The Moneylenders Act 1900, sec. 2, sub-sec. 1, provides that a moneylender ( a) shall register himself ‘under his own or usual trade name, and in no other name,’ ( b) shall carry on business ‘in his registered name and in no other name,’ and ( c) ‘shall not enter into any agreement . . otherwise than in his registered name.’ Penalties, enforceable by criminal procedure, are provided for any breach of the section.
A firm of two persons registered themselves as moneylenders under the novel and assumed name of ‘C. and Co.,’ which had not been used by them before registration. One of them was also registered and carried on business as an individual moneylender under another assumed name. A borrower from the firm sought to have his contract of loan declared void as in contravention of the statute.
Held (1) that the registration of the novel assumed name and the separate business in a different name were in breach of the Act, but (2) that the contract, being entered into under the name actually registered, was not rendered void.
Citations:
[1910] UKHL 713
Links:
Statutes:
Jurisdiction:
England and Wales
Financial Services
Updated: 25 April 2022; Ref: scu.619800
