no. 13 of 2017 · no. 13] moneylenders 43 short title. an act to amend the moneylenders act,...

No. 13] Moneylenders 43

Short title.

AN ACT to amend the Moneylenders Act, Chapter 260of the Substantive Laws of Belize, Revised Edition2011; to make provision for enhanced supervisorypowers, for greater transparency in relation to anapplicant for a moneylenders licence and ensuringthat persons connected with moneylending businessare fit and proper; and to provide for mattersconnected therewith and incidental thereto.

(Gazetted 11th February, 2017).

BE IT ENACTED, by and with the advice and consentof the House of Representatives and the Senate ofBelize and by the authority of the same, as follows:

1. This Act may be cited as the

MONEYLENDERS (AMENDMENT) ACT, 2017,

No. 13 of 2017

I assent,

(SIR COLVILLE N. YOUNG)Governor-General

3rd February, 2017.

and shall be read and construed as one with the MoneylendersAct, which is hereinafter referred to as the principal Act.

2. The principal Act is amended in section 2—

(a) by deleting the definitions of “certificate” and“moneylenders excise licence” ;

(b) in the definitions of “registered name” and“registered address” by deleting the word“certificate” and replacing it with the word“licence”;

(c) by inserting the following definitions in alphabeticalorder—

“AML/CFT obligation” has the meaning given inthe Money Laundering and Terrorism (Prevention)Act;

“approval” means an approval that may be grantedby the Registrar under this Act, but excludes alicence;

“associate” has the meaning given in subsection(3);

“Central Bank of Belize” means the entity establishedunder the Central Bank of Belize Act;

“compliance inspection” means an inspectionreferred to in section 30C;

“condition” means a condition attached to a licenceor to an approval and includes a condition as variedin accordance with section 2D;

“fit and proper” has the meaning given in section 2A;

44 Moneylenders [No. 13

CAP. 260.

Amendment ofsection 2.

CAP. 104.

CAP. 262.

“foreign regulatory authority” means an authority ina jurisdiction outside Belize which exercises aregulatory function similar to that of the Registrar;

“former moneylender” means a person who has, atany time, held a licence that has been cancelled orrevoked;

“licence” means a licence issued by the Registrar toa moneylender in accordance with this Act;

“moneylending business” means the business ofextending credit that is subject to interest or financecharges and includes pawnbroking, but does notinclude the business carried on by the following¬

(a) any registered society within the meaningof the Friendly Societies Act, or anysociety registered or having rules certifiedunder the Building Societies Act;

(b) any body corporate, incorporated orempowered by a special enactment to lendmoney in accordance with such specialenactment;

(c) any person, in accordance with the laws ofBelize, carrying on the business of bankingor insurance;

(d) any person, in accordance with the laws ofBelize, carrying on any business not havingfor its primary object the lending of money,in the course of which and for the purposeswhereof that person lends money;

(e) any person licensed as a financial institutionunder the Domestic Banks and FinancialInstitutions Act, 2012;


CAP. 317.

CAP. 310.

No. 11 of2012.

(f) any person registered under the CreditUnions Act, or the Cooperative SocietiesAct;

(g) any person licensed by the InternationalFinancial Services Commission of Belizein accordance with the International MoneyLending (Short Term and Unsecured SmallLoans) Regulations, 2008;

“pawnbroker” means a person who carries on amoneylending business of pawnbroking;

“pawnbroking” means lending money on thesecurity of a pledge;

“pledge” means goods that are taken intopossession by a moneylender as security for therepayment of a loan;

“prescribed” means prescribed by Regulationsmade under this Act;

“Register” means the Moneylenders Registerreferred to in section 2E;

“Registrar” means Registrar of Moneylendersestablished under section 2B;”;

(d) by replacing the definition of “moneylender” withthe following—

“moneylender” means a person who engages inmoneylending business;

(e) by inserting the following new subsections (3) and(4)—


CAP. 314.CAP. 313.

“(3) A person is an associate of a moneylenderor an applicant for a licence if the person—

(a) holds or will hold any relevantfinancial interest, or is or will beentitled to exercise any relevantpower, whether on the person’s ownbehalf or on behalf of any otherperson, in the moneylending businessof the moneylender or applicant, andby virtue of that interest or power, isable or will be able to exercisesignificant influence over or withrespect to the operation of thatmoneylending business; or

(b) holds or will hold any relevantposition, whether on the person’sown behalf or on behalf of any otherperson, in the moneylending businessof the moneylender or applicant.

(4) For the purposes of subsection (3)—

(a) “relevant financial interest” means,in relation to a moneylending business,five per cent or more of the votingcapital of the business;

(b) “relevant position”, in relation to amoneylending business, means theposition of director, officer, manageror other executive position, howeverthat position is designated; and

(c) “relevant power” in relation to amoneylending business, means anypower, whether exercisable by voting


or otherwise, and whether exercisablealone or in association with others—

(i) to participate in any directo-rial, managerial or executivedecision; or

(ii) to elect or appoint any personto any relevant position.”.

3. The principal Act is amended by inserting thefollowing new section after section 2—

2A. (1) For the purposes of this Act,whether a person is fit and proper for anypurpose or function under this Act shall bedetermined by the Registrar.

(2) In determining whether any personis a fit and proper person to be concerned in orassociated with the ownership, management oroperation of a moneylending business, theRegistrar may consider such of the following asit considers appropriate—

(a) whether the person—

(i) is of good repute, havingregard to the person’scharacter, honesty andintegrity;

(ii) is of sound and stablefinancial background;

(iii) has any businessassociation with anyperson who, in the

Insertion ofsection 2A.

“Fit andproper.


opinion of the Registrar,is not of good repute,having regard to thecharacter, honesty andintegrity of that person,or who has undesirableor unsatisfactoryfinancial resources;

(iv) has, or has arranged, asatisfactory ownershipstructure;

(v) holds or is able toobtain—

(A) financial resourcesadequate to ensurethe f inancialviability of them o n e y l e n d i n gbusiness; and

(B) the services ofpersons who haves u f f i c i e n texperience in theoperation of them o n e y l e n d i n gbusiness;

(vi) has sufficient know-ledge, experience andskills to successfullyoperate the money-lending business;


(b) whether senior managementand each director, partner,shareholder, and any otherperson determined by theRegistrar to be or connectedwith the ownership, adminis-tration or management of themoneylending business is asuitable person to act in thatcapacity;

(c) whether any person proposedto be engaged or appointed tomanage or operate themoneylending business is asuitable person to act in thatcapacity;

(d) whether any other matter thatmay be prescribed, or condi-tion that may be imposed onthe licence, will be fulfilled;

(e) any other matter that may beprescribed or which the Reg-istrar considers appropriate.”.

