Charges other than prescribed fees unenforceable

(1) The Registrar may prescribe the types or amounts of fees, costs, charges and expenses that a moneylender may impose in respect of a loan granted by a moneylender, including the fees or charges for or on account of legal representation or advice. fees (2) Any moneylender who imposes fees, costs, charges and expenses other than, or in excess of, those prescribed under sub- section (1) commits an offence and is liable on summary conviction to a fine not exceeding fifty thousand dollars, or to imprisonment for a term not exceeding one year, or to both. (3) Where, under any contract for a loan between a moneylender and a borrower, it is provided that the borrower is required to pay to the moneylender any sum representing fees, costs, charges or expenses other than, or in excess of, those prescribed under subsection (1), such sum— (a) shall not be recoverable from the borrower or any surety; 32 (b) if so paid, shall be recoverable as a debt due to the borrower or surety, as the case may be; and (c) if not recovered, shall be set-off against the outstanding amount of the loan, and all sums of interest, late interest and any fees, costs, or expenses under subsection (1) that may be payable under the contract for the loan. (4) Subsection (2) does not apply to any sum representing payment for or on account of stamp duties or other amounts payable to the Government of Belize through a moneylender on behalf of a borrower by or under this Act or any other law.