Credit Act 1984

Notwithstanding the repeal of the Money Lenders Act 1958 that Act continues to have the same operation and effect in relation to transactions or contracts for or with respect to loans within the meaning of that Act entered into before the commencement of this section to which that Act applied immediately before that commencement as it would have had if that Act had not been repealed.

Notwithstanding the repeal of the Money Lenders Act 1958 the provisions of section 47 of that Act continue to have the same operation and effect in relation to ascertaining whether the provisions of that Act have been complied with by a money lender within the meaning of that Act as they would have had if that Act had not been repealed and for that purpose, a reference in that section to the registrar shall be deemed to be a reference to the Director.

A borrower or money lender under a transaction or contract for a loan to which subsection (2) applies may apply to the Tribunal for a determination as to whether, under section 23 of the Money Lenders Act 1958—

interest is recoverable; or

a security is enforceable—

A person who, under section 28(3) of the Money Lenders Act 1958, may apply to a court for the re-opening of a transaction may apply to the Tribunal for the re-opening under section 28 of that Act of a transaction to which subsection (2) applies.

The Tribunal may make a determination on an application under subsection (4) or (5).

Section 6 of this Act and the Credit (Administration) Act 1984 apply to an application to, and determination by, the Tribunal under this section with such modifications as are necessary and as if section 77(2) of the Credit (Administration) Act 1984 included a reference to this section.