Interpretation

(1) In this Act, unless the context otherwise requires, “AML/CFT obligation” has the meaning given in the Money Laundering and Terrorism (Prevention) Act; “approval” means an approval that may be granted by the Registrar under this Act, but excludes a licence; “associate” has the meaning given in sub-section (3); “business name” means the name or style under which any business is carried on, whether in partnership or otherwise; “Central Bank of Belize” means the entity established under the Central Bank of Belize Act; “company” means anybody corporate being a moneylender; “compliance inspection” means an inspection referred to in section 30C; 8 “condition” means a condition attached to a licence or to an approval and includes a condition as varied in accordance with section 2D; “fit and proper” has the meaning given in section 2A; “firm” means an unincorporated body of two or more individuals, or one or more individuals and one or more corporations, or two or more corporations, who have entered into partnership with one another with a view to carrying on business for profit; “foreign regulatory authority” means an authority in a jurisdiction outside Belize which exercises a regulatory function similar to that of the Registrar; “former moneylender” means a person who has, at any time, held a licence that has been cancelled or revoked; “interest” does not include any sum lawfully charged in accordance with the provisions of this Act by a moneylender for or on account of costs, charges or expenses, but except as aforesaid, includes any amount, by whatever name called, in excess of the principal, paid or payable to a moneylender in consideration of or otherwise in respect of a loan; “licence” means a licence issued by the Registrar to a moneylender in accordance with this Act; “Minister” means the Minister for the time being responsible for Finance; “moneylender” means a person who engages in moneylending “moneylending business” means the business of extending credit that is subject to interest or finance charges and includes pawnbroking, but does not include the business carried on by the following9 (a) any registered society within the meaning of the Friendly Societies Act, or any society registered or having rules certified under the Building Societies Act; (b) any body corporate, incorporated or empowered by a special enactment to lend money in accordance with such special enactment; (c) any person, in accordance with the laws of Belize, carrying on the business of banking or insurance; (d) any person, in accordance with the laws of Belize, carrying on any business not having for its primary object the lending of money, in the course of which and for the purposes whereof that person lends money; (e) any person licensed as a financial institution under the Domestic Banks and Financial Institutions Act; CAP. 263. (f) any person registered under the Credit Unions Act, or the Cooperative Societies Act; CAP. 314. CAP. 313. (g) any person licensed by the International Financial Services Commission of Belize in accordance with the International Money Lending (Short Term and Unsecured Small Loans) Regulations; “pawnbroker” means a person who carries on a moneylending business of pawnbroking; “pawnbroking” means lending money on the security of a pledge; 10 “pledge” means goods that are taken into possession by a moneylender as security for the repayment of a loan; “prescribed” means prescribed by Regulations made under this Act; “principal” means, in relation to a loan, the amount actually lent to the borrower; “Register” means the Moneylenders Register referred to in section 2E; “Registrar” means Registrar of Moneylenders established under section 2B; and “registered name” and “registered address” mean respectively the name under which and the address at which a moneylender is authorised by a license granted under this Act to carry on business as a moneylender. (2) Where by a contract for the loan of money by a moneylender, the interest charged on the loan is not expressed in terms of a rate, any amount paid or payable to the moneylender under the contract (other than simple interest charged in accordance with the proviso to section 14 of this Act) shall be appropriated to principal and interest in the proportion that the principal bears to the total amount of the interest. (3) A person is an associate of a moneylender or an applicant for a licence if the person– (a) holds or will hold any relevant financial interest, or is or will be entitled to exercise any relevant power, whether on the person’s own behalf or on behalf of any other person, in the moneylending business of the moneylender or applicant, and by virtue of that interest or power, is able or will be able to exercise 11 significant influence over or with respect to the operation of that moneylending business; or (b) holds or will hold any relevant position, whether on the person’s own behalf or on behalf of any in the moneylending business of the moneylender or applicant. (4) For the purposes of sub-section (3)– (a) “relevant financial interest” means, in relation to a moneylending business, five per cent or more of the voting capital of the business; (b) “relevant in relation to a moneylending business, means the position of director, officer, manager or other executive position, however that position is designated; and (c) “relevant in relation to a moneylending business, means any power, whether exercisable by voting or otherwise, and whether exercisable alone or in association with others– (i) to participate in any directorial, managerial or executive decision; or (ii) to elect or appoint any person to any relevant position.