4. The principal Act is amended by inserting thefollowing new Part after Part I—


Insertion of PartIA.

“PART IA

Establishment and Functions of the Registrar

2B. (1) The Central Bank of Belize is theRegistrar of Moneylenders.

(2) Subject to the provisions of this Act,the Registrar shall—

(a) licence, regulate and super-vise moneylending business;and

(b) maintain an accurate and up todate Moneylenders Registerin accordance with section2E.

2C. (1) The Registrar may do all things necessaryfor the carrying out of its functions under thisAct.

(2) Without limiting subsection (1), theRegistrar may”

(a) licence and register money-lenders;

(b) supervise and monitor theoperation of moneylenders toensure that moneylenderscomply with the terms andconditions of their licensesand with the provisions of thisAct or the regulations andwith any applicable directivesissued by the Registrar inaccordance with this Act;

Establishmentandfunctionsof theRegistrar.

Powers oftheRegistrar.


(c) inquire into the suitability ofany person applying for amoneylending license or ap-proval under this Act and toensure that any person in-volved in the ownership, op-eration or management of amoneylender’s moneylendingbusiness is a fit and properperson to carry out functionsrelative to such business;

(d) use all powers vested in it bythis or any other law to ensurethat moneylending business iskept free from criminal activ-ity, and to prevent, detect andtake all reasonable measuresto ensure the prosecution ofany offence against this Act;

(e) advise the Minister on newdevelopments, needs and risksin moneylending business andto make such proposals asmay be deemed necessary orexpedient to respond to thoserisks;

(f) take enforcement action andco-operate with domestic lawenforcement and foreign regu-latory authorities in accor-dance with this Act;

(g) make regulations and guide-lines and give directions inaccordance with this Act;


(h) issue guidance notes referredto in section 37;

(i) enter into bilateral or multilat-eral agreements or memorandaof understanding with otherlocal or over foreign seasregulatory authorities, or othergovernment agencies, for vari-ous matters including but notlimited to exchange of infor-mation and other forms ofcollaboration or cooperation;

(j) do all other things connectedwith or incidental to any of theforegoing;

(k) perform any other function asmay from time to time beassigned to it by this Act orany other law.

2D. (1) Subject to subsections (2) and (3), theRegistrar may impose such conditions as itconsiders appropriate on any licence issued orapproval granted.

(2) It is a condition of every licenceissued or approval granted that the person inrespect of whom the licence is issued or approvalgranted is considered by the Registrar to be a fitand proper person for the function he performsor proposes to perform.

(3) It is a condition of every licenceissued that the moneylender complies with themoneylender’s AML/CFT obligations.

Power toimposeconditions.


(4) If a licence is issued, or an approvalgranted, subject to one or more conditions otherthan those referred to in subsection (2) or (3)—

(a) the Registrar shall, together with thelicence or approval, issue a writtennotice specifying the condition orconditions; and

(b) if, in respect of any condition, itconsiders that it is in the publicinterest to do so, the Registrar maystate that condition on the licence orapproval and issue a public statementconcerning the condition, in suchmanner as it considers fit.

(5) The Registrar may, upon givingreasonable written notice to a moneylender, atany time—

(a) vary or revoke a condition imposedunder subsection (1); or

(b) impose new conditions on the licenceor approval.

(6) A moneylender may apply to theRegistrar in writing for a condition to berevoked or varied and, if the Registrar issatisfied that the condition is no longer necessaryor should be varied, it may revoke or vary thecondition.

(7) If the Registrar revokes or varies acondition or imposes a new condition, themoneylender shall, if requested to do so by theRegistrar, deliver its licence to the Registrar forre-issue.


2E. (1) There is established a MoneylendersRegister which will be kept by the Registrar.

(2) The Register shall contain the followinginformation in respect of each moneylenderlicensed under this Act—

(a) in the case of a moneylender that isa legal person, the name, country anddate of formation, and registeredoffice of the moneylender;

(b) in the case of a moneylender that isa natural person, the name and addressof the moneylender;

(c) the principal business address of themoneylender in Belize and themoneylender’s telephone number ande-mail address, if any;

(d) the class of licence held by themoneylender and any conditionsimposed on the licence;

(e) the date the licence was granted and,if applicable, revoked; and

(f) such other information as the Registrarconsiders appropriate.

(3) The Register and the informationcontained in any document filed with theRegistrar, may be kept in such manner as theRegistrar considers appropriate, including eitherwholly or partly, by means of a device or facilitythat—

MoneylendersRegister.


(a) records or stores informationmagnetically, electronically or byother means; and

(b) permits the information recorded orstored to be inspected and reproducedin legible and usable form.”.

5. The principal Act is amended by deleting Part IIand replacing it with the following—

“PART II

Licensing of Moneylenders”.

3. (1) Notwithstanding any law to thecontrary, no person shall provide, carry on,transact or hold himself out as providing, carryingon, or transacting moneylending business in, orfrom within, Belize unless that person holds avalid moneylenders licence granted by theRegistrar under this Act.

(2) Any person who contravenessubsection (1) commits an offence and is liableon summary conviction to a fine not exceedingtwo hundred and fifty thousand dollars, or toimprisonment for a term not exceeding twoyears, or to both.

(3) Where any person, acting incontravention of subsection (1), enters into acontract for a loan or gives any guarantee orsecurity for such a loan—

(a) the contract for the loan, andthe guarantee or security, as


Replacementof Part II.

Prohibitionofunlicensedmoneylending.

the case may be, is unenforce-able; and

(b) any money paid by or onbehalf of the unlicensed mon-eylender under the contractfor the loan is not recoverablein any court of law.

4. (1) Every moneylender or person whointends to carry on moneylending business, in orfrom within Belize shall apply to the Registrarfor a licence.

(2) An application referred to insubsection (1) shall be made in accordance withsection 6.

(3) Any person who—

(a) is under the age of 18 years;

(b) in the opinion of the Regis-trar, is not a fit and properperson; or

(c) has an associate who, in theopinion of the Registrar, isnot a fit and proper person;

is not eligible for a licence.

5. (1) Subject to section 7, a licence may beissued in one of the following classes—

(a) a single store moneylender,which shall allow the holderto carry on moneylending

Licences tobe taken outbymoneylenders.

