneylenders.
[45 of 1979].

(d) the amount of every sum not yet due which
remains outstanding, and the date upon which it
will become due.

(2) A moneylender shall, on any reasonable demand in
writing by the 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 such loan, to the borrower, or if the
borrower so requires, to any person specified in the demand.
(3) If a moneylender to whom a demand is made under
this section fails without reasonable excuse to comply within one
month after the demand is made, he shall not, so long as the
default continues, be entitled to 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, and if the default is made or continued after proceedings
have ceased to lie in respect of the loan, the moneylender is liable
to a fine of three hundred dollars for every day on which the
default continues.

20. (1) No proceedings shall lie for the recovery by a
moneylender of any money lent by him after the commencement
of this section (that is, 31st December 1979) or of any interest in
respect thereof, or for the enforcement of any agreement made or
security taken after the commencement of this section in respect
of any loan made by him, unless the proceedings are commenced
before the expiration of twelve months from the date on which
the cause of action accrued.
(2) If during the period of twelve months aforesaid or at
any time within any subsequent period during which proceedings
may by virtue of this subsection be brought, the debtor
acknowledges in writing the amount due and gives a written
undertaking to the moneylender to pay that amount, proceedings
for the recovery of the amount due may be brought at any time
within a period of twelve months after the date of the
acknowledgment and undertaking.

16 Chap. 84:04 Moneylenders

LAWS OF TRINIDAD AND TOBAGO

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Moneylenders Chap. 84:04 17

LAWS OF TRINIDAD AND TOBAGO

L.R.O.

Restrictions on
moneylending
advertisements.
[6 of 2014].

(3) The time limit by the foregoing provisions of this
section for the commencement of proceedings shall not begin to
run in respect of any payments from time to time becoming due
to a moneylender under a contract for the loan of money until a
cause of action accrues in respect of the last payment becoming
due under the contract.
(4) If at the date on which the cause of action accrues or
on which any such acknowledgment and undertaking as
mentioned above is given by the debtor, the person entitled to
take the proceedings is mentally ill, the time limited by the
foregoing provisions of this section for the commencement of
proceedings shall not begin to run until that person ceases to be
of unsound mind or dies, whichever first occurs.
(5) If at the date on which the cause of action accrues or
on which any such acknowledgment and undertaking as
mentioned above is given by the debtor, the debtor is out of
Trinidad and Tobago, the time limited by the foregoing
provisions of this section for the commencement of proceedings
shall not begin to run until he returns to Trinidad and Tobago.
(6) Without prejudice to the powers of a Court under
section 24, if at the time when proceedings are taken by a
moneylender in respect of a default in the payment of any sum
due to him under a contract for the loan of money, any further
amount is outstanding under the contract but not yet due, the
Court may determine the contract and order the principal
outstanding to be paid to the moneylender with such interest
thereon, if any as the Court may allow up to the date of payment.

21. (1) No person shall knowingly send or deliver or cause
to be sent or delivered to any person except in response to his
written request any circular or other document advertising the
name, address or telephone number of a moneylender, or
containing an invitation—
(a) to borrow money from a moneylender;
(b) to enter into any transaction involving the

borrowing of money from a moneylender;

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Schedule.

(c) to apply to any place with a view to obtaining
information or advice as to borrowing any
money from a moneylender.

(2) Subject as provided below, no person shall publish
or cause to be published in any newspaper or other printed paper
issued periodically for public circulation, or by means of any
poster or placard, an advertisement advertising any such
particulars, or containing any such invitation.
(3) However, an advertisement in conformity with the
requirements of this Act relating to the use of names on
moneylenders’ documents may be published by or on behalf of a
moneylender in any newspaper or in any such paper as mentioned
above or by means of a poster or placard exhibited at any authorised
address of the moneylender, if it contains no addition to the
particulars necessary to comply with the said requirements, except
any of the following particulars, that is to say, any authorised
address at which he carries on business as a moneylender and the
telegraphic address and telephone number thereof, any address at
which he formerly carried on business, a statement that he lends
money with or without security, and of the highest and lowest sums
that he is prepared to lend, and a statement of the date on which the
business carried on by him was first established.
(4) Where any document issued or published by or on
behalf of a moneylender purports to indicate the terms of interest
upon which he is willing to make loans or any particular loan, the
document shall either express the interest proposed to be charged
in terms of a rate per cent per annum or show the rate per cent per
annum represented by the interest proposed to be charged as
calculated in accordance with the provisions of the Schedule.
(5) Any person acting in contravention of any of the
provisions of this section is liable to a fine of two thousand dollars.
(6) Where it is shown that a moneylending transaction
was brought about by a contravention of any of the provisions of
this section, the transaction shall, notwithstanding that the
moneylender was duly licensed under this Act, be illegal, unless
the moneylender proves that the contravention occurred
without his consent and connivance.

