Interpretation

In these Regulations“Act” means the Moneylenders Act; CAP. 260. “beneficial owner” means the natural person who ultimately owns or controls a legal person, or enjoys the rights and benefits associated with ownership or interest in the legal person but who may not necessarily be registered as the legal owner; “business day” means a day on which a moneylender is open to the public for the conduct of business and does not include a Sunday or a public holiday; “late interest” means the simple interest which a moneylender is entitled to charge in accordance with the proviso to section 14(1) of the Act, the maximum rate of which is prescribed in regulation 11; “late payment penalty” means the enforcement action or disciplinary measure prescribed in regulation 21; 6 Moneylenders “licensee” means a moneylender who holds a valid and unexpired licence; “pawn” means to offer or give a pledge to a pawnbroker; “pawner” means a borrower who pawns goods to a pawnbroker. PART 2