Classes ofmoneylendinglicences.


business at the single addressspecified in the licence;

(b) a master agent moneylender,which shall allow the holderto carry on moneylending busi-ness at the number of loca-tions specified in the licence;

(c) a single store pawnbroker,which shall allow the holderto carry on pawnbrokeringbusiness at the single addressspecified in the licence; or

(d) a master agent pawnbroker,which shall allow the holderto carry on moneylendingbusiness at the number oflocations specified in the li-cence.

(2) The Registrar may prescribequalifications, conditions and fees applicable toany class or classes of moneylenders licencereferred to in subsection (1).

6. –(1) Subject to subsection (2), every application fora licence under this Act shall be in in writing in such formas directed by the Registrar and be accompanied by—

(a) identification information for—

(i) the applicant; and

(ii) any senior management or director of theapplicant; and


Applications.

(b) a current list of associates of the applicant,including, where any financial interest is 5% ormore of the voting capital, identificationinformation for the beneficial owner of any sharesheld by a legal person or in the name of nomineeshareholder;

(c) such information or documents as may be requiredby this Act or requested by the Registrar; and

(d) such fee as the Registrar may prescribe.

(2) Subsections (1)(a)(ii) and (b) do not apply toan applicant that is a publically traded company.

(3) The Registrar may require an applicant to—

(a) provide such information and documents, inaddition to those specified in subsection (1)(c), asit reasonably requires to determine the applicationand any such information and documents shall bein such form as the Registrar may require; and

(b) verify any information and documents provided insupport of an application in such manner as theRegistrar may specify.

(4) If, before an application is determined—

(a) there is a material change in or in relation to anyinformation or documents provided by or onbehalf of the applicant to the Registrar in connectionwith the application; or

(b) the applicant discovers that any such informationor documents are incomplete, inaccurate ormisleading,


the applicant shall, as soon as reasonably practicable, givethe Registrar written particulars of the change or of theincomplete, inaccurate or misleading information ordocuments.

7.–(1) After reviewing an application made, and anyadditional information provided, under section 6, theRegistrar may grant to the applicant a licence, if theRegistrar is satisfied that—

(a) the applicant and each associate of the applicantis a fit and proper person to be concerned in orassociated with the management or operation ofa moneylending business; and

(b) the applicant or any associate has not beenconvicted of a specified offence.

(2) A licence shall be in such form and contain suchparticulars as the Registrar may direct.

(3) For the purposes of this section, “specifiedoffence” means—

(a) an offence under this Act or the regulations;

(b) an offence under the Domestic Banks and FinancialInstitutions Act, 2012, or any other law thatregulates financial institutions or financial services;

(c) an offence under the Money Laundering andTerrorism (Prevention) Act, Cap. 104;

(d) an offence under Part XI of the Criminal Code,Cap. 101;

(e) conspiracy to commit or attempting or aiding andabetting any offence referred to in paragraph (a)to (d); or


Grant oflicence.

(f) in the case of a jurisdiction other than Belize, anoffence under the laws of that jurisdiction which isanalogous to any of those referred to in paragraphs(a) to (e).

8. Every licence issued under this Act shall expireeach year on 31 December, but may be renewed onapplication by the licence holder in such form and manner,and containing such information, as the Registrar maydirect and—

(a) on payment of such fee as the Registrar mayprescribe; and

(b) if the Registrar remains satisfied that therequirements referred to in section 7(1) are stillmet.

9. (1) The Registrar may refuse an application for alicence if—

(a) the application does not comply with section 6;

(b) the applicant fails to provide any information ordocuments required by the Registrar under section6;

(c) the Registrar is of the opinion that the applicantdoes not, or does not intend to, carry on thebusiness for which it seeks to be licensed;

(d) any of the applicant’s senior management,directors, or owners, or their associates, havecommitted a specified offence referred to in section7(3); or

(e) the applicant, at any time, held a licence, a licenceas a financial institution or a licence to carry onany financial services that was revoked.

Duration andrenewal oflicence.

Refusal ofapplication.


(2) The Registrar shall refuse an application for alicence if it is of the opinion that—

(a) any condition referred to in section 4(3) is met;

(b) the applicant does not, or on commencement ofbusiness will not, have the capacity or willingnessto comply with its obligations under this Act or itsAML/CFT obligations or to identify, mitigate andmanage the money laundering and terrorismfinancing risks to which it is exposed;

(c) the moneylender, or its business, represents asignificant money laundering or terrorist financingrisk; or

(d) it is contrary to the public interest for the applicantto be licenced.

(3) If the Registrar refuses an application for alicence, it shall, as soon as practicable, send the applicanta written notice of refusal, stating the grounds for its refusal.

10. (1) Notwithstanding section 8, the Registrar mayat any time revoke a moneylender’s licence if—

(a) it is entitled to take enforcement action against themoneylender under section 30F;

(b) the moneylender has failed to commence or ceasedto carry on the moneylending business for whichit was licensed; or

(c) the moneylender has purported to transfer thelicence in contravention of section 11.

(2) The Registrar may, on the application of amoneylender, cancel the moneylender’s licence, subjectto such conditions as the Registrar considers appropriate.


Revocation oflicence.

(3) Subject to subsection (4), before revoking alicense under subsection (1), the Registrar shall give writtennotice to the moneylender—

(a) stating the grounds upon which it intends torevoke the licence; and

(b) containing a statement to the effect that unless themoneylender, by written notice filed with theRegistrar, shows good reason why the licenceshould not be revoked, the licence will be revokedon a date not less than 14 days after the date of thenotice.

(4) If, on the application of the Registrar, theSupreme Court is satisfied that it is in the public interest,or the interests of any borrowers, potential borrowers,or creditors of a moneylender, that subsection (3) shouldnot have effect or that the period referred to in subsection(3)(b) should be reduced, it may so order.

(5) An application under subsection (4) may bemade without notice or upon such notice as the SupremeCourt may require.

11. (1) No person to whom a licence has been grantedunder this Act shall transfer or assign it to any other person,or in any way alter, deface or destroy such licence beforethe date of expiration thereof.

(2) Any person who contravenes subsection (1)commits an offence and is liable on summary convictionto a fine not exceeding one hundred thousand dollars orto imprisonment for a term not exceeding two years, orto both.

(3) Where a person transfers or assigns a licenceto any other person in contravention of subsection (1)—

Licence nottransferable.


(a) the purported transfer or assignment is void; and

(b) the licence may be revoked in accordance withsection 10(1)(c).

12. (1) No person owning or holding a significantinterest in a moneylending business shall sell, transfer,charge or otherwise dispose of that interest in themoneylending business, or any part of that interest, unlessthe prior written approval of the Registrar has beenobtained.