18 Chap. 84:04 Moneylenders

LAWS OF TRINIDAD AND TOBAGO

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Moneylenders Chap. 84:04 19

LAWS OF TRINIDAD AND TOBAGO

L.R.O.

22. (1) Where any debt in respect of money lent by a
moneylender whether before or after the commencement of this
Act or in respect of interest on any such debt or the benefit of any
agreement made or security taken in respect of any such 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 the
operation of this Act; and

(b) supply to the assignee all information necessary
to enable him to comply with this Act relating to
the obligation to supply information as to the
state of loans and copies of documents relating
to such loans,

and any person acting in contravention of any of the provisions
of this section is liable to indemnify any other person who is
prejudiced by the contravention, and is also in respect of each
offence liable to a fine of five thousand dollars and to
imprisonment for nine months.
(2) In this section the expression “assigned” means
assigned by any assignment inter vivos other than an assignment
by operation of law, and the expressions “assignor” and
“assignee” have corresponding meanings.

23. (1) Subject as provided below, this Act shall continue to
apply as respects any debt to a moneylender in respect of money
lent by him after the commencement of this Act or in respect of
interest on money so lent or of the benefit of any agreement made
or security taken in respect of any such debt of interest,
notwithstanding that the debt or the benefit of the agreement or
security may have been assigned to any assignee, and, except
where the context otherwise requires, references in this Act to a
moneylender shall accordingly be construed as including any
such assignee.

Notice and
information to
be given on
assignment of
moneylenders’
debts.
[6 of 2014].

Application of
Act as respects
assignees.

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Re-opening of
moneylending
transactions.

(2) Notwithstanding anything in this Act—
(a) any agreement with, or security taken by, a

moneylender in respect of money lent by him
after the commencement of this Act shall be
valid in favour of any bona fide assignee or
holder for value without notice of any defect due
to the operation of this Act and of any person
deriving title under him; and

(b) any payment or transfer of money or property
made bona fide by any person, whether acting in
a fiduciary capacity or otherwise, on the faith of
the validity of any such agreement or security,
without notice of any such defect shall, in favour
of that person, be as valid as it would have been
if the agreement or security had been valid; and

(c) the provisions of this Act limiting the time for
proceedings in respect of money lent shall not
apply to any proceedings in respect of any such
agreement or security commenced by a bona
fide assignee or holder for value without notice
that the agreement or security was affected by
the operation of this Act, or by any person
deriving title under him,

but in every such case the moneylender shall be liable to
indemnify the borrower or any person who is prejudiced by
virtue of this section, and nothing in this subsection shall render
valid an agreement or security in favour of, or apply to
proceedings commenced by, an assignee or holder for value who
is himself a moneylender.
(3) Nothing in this section shall render valid for any
purpose any agreement, security or other transaction which
would, apart from this Act, have been void or unenforceable.
24. (1) Where proceedings are taken in any Court by any
person for the recovery of any money lent, or the enforcement of
any agreement or security made or taken in respect of money
lent, and there is evidence which satisfies the Court that the

20 Chap. 84:04 Moneylenders

LAWS OF TRINIDAD AND TOBAGO

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Moneylenders Chap. 84:04 21

LAWS OF TRINIDAD AND TOBAGO

L.R.O.

interest charged in respect of the sum actually lent exceeds the
rates authorised by this Act, the Court may re-open the transaction,
and take an account between the lender and the person sued, and
may, notwithstanding any statement or settlement of account or
any agreement purporting to close previous dealings and create a
new obligation, re-open any account already taken between them,
and relieve the person sued from payment of any sum in excess of
the sum adjudged by the Court to be due in respect of such
principal and interest, and for such costs and charges as the Court
may adjudge to be reasonable, and, if any such excess has been
paid or allowed in account by the debtor, may order the creditor to
repay it; and may set aside, either wholly or in part, or revise, or
alter, any security given or agreement made in respect of money
lent, and if the lender has parted with the security may order him
to indemnify the borrower or other person sued.
(2) Any Court in which proceedings might be taken for
the recovery of money lent by any person shall have power to and
may, at the instance of the borrower or surety or other person
liable, exercise the same powers as may be exercised under this
section, where proceedings are taken for the recovery of money
lent, and the Court shall have power, notwithstanding any
provision or agreement to the contrary, to entertain any
application under this Act by the borrower or surety or other
person liable, notwithstanding that the time for repayment of the
loan, or any instalment thereof, may not have arrived.
(3) On any application relating to the admission or
amount of a proof by a person who has lent money in any
bankruptcy proceedings, the Court may exercise the same powers
as may be exercised under this section when proceedings are
taken for the recovery of money.
(4) This section shall apply to any transaction which,
whatever its form may be, is substantially one of moneylending.
(5) Nothing in this section shall affect the rights of any
bona fide assignee or holder for value without notice.
(6) Nothing in this section shall be construed as
derogating from the existing power or jurisdiction of any Court

Proceedings by
borrower
against
moneylender.

