COMMITTEE. (Hansard, 5 March 1900)

LORD MONKSWELL
I should like to ask the noble and learned Lord who has charge of this Bill a question as to Clause 1. I do not understand exactly what it means as at present drafted. In Clause 1 these words occur— If the Court has reason to believe that the interest charged in respect of the sum actually lent exceeds the rate of interest mentioned in the schedule to this Act, or that the amounts charged for expenses, inquiries, fines, bonus, premium, renewals, or any other charges, are excessive, and that the transaction is harsh and unconscionable. I want to know how the noble and learned Lord reads that. Does he mean that the Court would have discretion to say that, although the interest was excessive, still the contract was not harsh and unconscionable?

§ LORD JAMES OF HEREFORD
Yes. We thought it should not be a mere arbitrary deduction that because a certain percentage was charged the bargain was harsh and unconscionable.

LORD MONKSWELL
As the clause at present stands it may be read disjunctively, and I think the wording could be improved.

§ LORD JAMES OF HEREFORD
It is strange that my noble friend should mention this matter. Lord Davey and myself had a discussion as to the best mode of dealing with it, and we left it to the noble Earl, the Leader of the Opposition, who is an expert, and he agreed that it should be as in this clause. But the matter is one worthy of reconsideration.