(2) No person shall, whether directly or indirectly,acquire a significant interest in a moneylending business,unless the prior written approval of the Registrar has beenobtained.

(3) No moneylender shall, unless the prior writtenapproval of the Registrar has been obtained—

(a) cause, permit or acquiesce in a sale, transfer,charge or other disposition referred to insubsection (1); or

(b) issue or allot any shares or cause, permit oracquiesce in any other reorganisation, includingof its share structure, that results in—

(i) a person acquiring a significant interest inthe moneylending business; or

(ii) a person who already owns or holds asignificant interest in the moneylendingbusiness, increasing or decreasing the sizeof the interest.

(4) An application to the Registrar for approvalunder subsection (1), (2) or (3) shall be made by themoneylender.

Transfer ofsignificantinterest.


(5) The Registrar shall not grant approval undersubsection (1), (2) or (3) unless, he is satisfied that,following the acquisition or disposal, any person who willacquire a significant interest is fit and proper.

(6) For the purposes of this section, “significantinterest”, in respect of a moneylending business, meansa holding or interest in the business or in any holdingcompany of the business held or owned by a person, eitheralone or with any other person and whether legally orequitably, that entitles or enables the person, directly orindirectly—

(a) to control ten per cent or more of the voting rightsof the moneylending business at a meeting of thebusiness or of its members;

(b) to a share of ten per cent or more in any distributionmade by the moneylending business;

(c) to a share of ten per cent or more in any distributionof the surplus assets of the moneylending business;or

(d) to appoint or remove one or more directors of themoneylending business.

(7) Any person who contravenes subsection (1), (2)or (3) commits an offence and is liable on summaryconviction to a fine not exceeding one hundred thousanddollars, or to imprisonment for a term not exceeding twoyears, or to both.

(8) Where a person contravenes subsection (1), (2)or (3), any transaction purported to be made in connectionwith the contravention is void.


12A. (1) A moneylender shall provide the Registrarwith written notice of any change in its senior managementor directors, whether as a result of a member of seniormanagement or director ceasing to hold office or theappointment of a new member of senior management ordirector.

(2) A written notice under subsection (1) shall—

(a) specify the date of the change;

(b) include the full name of the member of seniormanagement or director who has ceased to be, orhas been appointed as, a member of seniormanagement or director; and

(c) be provided to the Registrar within 14 days of—

(i) the change occurring, in the case of theappointment or resignation of a member ofsenior management or director, or

(ii) the moneylender first becoming aware ofthe change, in the case of the death of amember of senior management or director.

(3) A moneylender that fails to provide writtennotice of a change in its senior management or directorsin accordance with this section is guilty of an offence andis liable on summary conviction to a fine not exceedingseventy five thousand dollars.

12B. (1) A moneylender shall provide the Registrarwith written notice of any change in its associates, whetheras a result of a person becoming an associate or ceasingto be an associate.


Notification ofchanges inseniormanagementand directors.

Notification ofchange inassociates.



(b) provide details of the identity of the new or formerassociate and the nature of the associate’s interestin, or control of, the moneylender;

(c) be provided to the Registrar within 14 days of themoneylender first becoming aware of the change.

(3) A moneylender that fails to provide writtennotice of a change in its associates in accordance with thissection is guilty of an offence and is liable on summaryconviction to a fine not exceeding seventy five thousanddollars.

12C. (1) A moneylender shall provide the Registrarwith written notice of any change in the informationrequired to be registered under section 2E.



(b) set out the details of the change;

(c) be provided to the Registrar within 14 days of themoneylender first becoming aware of the change.

(3) A moneylender that fails to provide writtennotice of a change in its registered information in accordancewith this section is guilty of an offence and is liable onsummary conviction to a fine not exceeding fifty thousanddollars.”.

6. The principal Act is amended in section 14, by—

(a) renumbering the section as subsection (1);

(b) inserting the following new subsections—

Notification ofchange ininformationrequired to beregistered.



“(2) Any moneylender who makes a contract incontravention of subsection (1) commits an offence andis liable on summary conviction to a fine not exceedingfifty thousand dollars, or to imprisonment for a term notexceeding two years, or to both.

(3) Where, under any contract made in contraventionof subsection (1), it is provided that the borrower is requiredto pay to the moneylender any sum directly or indirectlyrepresenting compound interest or an increased rate orincreased amount of interest by reason of any default inthe payment of any amount due under the contract, suchsum—

(a) shall not be recoverable from the borrower or anysurety;

(b) if so paid, shall be recoverable as a debt due tothe borrower or surety, as the case may be; and

(c) if not recovered, shall be set-off against theoutstanding amount of the loan, and all sums ofinterest, late interest and any fees, costs, chargesor expenses prescribed under section 15 that maybe payable under the contract.”.

7. The principal Act is amended by inserting thefollowing section after the heading for Part IV—

14A. (1) No moneylender shall—

(a) grant a loan to any person;

(b) grant approval to any person to obtain aloan from the moneylender; or

(c) send or deliver, directly or indirectly,any article or document to any person on


“Prohibitionof unsolicitedloans.


an undertaking by the moneylender thatsuch article or document, when used orproduced in a specified manner, enablesa loan to be obtained from themoneylender,

without the person having first applied to themoneylender in writing for the loan.

(2) Any moneylender who contravenessubsection (1) commits an offence and is liableon conviction to a fine not exceeding fiftythousand dollars or to imprisonment for a termnot exceeding six months or to both.”.

8. The principal Act is amended by deleting section15 and replacing it with the following—

15. (1) The Registrar may prescribe the types oramounts of fees, costs, charges and expensesthat a moneylender may impose in respect of aloan granted by a moneylender, including thefees or charges for or on account of legalrepresentation or advice.

(2) Any moneylender who imposes fees,costs, charges and expenses other than, or inexcess of, those prescribed under subsection (1)commits an offence and is liable on summaryconviction to a fine not exceeding fifty thousanddollars, or to imprisonment for a term notexceeding one year, or to both.

(3) Where, under any contract for a loanbetween a moneylender and a borrower, it isprovided that the borrower is required to pay tothe moneylender any sum representing fees,costs, charges or expenses other than, or in

“Chargesother thanprescribedfeesunenforceable.

Repeal andReplacementof section 15.


excess of, those prescribed under subsection (1),such sum—

(a) shall not be recoverable from theborrower or any surety;

(b) if so paid, shall be recoverable as adebt due to the borrower or surety,as the case may be; and

(c) if not recovered, shall be set-offagainst the outstanding amount of theloan, and all sums of interest, lateinterest and any fees, costs, chargesor expenses prescribed undersubsection (1) that may be payableunder the contract for the loan.

