Presumption that interest excessive

(1) Where, in any proceedings in respect of any money lent by a moneylender after the commencement of this Act or in respect of any agreement or security made or taken after the commencement of this Act in respect of money lent either before or after the commencement of this Act, it is found that the interest charged exceeds the rate forty-eight per centum per annum, or the corresponding rate in respect of any other period, the court shall, unless the contrary is proved, presume for the purposes of section 24 of this Act, that the interest charged is excessive and that the transaction is harsh and unconscionable, 40 but this provision shall be without prejudice to the powers of the court under that section where the court is satisfied that the interest charged, although not exceeding forty-eight per centum per annum, is excessive. (2) Notwithstanding section 2D(5), where a court re-opens a transaction of a moneylender under section 24, the Registrar may require the moneylender to produce the moneylender’s licence and, without delay, may impose such conditions as the Registrar considers appropriate.