Bankruptcy.

Application
to all
moneylending
transactions.
Bona fide
assignee.

Existing powers
of Court.

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Inducing
borrowing by
false statements.
[6 of 2014].

Protection of
lenders against
frivolous and
vexatious
actions.
[51/1980
6 of 2014].

Recovery of
penalties.
Ch. 4:20.

to enquire into and give relief in respect of any loan effected
before the commencement of this Act. However, the Court shall
not set aside, vary or affect any judgment obtained before the
commencement of this Act.

25. Any person who by any false, misleading or deceptive
statement, representation or promise or by any dishonest
concealment of material facts, fraudulently induces or attempts to
induce any person to borrow money or to agree to the terms on
which money is or is to be borrowed, is liable to a fine of five
thousand dollars and to imprisonment for nine months.

26. (1) In any civil proceedings in which a borrower pleads
any of the provisions of this Act (whether in any plaint, defence
or other pleading, or in any affidavit or application for the
purpose of obtaining leave to defend any action), if the Court is
satisfied that the plea was not made in good faith, but was made
for the purpose of delaying or harassing the moneylender, the
Court may order the borrower to pay for the benefit of the
moneylender a sum not exceeding one thousand dollars by way
of compensation and the costs incurred by the moneylender in the
proceeding to such an amount as shall be determined by the
Court, and every such sum so ordered to be paid shall be added
to the amount of the judgment recoverable by the moneylender.
(2) In any criminal proceeding instituted against a
moneylender for a breach of any provision of this Act if the Court
is satisfied that the charge was made maliciously, frivolously or
vexatiously, it may direct that a sum not exceeding one thousand
dollars by way of compensation and the costs of the accused to
such an amount as shall be determined by the Court shall be
payable by the informer or complainant, and any amount so
ordered to be paid shall be recoverable for the benefit of the
accused in the same manner as a fine imposed by the Court.

27. All offences under this Act may be prosecuted, and all
penalties incurred may be imposed or recovered, in the manner
provided by the Summary Courts Act.

22 Chap. 84:04 Moneylenders

LAWS OF TRINIDAD AND TOBAGO

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Moneylenders Chap. 84:04 23

LAWS OF TRINIDAD AND TOBAGO

L.R.O.

Sections 11, 15,
21.SCHEDULE

CALCULATION OF INTEREST WHERE THE INTEREST
CHARGED ON A LOAN IS NOT EXPRESSED IN

TERMS OF A RATE
1. The amount of principal outstanding at any time shall be taken to be
the balance remaining after deducting from the principal the total of the
portions of any payments appropriated to principal in accordance with the
provisions of this Act.

2. The several amounts taken to be outstanding by way of principal
during the several periods ending on the dates on which payments are made
shall be multiplied in each case by the number of calendar months during
which those amounts are taken to be respectively outstanding, and there shall
be ascertained the aggregate amount of the sum so produced.

3. The total amount of the interest shall be divided by one-twelfth part
of the aggregate amount mentioned in paragraph 2, and the quotient,
multiplied by one hundred, shall be taken to be the rate of interest per cent per
annum.

4. If having regard to the intervals between successive payments it is
desired to do so, the calculation of interest may be made by reference to weeks
instead of months, and in such a case the foregoing paragraphs shall have
effect as though in paragraph 2 the word “weeks” were substituted for the
words “calendar months”, and in paragraph 3 the words “one-fifty-second”
were substituted for the words “one-twelfth”.

5. Where any interval between successive payments is not a number of
complete weeks or complete months, the foregoing paragraphs shall have
effect as though one day were one-seventh part of a week or one-thirtieth part
of a month, as the case may be.

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

24 Chap. 84:04 Moneylenders

LAWS OF TRINIDAD AND TOBAGO

GN 128/1965.

Citation.

Exemption.

128/1965.

6/1966.

79/1967.

185/1970.

G. 1.5. 1971
Notice 1131.
12/1972.

163/1972.

164/1972.

165/1972.

173/1972.

16/1975.

104/1978.

SCHEDULE
Trinidad and Tobago Mortgage Finance Company.

Bolam Barclays Finance Corporation (Trinidad) Limited.

The Credit for Industry (East Caribbean) Limited.

Trinidad and Tobago Development Finance Company Limited.

General Finance Corporation Limited.

Barclays Finance Corporation of Trinidad and Tobago Limited.

The Canadian Bank of Commerce Trust Company (Caribbean) Limited.

The Royal Bank Trust Company (Trinidad) Limited.

The Bank of Nova Scotia Trust Company of The West Indies Limited.

International Trust of Washington (Caribbean) Limited.

