Duty to give notice and supply information on assignment

(1) Where any debt in respect of money lent by a moneylender whether before or after the commencement of this Act or in respect of interest on any such debt or the benefit of any agreement made or security taken in respect of any such debt or interest is assigned to any assignee, the assignor (whether he is the moneylender by whom the money was lent or any person to whom the debt has been previously assigned) shall, before the assignment is made– (a) give to the assignee notice in writing that the debt, agreement or security is affected by the operation of this Act; and (b) supply to the assignee all information necessary to enable him to comply with the provisions of this Act relating to the obligation to supply information as to the state of loans (2) Every person who acts in contravention of any of the provisions of this section is liable to indemnify any other person who is prejudiced by the contravention, and shall also commit an offence, and is in respect of each offence liable on summary conviction to imprisonment for a period not exceeding two years, or to a fine not exceeding two thousand dollars, or to both such fine and period of imprisonment. (3) In this section, the expression “assigned” means assigned by any assignment inter vivos other than an assignment by operation of law, and the expressions “assignor” and “assignee” have corresponding meanings. Positing of