(4) Subsection (2) does not apply to anysum representing payment for or on account ofstamp duties or other amounts payable to theGovernment of Belize through a moneylenderon behalf of a borrower by or under this Act orany other law.”.

9. The principal Act is amended in subsection (2) ofsection 17—

(a) by deleting the words “a fine of not less than fivehundred dollars and not exceeding one thousanddollars” and replacing it with the words “a fine ofnot less than one thousand dollars and notexceeding ten thousand dollars”; and

(b) by deleting the phrase “a fine of five thousanddollars” and replacing it with the phrase “a fine offifty thousand dollars”.



10.The principal Act is amended in section 18, by—

(a) deleting the phrase “Banks and FinancialInstitutions Act (CAP. 263)” and replacing it withthe phrase “Domestic Banks and FinancialInstitutions Act, 2012 or the Offshore BankingAct, Cap. 267”; and

(b) by deleting the words “to a fine of five thousanddollars for each day during which the offencecontinues” and replacing it with the words “a fineof ten thousand dollars for each day during whichthe offence continues”.

11.The principal Act is amended by deleting section19 and replacing it with the following—

19. (1) Every moneylender shall display in aconspicuous and prominent position that isclearly visible to the public at or in each placeof business—

(a) the licence issued in relation to themoneylending business; and

(b) a sign bearing the effective annualrate of interest charged and all otherfees, costs, charges and expenseslevied on loans.

(2) Any person who contravenessubsection (1) commits an offence and is liableon summary conviction to a fine not exceedingfifty thousand dollars, or to imprisonment for aterm not exceeding two years, or to both.”.

12.The principal Act is amended in section 20—


Repeal andReplacementof section 19.

“Display oflicence andinformation.



(a) in subsection (1), by deleting thewords “Central Bank of Belize”wherever they appear and replacingthem with the word “Registrar”;

(b) by inserting the following newsubsection after subsection (1)—

“(1A)In addition to the informationreferred to in subsection (1), everymoneylender shall provide to theRegistrar such information or make suchreturns, in such form and at such intervals,as the Registrar may prescribe.”;

(c) in subsection (2)—

(i) by deleting the phrase “sub-section (1) above” and replac-ing it with the phrase “subsec-tion (1) or (1A)”;

(ii) by deleting the words “a fineof not less than fifty thousanddollars” and replacing it withthe words “to a fine of not lessthan seventy-five thousanddollars”;

(iii) by deleting the phrase “, andthe court may also order thecancellation or suspension ofhis certificate”.

13.The principal Act is amended by inserting thefollowing new section after the heading for Part V—



20A. (1) No moneylender shall make anyassignment, or cause, permit or acquiesce in anyassignment, unless the prior written approval ofthe Registrar has been obtained.

(2) No person shall, whether directly orindirectly, accept an assignment, unless theprior written approval of the Registrar has beenobtained.

(3) An application to the Registrar forapproval under subsection (1) or (2) shall bemade by the moneylender.

(4) The Registrar shall not grant approvalunder subsection (1) or (2) unless satisfied that,following the assignment, any person who willbecome the assignee is fit and proper.

(5) For the purposes of this section,“assignment” means an assignment referred toin section 21.

(6) Any person who contravenessubsection (1) or (2) commits an offence and isliable on summary conviction to a fine notexceeding twenty thousand dollars, or toimprisonment for a term not exceeding twoyears, or to both.”.

14.The principal Act is amended in section 26, bydeleting subsection (2) and replacing it with the following—

“(2) Notwithstanding section 2D(5), where acourt re-opens a transaction of a moneylender under section24, the Registrar may require the moneylender to producethe moneylender’s licence and, without delay, may imposesuch conditions as the Registrar considers appropriate.”.

“Approvalrequired forassignment.



15.The principal Act is amended by inserting thefollowing new Part VA immediately after section 30—

“PART VA

Compliance and Enforcement

30A.A moneylender shall establish, maintainand implement a compliance policy andcompliance systems and controls that areappropriate for the nature, scale, complexity anddiversity of the moneylending business carriedon by the moneylender.

30B. (1) A moneylender shall appoint as itscompliance officer a person approved, uponapplication in writing by the moneylender, bythe Registrar as being a fit and proper individualto so act.

(2) The principal functions of thecompliance officer are—

(a) in relation to this Act, any regulations,or guidelines made under this Actand all laws for the time being in forceconcerning moneylending business—

(i) to oversee and monitor themoneylender’s compliance;and

(ii) to act as the liaison betweenthe moneylender and the Reg-istrar in matters relating tocompliance;

Insertion ofPart VA.

Compliancepolicies,systems andcontrols.

Complianceofficer.


(b) be responsible for establishing,maintaining and ensuring compliancesuch manual of complianceprocedures as the Registrar mayrequire in relation to the moneylender'scompliance policy and compliancesystems and controls referred to insection 30A.

(3) The Registrar may, by notice in writingto a moneylender, revoke its approval of anindividual as the moneylender’s complianceofficer.

(4) Where the Registrar issues a noticeunder subsection (3), the moneylender shall,without delay, appoint another individual as itscompliance officer in accordance with this section.

30C.–(1) In this section “relevant person”means—

(a) a moneylender;

(b) a former moneylender; or

(c) an associate of a moneylender or ofa former moneylender.

(2) The Registrar may, for a purpose specifiedin subsection (3)—

(a) inspect the premises and the business,whether in or outside Belize, includingthe procedures, systems and controls,of a relevant person;

(b) inspect the assets, including cash,belonging to or in the possession orcontrol of a relevant person;

(c) examine and make copies of

Complianceinspections.


documents belonging to or in thepossession or control of a relevantperson that, in the opinion of theRegistrar, relate to the carrying on ofmoneylending business by therelevant person; and

(d) seek information and explanationsfrom the officers, employees, agentsand representatives of a relevantperson, whether orally or in writing,and whether in preparation for, duringor after a compliance inspection.

(3) A compliance inspection may beundertaken for the following purposes—

(a) the supervision of moneylendingbusiness, including monitoring andassessing a relevant person’scompliance with—

(i) this Act, the regulations madeunder this Act and any otherlaw related to moneylendingbusiness; and

(ii) any guidelines or directiveissued by the Registrar; and

(b) monitoring and assessing a relevantperson’s compliance with AML/CFTobligations.

(4) Subject to subsection (5), the Registrarshall give reasonable notice to a relevant personof its intention to exercise its powers undersubsection (2).


(5) Where it appears to the Registrar thatthe circumstances so justify, the Registrar mayexercise its powers under subsection (2) withoutgiving notice of its intention to do so.

