Money Lending amendments are designed to strengthen the Money Lending Act and regulate the secondary market for commercial mortgage loans. Most of these provisions will become effective in December 19 2021. The Money Lending Amendments aim to strengthen the Money Lending Act and regulate the secondary market for commercial mortgage loans by strengthening the Money Lending Act and the procedures governing it. However, as many people would be aware, this is just one part of the Money Lending Legislation.
There are many other aspects of Money Lending Legislation which need to be examined closely before we can say that it has had a significant impact on the money lending industry. Some of the changes introduced by the Money Lending amendments have been directly linked to the housing market. First, the Money Lending Act has been amended to exclude residential mortgages from the scope of all Money Lending legislation. Second, as mentioned earlier, the Money Lending Regulations now explicitly exclude commercial mortgages from the scope of Money Lending legislation. These regulations also cover the third parties who come into direct contact with the borrower before, during or after the completion of a money lending transaction.
In terms of how moneylenders operate, under the Money Lending Act, moneylenders are required to give borrowers an explicit assurance that they will repay a loan amount in total. Moneylenders must also inform borrowers in writing that they will not pursue any action for damages resulting from their non-payment of loan. This requirement was included to ensure that the Money Lending Acts are implemented impartially. As regards costs of loan, both the borrower and the moneylender must agree on a total amount of costs before a contract is drawn up. After this, the borrower may draw up a contract with the moneylender for a period of one month. If the borrower fails to pay the loan amount, the moneylender may take possession of real estate or personal property owned by the borrower under foreclosure or repossession laws.