§ [SECOND READING.]
§ Order of the Day for the Second Reading read.
§ THE EARL OF GRANARD
My Lords, this Bill, which has passed the House of Commons without any comment, is of a very simple nature. Its object is to remedy a difficulty which has arisen with regard to the interpretation of the Moneylenders Act of 1900. The effect of Section 2 of that Act is that any agreement with or security taken by a moneylender otherwise than in his registered name is void, and this also applies in the case of any other person having dealings with him. That point is dealt with. Then it is proposed to restrict the use of the word "bank." In the past there have been many cases of fraud in this respect. Moneylenders were able, by setting up as bankers, to obtain large sums of money from small depositors and persons who thought they were dealing with a recognised bank instead of with a moneylender. I do not think it is necessary for me to say anything more with regard to the Bill, and I move that it be read a second time.
§ Moved, That the Bill be now read 2a.—(The Earl of Granard.)
§ On Question, Bill read 2a, and committed to a Committee of the Whole House To-morrow.