HC Deb 28 July 1927 vol 209 cc1619-20

(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—

  1. (a) give to the assignee notice in writing that the debt, agreement or security 1620 is affected by the operation of this Act; and
  2. (b) supply to the assignee all information necessary to enable him to comply with the provisions of this Act relating to the obligation to supply information as to the state of loans and copies of documents relating thereto,
and any person acting in contravention of any of the provisions of this Section shall be liable to indemnify any other person who is prejudiced by the contravention, and shall also be guilty of a misdeamour, and shall in respect of each offence be liable on conviction on indictment to imprisonment for a term not exceeding two years, or to a fine not exceeding five hundred pounds, or to both such imprisonment and fine, and shall be liable on summary conviction to imprisonment for a term not exceeding three months or to a fine not exceeding one hundred pounds.

(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.


I beg to move, "That this House doth agree with the Lords in the said Amendment."

This and the following Amendment propose to substitute Clauses for Clause 16, to deal with the question of assignation. It is to make it clear that where there is an evasion of the provisions of the Bill, unless the assignee has got an assignment bona fide without notice that it was a moneylender's transaction that he shall be subject to the same disability as the person who assigns it to him. That in brief is the effect of these two Clauses. This Clause provides for the information which must be given to an assignee to make sure that any assignee shall be fully informed, and the next Clause deals with the position of the assignee who has received that notice.

Subsequent Lords Amendments down to page 18, line 20, agreed to.