(6) Subject to subsection (7), the Registrarmay, upon the request of a foreign regulatoryauthority, permit that authority to take part in acompliance inspection undertaken by theRegistrar under this section.

(7) In deciding whether to permit a foreignregulatory authority to take part in a complianceinspection under this section, the Registrar maytake into account, in particular, whether, in itsopinion—

(a) the participation of the foreignregulatory authority—

(i) is necessary for the effectivesupervision of the person tobe subject to the complianceinspection or its subsidiary orholding company, and

(ii) is not contrary to the publicinterest; and

(b) the foreign regulatory authority issubject to adequate legal restrictionson further disclosure and that it willnot, without the written permissionof the Registrar—

(i) disclose information obtainedor documents examined or


obtained during the compli-ance inspection to any personother than an officer or em-ployee of the authority en-gaged in prudential supervi-sion, or

(ii) take any action on informa-tion obtained or documentsexamined or obtained duringthe compliance inspection.

(8) Subject to subsection (5), a relevantperson shall permit any employee of the Registraror person appointed by the Registrar for thepurpose to have access at any reasonable time toany of its business premises to enable that personto undertake a compliance inspection.

(9) The Registrar may require amoneylender to contribute towards the costs ofa compliance inspection.

(10) The amount to be contributed undersubsection (9) shall be determined in suchmanner as may be prescribed.

30D. (1) The Registrar may, by notice inwriting, require a person specified in subsection(2) to—

(a) provide, in accordance with directionsin the notice, such information relevantto the moneylender, that associate orthe moneylending business, or withsuch information as the Registrarrequires, and specified in the notice;

Power ofRegistrar togatherinformation.


(b) produce, in accordance with thedirections in the notice, such recordsrelevant to the moneylender, thatassociate or the moneylendingbusiness, or to matters specified bythe Registrar, as are specified in thenotice and to permit examination ofthose records, the taking of extractsfrom them and the making of copiesof them; or\

(c) attend before the Registrar, or suchperson as may be designated by theRegistrar, for examination in relationto any matters relevant to themoneylender, that associate or themoneylending business, or to mattersspecified by the Registrar, and toanswer questions relating to thosematters.

(2) A notice under subsection (1) may beissued to—

(a) a moneylender;

(b) a person the Registrar reasonablybelieves to be carrying on, or to haveat any time carried on, moneylendingbusiness without a licence;

(c) an associate of a person specified inparagraph (a) or (b); or

(d) in the case of a notice requiring theproduction of documents, any personwho the Registrar reasonably believesis in possession, or has control, of thedocuments.


(3) Where records are produced underthis section, the Registrar, or such person as maybe designated by the Registrar to whom they areproduced, may retain possession of the recordsfor such period as may reasonably be necessaryfor an investigation to be carried out.

(4) At any reasonable time during theperiod for which records are retained, theRegistrar, or such person as may be designatedby the Registrar, shall permit inspection of therecords by a person who would be entitled toinspect them if they were not in the possessionof the Registrar, or person designated by theRegistrar.

(5) A person, including a director, officeror employee of a moneylender, who providesinformation or produces records to the Registrarin compliance with a notice under this sectiondoes not contravene any law, rule of law,agreement or professional code of conduct towhich that person is subject, and no civil,criminal or disciplinary proceedings shall lieagainst him, or against the moneylender, inrespect thereof.

30E.—(1) The Registrar may give to amoneylender written directions relating to theconduct, supervision or control of operations inthe moneylending business of the moneylenderand the moneylender shall comply with suchdirections within the period specified in thedirection.

(2) Any directions given under subsection(1) shall take effect when such directions aredelivered to the moneylender or at such laterdate as may be specified in the directions.

Power togivedirections.


(3) The power conferred upon theRegistrar by this section includes the power togive a direction to a moneylender to do any ofthe following—

(a) adopt, vary, cease or refrain fromany practice in respect of the conductof moneylending business;

(b) where the Registrar is of the opinionthat a member of senior management,director or compliance officer of themoneylender does not satisfy its fitand proper criteria—

(i) remove that person and, if itconsiders it appropriate, toreplace that person with an-other person acceptable to theRegistrar; or

(ii) ensure that the person ceasesto undertake certain specifiedfunctions in relation to themoneylender.

30F.–(1) The Registrar may take enforcementaction against a moneylender if—

(a) in the opinion of the Registrar, themoneylender—

(i) has contravened or is in con-travention of this Act or theregulations made under thisAct;

(ii) is carrying on, or is likely tocarry on, moneylending busi-

Enforcementaction.


ness in a manner detrimentalto the public interest or to theinterest of any of its custom-ers;

(iii) is or is likely to become insol-vent;

(iv) is in breach of any term orcondition of its licence;

(v) has failed to comply with adirection given to it by theRegistrar;

(vi) is not a fit and proper personto hold a licence; or

(vii) has provided the Registrarwith any false, inaccurate ormisleading information,whether on making applica-tion for a licence or approvalor subsequent to the issue ofthe licence or approval; or

(b) in the opinion of the Registrar—

(i) a person having a share orinterest in the moneylender,whether equitable or legal, orany director, officer, man-ager or employee of the mon-eylender is not a fit and properperson to have an interest inor be concerned with themanagement or operation of amoneylending business, as thecase may be, or


(ii) the moneylender or a subsid-iary or holding company ofthe moneylender has refusedor failed to cooperate with theRegistrar on a complianceinspection conducted by theRegistrar under section 30C.

(2) If the Registrar is entitled to takeenforcement action under subsection (1) it mayexercise such powers therefor as may beprescribed.

30G. (1) The Registrar may take disciplinarymeasures against a moneylender under thissection where it is—

(a) entitled to take enforcement actionunder section 30F; or

(b) satisfied that the moneylender hascommitted a regulatory violation.

(2) The Registrar takes disciplinarymeasures against a moneylender by taking suchactions as may be prescribed therefor.

(3) For the purposes of this section,“regulatory violation” means—

(a) a contravention of a provision of thisAct or regulations or guidelines madeor direction given under this Act; or

(b) failure to comply with an AML/CFTobligation.”.

Disciplinarymeasures.


16. The principal Act is amended in the heading for PartVI, by inserting the phrase “Offences, Penalties, Appeals,Regulations and” before the word “Miscellaneous”.

17.The principal Act is amended in section 31, by—

(a) deleting the words “a misdemeanour” and replacingthem with the words “an offence”;

(b) deleting the words “two thousand dollars” andreplacing them with the words “fifty thousanddollars”.

