Moneylenders Act (Cap. 16.10)

Act 2018

Issued by National Reserve Bank of Tonga

Effective: 30 Sep 2020

Plain-English summary

Act 2 of 2018. Requires a licence from the Reserve Bank to carry on moneylending in Tonga (s 3(1)); unlicensed lending carries a fine of up to $10,000, up to three years' imprisonment, or both (s 3(2)), and agreements made by an unlicensed moneylender are unenforceable (s 20). The text read is the 2020 Revised Edition, which gives 30 September 2020 as the commencement date.

Who it applies to

NBFC / Non-bank Lending

Topics

Prudential & Capital Conduct & Consumer Protection

Official source

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