Regulatory Alerts1989-01-01
Money Lenders Order, 1989
His Majesty the King, acting on the advice of the Military Council, issued this Order to regulate money-lending and establish comprehensive licensing requirements. It mandates annual licenses through the Commissioner of Financial Institutions, presumes interest rates exceeding 25 percent per annum as excessive, and requires money-lenders to provide written contracts, immediate receipts, and detailed account statements upon borrower request. The legislation empowers courts to reopen harsh or unconscionable transactions, enforces a strict twelve-month limitation period for recovery proceedings, and imposes fines or imprisonment for licensing violations and compliance failures.
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