Regulations

(1) The Registrar, with the approval of the Minister, may make regulations prescribing the following– (a) the procedure for making applications for licences and renewal of licences; (b) the criteria for eligibility for obtaining a (c) a limit on the number of licensees; (d) different classes of licences, the persons eligible to hold each class of licence, and the terms and conditions applicable to each class (e) the records and accounts to be kept by a moneylender and the manner in which the records are to be kept; (f) the fees to be paid in respect of any matter required for the purposes of this Act, including licence fees; (g) the class or description of borrowers to which a moneylender may grant a loan, or a loan above a specified amount, either generally or in specified circumstances; (h) the maximum amount which may be lent to a borrower or any class or description of (i) the types of activities and services that a moneylender may not engage in or provide; (j) regulation of the use of advertisements by or on behalf of any moneylender, or any 58 solicitation or canvassing for business by or on behalf of any moneylender; (k) regulation of the conduct of the business of or specific types of moneylending activities or services (l) the determination of, or the method for determining, the amount to be paid by a moneylender in relation to a compliance (m) the procedures to be adopted when taking enforcement action against a moneylender; (n) the determination of, or the method for determining, the amount of the administrative penalty that may be imposed for a regulatory violation; (o) all matters and things which by this Act are required or permitted to be prescribed or which are necessary or expedient to be prescribed to give effect to this Act. (2) Regulations made under this section may provide that any breach thereof shall constitute either or both of the following, as the case may require– (a) an offence and may provide for penalties on summary conviction of a fine not exceeding two hundred and fifty thousand dollars, or imprisonment for a term not exceeding two years, or to both a fine and imprisonment; (b) a regulatory violation and may provide for imposition of an administrative penalty not exceeding five hundred thousand dollars and for the determination of, or the method for 59 determining, the amount of the administrative penalty that may be imposed for a regulatory violation. (3) Regulations made under this section– (a) may relate to all or any class or description of moneylenders and make different provisions for different classes or descriptions of (b) are subject to negative resolution.