Money Lenders Act 1938
August 16, 2022
The Money Lenders Act makes provisions for the control and regulation of money-lending in Fiji. The Act remains as the sole legislation controlling the money-lending industry and there are three key features of the legislation. First, it declares money-lending as a legitimate business. It states: ‘any person who lends a sum of money in consideration of a larger sum being repaid is presumed to be a money-lender’. Second, it provides for the reg[1]istration of moneylenders. Any person involved in the business of money[1]lending is required to be registered annually by the Registrar of Money[1]lenders. The Registrar of Money Lenders is the person who is normally deemed to hold the position of the Administrator-General in the country. Moneylending licenses are normally given only to residents of Fiji. Third, it requires the publication of a list of moneylenders. Each January, the Registrar is required to publish a full list of all licensed moneylenders in the Gazette; any person not on the list is deemed to be not a moneylender (or not to be legally recognized as a registered money lender as required by the Moneylenders Act). Money lending as a Business The Moneylenders Act (MLA) recognizes money lending as a le[1]legitimate business in the country. This business involves lending a sum of money in consideration of a larger sum being repaid. This business, however, is separate from the business of banking. The separation between money lending as a business and banking is affected through numerous provisions.