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Moneylending agreements which include a collection charge.
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103.—(1) Where the amount payable under a moneylending agreement includes a collection charge in respect of the payment of repayments at a location other than the business premises of the moneylender, the agreement shall include the following:
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(a) a clear indication of the amount of that charge,
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(b) a statement that the borrower shall have the option of making the repayment at the business premises of the moneylender,
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(c) a statement that if the borrower exercises the option, the charge will not be payable, and
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(d) a statement that the borrower may indicate his unwillingness to avail of the option by signing a statement to this effect which has been explained to the borrower in a manner specified by the Director, this signature to be additional to the borrower's signature in relation to any of the terms of the agreement.
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(2) A moneylender shall ensure that any moneylending agreement entered into with him complies with this section.
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