found that the interest or late interest charged on any loan exceeds such maximum rate of interest or late interest as may be prescribed for the loan, the court or the Official Assignee, as the case may be, shall presume for the purposes of this section, unless the contrary is proved, that the interest or late interest charged in respect of the loan is excessive and that the transaction is unconscionable or substantially unfair.
(7) Subsection (6) shall be without prejudice to the powers of a court under this section where the court is satisfied that the interest or late interest charged under the circumstances, although not exceeding such maximum rate of interest or late interest as may be prescribed for the loan, is excessive or that the transaction is unconscionable or substantially unfair.
(8) For the purposes of subsections (6) and (7)—
- (a) the court shall, when determining whether the interest or late interest charged in respect of any loan exceeds such maximum rate of interest or late interest as may be prescribed for the loan, take no account of the permitted fees as agreed between the licensee and the borrower; and
- (b) the Minister may prescribe different maximum rates of interest to apply to different classes or descriptions of borrowers or loans.
(9) Nothing in this section shall be construed as derogating from —
- (a) the jurisdiction or powers of any court; or
- (b) the powers of the Official Assignee.
Accounts to be kept and submissions to Registrar
24.—(1) Every licensee shall keep or cause to be kept, for a period of not less than 5 years from the prescribed time—
- (a) such accounts relating to his business of moneylending as are prescribed so as to exhibit and explain the financial position in his business, including entries from day to day in sufficient detail of all sums of money received and paid;
- (b) such notes of the contracts for the loans in which he is or has been concerned; and
- (c) such other documents as may be prescribed.
