Prohibition of unlicensed moneylending

(1) Notwithstanding any law to the contrary, no person shall provide, carry on, transact or hold himself out as providing, carrying on, or transacting moneylending business in, or from within, Belize unless that person holds a valid moneylenders licence granted by the Registrar under this Act. (2) Any person who contravenes sub-section (1), commits an offence and is liable on summary conviction to a fine not exceeding two hundred and fifty thousand dollars, or to imprisonment for a term not exceeding two years, or to both. (3) Where any person, acting in contravention of sub-section (1), enters into a contract for a loan or gives any guarantee or security for such a loan– (a) the contract for the loan, and the guarantee or security, as the case may be, is unenforceable; and (b) any money paid by or on behalf of the unlicensed moneylender under the contract for the loan is not recoverable in any court of law.