This Ordinance was repealed on 2017-07-01 by Tier 4 Microfinance Institutions and Money Lenders Act, 2016.
Moneylenders Act
Related documents
- Is repealed by Tier 4 Microfinance Institutions and Money Lenders Act, 2016
Uganda
Moneylenders Act
Chapter 273
- Commenced on 1 January 1952
- [This is the version of this document at 31 December 2000.]
- [Note: This legislation was revised and consolidated as at 31 December 2000 and 31 December 2023 by the Law Reform Commission of Uganda. All subsequent amendments have been researched and applied by Laws.Africa for ULII.]
- [Repealed by Tier 4 Microfinance Institutions and Money Lenders Act, 2016 (Act 18 of 2016) on 1 July 2017]
1. Interpretation
2. Licences to be taken out by moneylenders
3. Certificate required for grant of moneylenders licence
4. Suspension and forfeiture of moneylenders certificates
5. Names to be stated on documents issued by moneylenders
6. Form of moneylenders contracts
7. Prohibition of compound interest and provision as to defaults
8. Obligation to supply information to borrower
9. Moneylenders to give receipts and keep records
10. Powers of court
11. Reopening transactions of moneylenders
12. Harsh and unconscionable interest rates
13. Restrictions on moneylending advertisements
14. Penalties for false statements and representations
If any moneylender, or any manager, agent or clerk of a moneylender, or if any person being a director, manager or other officer of any corporation carrying on the business of a moneylender, 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, he or she commits an offence and is liable on conviction to imprisonment for a term not exceeding two years or to a fine not exceeding ten thousand shillings or to both such imprisonment and fine.15. Notice and information on assignment of moneylenders debts
16. Application in respect of assignees
17. Provisions as to bankruptcy proceedings for moneylenders loans
18. Prohibition of charge for expenses on loans
Any agreement between a moneylender 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 a 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.19. Limitation of time for proceedings
20. Penalty for taking promissory note in which amount left blank or not truly stated
Any moneylender who takes, as security for any loan, a promissory note or other contract for the repayment of money lent in which the principal is to the knowledge of the lender not truly stated, or is left blank, commits an offence and is liable on conviction to a fine not exceeding one thousand shillings or, in the event of a second or subsequent offence, either to a fine not exceeding three thousand shillings or to imprisonment for a term not exceeding six months.21. Saving
22. Rules
The Minister may by rule prescribe—History of this document
01 July 2017
31 December 2000 this version
Consolidation
01 January 1952
Commenced
Cited documents 0
Documents citing this one 1
Act 1
1. | Tier 4 Microfinance Institutions and Money Lenders Act, 2016 | 7 citations |