18.The principal Act is amended by inserting thefollowing new sections after section 31—

31A.—(1) Where a moneylender—

(a) uses or, as the case may be, displaysany threatening, abusive or insultingwords, behaviour, writing, sign orother visible representation; or

(b) does any act likely to cause alarm orannoyance to a borrower or surety,any member of the family of theborrower or surety, or any otherperson,

in connection with the loan to the borrower, whether or notthe moneylender does the act personally or by any personacting on the moneylender’s behalf, the moneylendercommits an offence.

(2) Any person who, acting on behalf of amoneylender, does any of the acts specified in subsection(1) commits an offence.

Amendment ofPart heading.


Insertion ofsections 31A –31F.

“Harassingborrower,besettingborrower’sresidence, etc.


(3) A person guilty of an offence referred to insubsection (1) or (2) is liable on summary conviction to—

(a) a fine of not less than ten thousand dollars and notmore than fifty thousand dollars or imprisonmentfor a term not exceeding 5 years or both;

(b) in the case of a second or subsequent offence, afine of not less than fifteen thousand dollars andnot more than seventy-five thousand dollars orimprisonment for a term of not less than 2 yearsand not more than 9 years or both; or

(c) in the case where the person is a legal person, afine of not less than twenty thousand dollars andnot more than one hundred thousand dollars.

(4) If the court is satisfied that, in the course ofcommitting an offence referred to in this section, damagewas caused to any property or injury was caused to anotherperson, the person guilty of the offence is liable to threetimes the fine referred to in subsection (3).

(5) For the purposes of subsection (1)(a), a personwho—

(a) uses any threatening, abusive or insulting words inany telephone call made by him; or

(b) by any means, sends any thing which contains anythreatening, abusive or insulting words, writing,sign or other visible representation,

whether from a place in Belize or outside Belize, to anyperson or place in Belize shall be taken to have done an actreferred to in that subsection.

(7) For the purposes of subsection (1)(b), a personwho makes any telephone call, or by any means sends


any article, message, word, sign, image or other visiblerepresentation, whether from a place in Belize or outsideBelize, to any person or place in Belize, which is likelyto cause alarm or annoyance to a person referred to inthat subsection, shall be taken to have done an act referredto in that subsection.

(8) For the purposes of subsection (2), any personwho does any of the acts specified in subsection (1) inconnection with a demand for the repayment of a loanto a moneylender shall be presumed, until the contraryis proved, to act on behalf of the moneylender.

(9) For the purposes of subsection (4), damage isdeemed to be caused to property by the following acts—

(a) defacing the property by means of any paint, pen,marker or any other delible or indelible substanceor affixing, posting up or displaying on suchproperty any poster, placard, bill, notice, paperor other document;

(b) destroying or damaging the property through theuse of fire or any other substance;

(c) doing any other act of mischief which causes adisadvantageous change in any property or whichotherwise diminishes its value or utility.

31B. (1) Any person who, without reasonableexcuse, fails to comply with a notice issuedunder section 30D(1) commits an offence.

(2) Any person who in purported compliancewith a notice issued by the Registrar under section30D(1)—

Penalty forfailure tocomply withnotice.


(a) provides information which he knowsto be false or misleading in a materialrespect; or

(b) recklessly provides information whichis false or misleading in a materialrespect;

commits an offence.

(3) Any person who, for the purpose ofobstructing or frustrating compliance with anotice issued by the Registrar under section30D(1) destroys, mutilates, defaces, hides orremoves a document commits an offence.

(4) Any person who commits an offenceunder this section is liable on summaryconviction—

(a) to a fine not exceeding fifty thousanddollars or to imprisonment for a termnot exceeding one year, or to both;and

(b) where an offence under subsection(1) is a continuing offence, a fine offive hundred dollars for each dayduring which the offence continues.

31C. Any person who, without reasonableexcuse, fails to comply with a direction givenunder section 30E commits an offence and isliable on summary conviction—

(a) to a fine not exceeding one hundredthousand dollars or to imprisonmentfor a term not exceeding one year, orto both; and

Penalty forfailure tocomply withdirection.


(b) where an offence is a continuingoffence, a fine of five hundred dollarsfor each day during which the offencecontinues.

31D.Any person who wilfully obstructs orhinders the Registrar or a person designated by,or acting on behalf of, the Registrar in theperformance of any duty imposed or the exerciseof any authority conferred on the Registrar orperson under this Act commits an offence and isliable on summary conviction to a fine notexceeding fifty thousand dollars or toimprisonment for a term not exceeding one year,or to both.

31E.–(1) Any person who—

(a) knowingly furnishes any information,record or return required by theRegistrar that is false in any materialparticular;

(b) contravenes or fails to comply withthe terms and conditions of a validlicence,

commits an offence and is liable on summaryconviction to a fine not exceeding twenty-fivethousand dollars or to imprisonment for a termnot exceeding two years, or to both.

31F. (1) Subject to subsection (2), a personwho is aggrieved by a decision of the Registrarmade under this Act may, within 30 days of thedate of the decision, appeal to the Supreme Courtunder the provisions of Part IX of the SupremeCourt of Judicature Act, and for this purpose,the Registrar is deemed to be an inferior court

Obstruction.

Penalty formaking falsereturn, breachof condition,etc.

CAP. 91.


Appeals.

and the rules governing inferior court appealsapply, with such changes as the circumstancesrequire, to every such appeal.

(2) Notwithstanding section 112 of theSupreme Court of Judicature Act, an applicationfor leave to appeal, an appeal and an applicationfor judicial review shall not itself result in thesuspension of the decision of the Registrar inrelation to which the application or appeal ismade, but the appellant may, within the timeprescribed under the Supreme Court of JudicatureAct, for filing such appeal, apply to the SupremeCourt for stay of execution of the order appealedfrom, pending the determination of such appeal.

(3) Upon hearing an appeal, the SupremeCourt may—

(a) dismiss the appeal; or

(b) remit the matter back to the Registrarfor further consideration with suchdirections as it considers fit.”.

19.The principal Act is amended by inserting thefollowing new sections after section 33—

34. Where an offence is committed by a legalperson, any person who at the time of thecommission of the offence was a member ofsenior management or director of the legalperson, or purported to act in such capacity, isdeemed to have committed the offence unlessthat person adduces evidence to the effect thatthe offence was committed without the person’sconsent or connivance and that the person

Insertion ofsection 34- 37.

“Offences bylegal persons.


CAP. 91.

exercised all due diligence to prevent thecommission of the offence as the person oughtto have exercised having regard to the nature ofthe person’s functions in that capacity and to allthe circumstances.

