s 36 Maximum rate of interest and late interest
36.—(1) A licensee must not enter into a contract for a loan under which the interest or late interest charged exceeds the maximum rate of interest or late interest prescribed by the Minister.[7/2018] (2) For the purposes of subsection (1), the Minister may prescribe different maximum rates of interest or late interest for different classes or descriptions of borrowers or loans.[7/2018] (3) Where any contract for a loan has been entered into by a licensee in contravention of subsection (1) —(a) the contract is unenforceable against the borrower or any surety; (b) the licensee is not entitled to enforce any guarantee or security given for the loan; and (c) any money paid by or on behalf of the licensee under the contract is not recoverable in any court of law.[7/2018] (4) Any licensee who charges interest or late interest at a rate exceeding the maximum rate of interest or late interest that is prescribed for the loan shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $20,000 or to imprisonment for a term not exceeding 6 months or to both.[22A [7/2018]