The Feilding Star, Oroua & Kiwitea counties Gazette. Published Daily. TUESDAY, OCTOBER 6, 1897. USURY PREVENTION.

Feilding Star, Volume XIX, Issue 83, 5 October 1897, Page 2

The Feilding Star, Oroua & Kiwitea counties Gazette. Published Daily. TUESDAY, OCTOBER 6, 1897. USURY PREVENTION.

Tns •• Usury Prevention Act " introi duced by Mr Seddon ia of considerable importance as it is intended to interfere in the most direct manner between the lender and tbe borrower, and practically fix and determine the value of money in the lean market. It will apply to every contract or agreement made for the loan of money or the forbearance to require payment of money on any account whatever. In the interpretation •^l^use •• interest " means money or moneys worth to be paid or allowed directly or indirectly, whether under the name of interest, discount, premiums, commissions or otherwise howsoever, to the lender or creditor pursuant toany contract or agreement. The maximum amount of interest shall not exceed eight pounds per cent in the case of loan on the security of land, and ten pounds per centum in any other case When no rate of interest is agreed upon in writing by the party to be charged therewith, the party entitled to interest shall not be entitled to receive interest at a higher rate than six per centum per annum. All contracts *nd agreements for the payment of interest in excess of the respective rares mentioned shall, to the extent of rbe excess, be utterly void. All .■ere t paid, allowed, or deducted in any person in excess of the i .^ective rates, may, notwithstanding hrit he consented thereto, be re- . overed by him with full costs of suit from the person to whom he paid, or tiy whom it was deducted, in like aimer as if it were money bad and t-ceived to bis use by such lastnnnriotied person. In every case ■ here a loan of money — whether .-run-d or ujortgage or not — is not aid off ai maturity, the borrower may pay oft at any time thereafter by i\ing throe clear months' previous .iMce of his intention to do so, or, by fj tying three months' interest in lieu of such notice. The last mentioned orovision shall extend to every loan which is overdue at the time of tbe mssing of the Act. From the peculiar wording of the Bill, and the eccentricity — to put it mildly — of its provisions, we shall be much sur- ■ , 'I if >!>t disHppointed — if it i i" r f 'i :• luff's by the lega in- ii;i ■i - f i •' ii Houses