35. (1) No person to whom this subsectionapplies is liable for anything done or omitted inthe discharge or purported discharge of anyfunctions or duties or the exercise or purportedexercise of any powers under this Act or anyother enactment unless it is shown that the act oromission was in bad faith.

(2) Subsection (1) applies to—

(a) the Registrar;

(b) any Board member of the Registraror a member of a committee of theBoard of the Registrar;

(c) an employee of the Registrar; and

(d) a person authorised by the Registrarto perform any function or exerciseany power on behalf of the Registrar.

(3) Subsection (1) does not limit anyliability of a person specified in subsection (2)(d)to the Registrar.

(4) No civil, criminal or disciplinaryproceedings may be taken against a person byreason solely of the fact that the person hasprovided information or produced documents tothe Registrar pursuant to a notice issued by theRegistrar under the Act.

Immunity.


36. (1) The Registrar, with the approval ofthe Minister, may make regulations prescribingthe following—

(a) the procedure for making applicationsfor licences and renewal of licences;

(b) the criteria for eligibility for obtaininga licence;

(c) a limit on the number of licensees;

(d) different classes of licences, thepersons eligible to hold each class oflicence, and the terms and conditionsapplicable to each class of licence;

(e) the records and accounts to be keptby a moneylender and the manner inwhich the records are to be kept;

(f) the fees to be paid in respect of anymatter required for the purposes ofthis Act, including licence fees;

(g) the class or description of borrowersto which a moneylender may grant aloan, or a loan above a specifiedamount, either generally or in specifiedcircumstances;

(h) the maximum amount which may belent to a borrower or any class ordescription of borrowers;

(i) the types of activities and servicesthat a moneylender may not engagein or provide;

Regulations.


(j) regulation of the use of advertisementsby or on behalf of any moneylender,or any solicitation or canvassing forbusiness by or on behalf of anymoneylender;

(k) regulation of the conduct of thebusiness of moneylending, or specifictypes of moneylending activities orservices;

(l) the determination of, or the methodfor determining, the amount to bepaid by a moneylender in relation toa compliance inspection;

(m) the procedures to be adopted whentaking enforcement action against amoneylender;

(n) the determination of, or the methodfor determining, the amount of theadministrative penalty that may beimposed for a regulatory violation;

(o) all matters and things which by thisAct are required or permitted to beprescribed or which are necessary orexpedient to be prescribed to giveeffect to this Act.

(2) Regulations made under this sectionmay provide that any breach thereof shallconstitute either or both of the following, as thecase may require—

(a) an offence and may provide forpenalties on summary conviction of


a fine not exceeding two hundred andfifty thousand dollars, orimprisonment for a term not exceedingtwo years, or to both a fine andimprisonment;

(b) a regulatory violation and may providefor imposition of an administrativepenalty not exceeding five hundredthousand dollars and for thedetermination of, or the method fordetermining, the amount of theadministrative penalty that may beimposed for a regulatory violation.

(3) Regulations made under this section—

(a) may relate to all or any class ordescription of moneylenders and makedifferent provisions for differentclasses or descriptions ofmoneylenders;

(b) are subject to negative resolution.

37. (1) The Registrar may issue one or moreguidelines specifying requirements, notinconsistent with this Act or the regulationsmade under this Act, relating to the carrying onby moneylenders of moneylending business.

(2) Without limiting subsection (1),guidelines may provide for the—

(a) standards of compliance expected ofmoneylenders;

(b) individuals who may act as thecompliance officer for a moneylender;

Guidelinesandguidancenotes.


(c) factors that the Registrar will takeinto account in considering thesuitability of a person as a complianceofficer;

(d) functions and responsibilities of acompliance officer;

(e) preparation by moneylenders of acompliance manual and the matters tobe included in such a manual; and

(f) requirements with respect to thecompliance policies, systems andcontrols of a moneylender.

(3) Guidelines may—

(a) make different provision in relationto persons, cases or circumstances ofdifferent descriptions; and

(b) include such transitional provisionsas the Registrar considers necessaryor expedient.

(4) The Registrar may amend, add to orreplace any guidelines by notice published in theGazette.

(5) The Registrar may issue guidancenotes with respect to—

(a) compliance by moneylenders withthis Act or the regulations;

(b) any matter required or permitted tobe specified or provided for inguidelines; and


(c) such matters as it considers relevantto its functions.

(6) Guidance notes may make differentprovision in relation to different persons,circumstances or cases.

(7) Failure to follow guidance notes issuedunder this section shall not, of itself, render aperson liable to proceedings of any kind but suchfailure may be taken into account by the Courtor the Registrar, as the case may be, indetermining whether there has been acontravention of this Act, the regulations orguidelines.”.

20. (1) A certificate granted under the principal Actwhich was in force immediately before the date ofcommencement of this Act shall have effect as if it werea licence granted under this Act and continues to haveeffect for a period of three months after the date ofcommencement of this Act.

(2) A holder of a certificate referred to in subsection(1) who intends to continue to carry on a moneylendingbusiness after the date of commencement shall make anapplication for renewal of a licence under section 8, subjectto the provisions of this Act.

(3) An application for the grant of a certificate ora moneylenders excise licence under the principal Actwhich was pending immediately before the date ofcommencement of this Act is deemed to be made underthis Act and this Act shall, with such modifications as maybe required to be made to the application, apply accordingly.

(4) Sections 14(2), 14A, and 15(2) do not applyto a contract for a loan between a moneylender and a

Saving andtransitionalprovisions.


borrower that is made before the commencement of thisAct.

(5) For the purposes of this section, “certificate”means a certificate of registration as a moneylender.

21.The Money Laundering and Terrorism (Prevention)Act is amended in the Third Schedule, item 6, by deletingthe words “Ministry of Finance” and replacing them withthe words “Central Bank of Belize”.

22. (1) Subject to subsection (2), which shall commenceforthwith upon the date of assent of the Governor-Generalto this Act, this Act shall come into force on such dayas the Minister may, by Order published in the Gazette,appoint.

(2) A certificate of registration or moneylenders'excise licence granted under the principal Act which wasin force immediately before the date of assent shall,notwithstanding the provisions of the principal Act inrelation to expiration of any such certificate or licence,continue to have effect as if its date of expiration wereMarch 41, 2017, subject to the other provision of theprincipal Act."

Printed in Belize by the Government Printer

Consequentialamendments.CAP. 104.


Commencement.

no. 13 of 2017 · no. 13] moneylenders 43 short title. an act to amend the moneylenders act,...

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