International Trust Limited.

Bank of Commerce Trust Company Trinidad and Tobago Limited.

*This Order is a consolidation of the diverse Notices made under section 2(3)(d).

SUBSIDIARY LEGISLATION

*MONEYLENDERS (EXEMPTION) ORDER
made under section 2(3)(d)

1. This Order may be cited as the Moneylenders
(Exemption) Order.

2. The bodies corporate set out in the Schedule are
exempted from being licensed as moneylenders.

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Moneylenders Chap. 84:04 25

LAWS OF TRINIDAD AND TOBAGO

Moneylenders (Exemption) Order [Subsidiary]

L.R.O.

International Finance Corporation

Overseas Private Investment Corporation

Trade Confirmers Limited

Total Finance Limited

Amalgamated Finance Company Limited

Bank of Credit and Commerce International (Trinidad and Tobago
Merchant Bankers) Limited

Citicorp Merchant Bank Limited

Fidelity Finance and Leasing Company Limited

The Inter-American Investment Corporation

Kreditanstalf fur Wiederaufbau

Trinidad and Tobago Water Finance Limited

Trinidad and Tobago Development Foundation Limited (Fund Aid)

Mayaro Initiative for Private Enterprise Development

65/1986.

136/1986.

3/1987.

3/1987.

37/1987.

206/1987.

72/1988.

122/1989.

76/1991.

133/1991.

43/1996.

67/2000.

6/2003.

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

26 Chap. 84:04 Moneylenders

LAWS OF TRINIDAD AND TOBAGO

[Subsidiary]

MONEYLENDERS RULES
made under section 6(2)

1. These Rules may be cited as the Moneylenders Rules.

2. The forms set out in the Schedule shall be used in the
cases to which they refer, with such variations as circumstances
may require.

3. In the case of an applicant being a company registered
under the Companies Act, the application shall be signed by the
Secretary or a Director of the Company, and the application shall
be accompanied by copies of the memorandum and articles of
association and of the last balance sheet, certified by some
responsible officer of the Company as being true copies, together
with a statement showing the names and addresses of all the
Directors of the Company.

4. In the case of an application by a firm, the application
shall be signed by all the partners of the firm and shall state the
name of the firm under which it is proposed to carry on business.

G. 2.2.1933.

Citation.

Forms.
Schedule.

Application.
Ch. 81:01.

Application
by firm.

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Moneylenders Chap. 84:04 27

LAWS OF TRINIDAD AND TOBAGO

[Subsidiary]

L.R.O.

Note—A Moneylender shall not transfer his business to premises other than those specified
above without the consent of the Magistrate of the District. (Section 8 of the Act).

SCHEDULE
FORM A

(Section 3)
Trinidad and Tobago

MONEYLENDERS ACT

LICENCE TO CARRY ON THE BUSINESS OF
A MONEYLENDER

.................. of [True name and address], of................., being the holder of a certificate

under section 5 of the Act granted on ........... by........... Magistrate of .................. is

hereby licensed to exercise and carry on the business of a Moneylender under the name

of................ [Authorised name] in premises at ...................... [Authorised place of

business] from the day of the date hereof until the 31st day of December next ensuing.

The sum of $25.00 has been paid for this licence.

Dated this ................... day of ......................... 20.......

Board of Inland Revenue.

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

28 Chap. 84:04 Moneylenders

LAWS OF TRINIDAD AND TOBAGO

Moneylenders Rules[Subsidiary]

District.

FORM B
(Section 6)

Trinidad and Tobago
MONEYLENDERS ACT

NOTICE OF APPLICATION FOR A
MAGISTRATE’S CERTIFICATE

To the Magistrate
District
I, ................ [True name and address] of...................do hereby give you notice that
it is my intention to apply at the Sessions to be held at............, on the......... day of
.................... next ensuing for a Certificate authorising me to obtain a Moneylender’s
Licence in respect of the business carried on by me in the name of .........................
[Authorised name] in premises at ............................ [Authorised place of business].
Dated this ........................ day of ............................ 20 ........

FORM C
(Section 6)

Trinidad and Tobago
MONEYLENDERS ACT

MAGISTRATE’S CERTIFICATE
District.
At the Sessions holden at................. on the ......................day of ................ 20 .....,
appeared ............................. [True name and address] in support of an application
for a Certificate for the issue of a Moneylender’s Licence in the name
of............................[Authorised name] in premises at .................. [Authorised place
of business].
I hereby certify that the said ..................... has produced satisfactory evidence of
good character and is a fit and proper person to hold such Licence and is not
disqualified from holding or obtaining such Licence as at the date hereof.
Dated this ............. day of ............................. 20 .......
Magistrate,

Note—A Duplicate of this Form when completed is to be sent to the Commissioner of Police at
least 14 days before the date of making the application.

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt