Appleby Finance Newsletter, Q1 2014: moneylending in the Isle of Man
By Andrew Webb
The Moneylenders Act 1991 was intended to regulate lending practices in the Isle of Man by providing a regulatory framework for consumer loan agreements.
The act has, however, suffered from its open drafting and has created a regulatory burden and an environment of uncertainty for businesses on the island that have had to assess, until this year, even innocuous intra-group lending to determine whether registration under the act is required.
In 1908, the first Moneylenders Act was enacted on the island following the introduction of the 1900 act in the UK in order to regulate moneylending. It introduced the requirement that any person who carried on a business of moneylending or advertised himself as such on the island had to register in order to do so or be liable on conviction to a fine and/or imprisonment…
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