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The Laws of Fiji
Last Updated: 1 December 2016

[MOL 22] Interest above 12% per annum presumed excessive22 

22
(1) Where in any proceedings in respect of any money lent by a moneylender after the commencement of this Act or in respect of any agreement or security made or taken after the commencement of this Act in respect of money lent either before or after the commencement of this Act it is found that the interest charged exceeds the rate of 12% per annum or the corresponding rate in respect of any other period, the court shall, unless the contrary is proved, presume for the purposes of section 21 that the interest charged is excessive and that the transaction is harsh and unconscionable or substantially unfair, but this provision shall be without prejudice to the powers of the court under the section where the court is satisfied that the interest charged, although not exceeding 12% per annum, is excessive.
(2) Where a court reopens a transaction of a moneylender under the provisions of section 21 the court may require the moneylender to produce any licence granted to him or her in accordance with the provisions of this Act and may cause such particulars as the court thinks desirable to be endorsed on any such licence and a copy of the particulars to be sent to the Registrar.
(3) The powers of a court under the provisions of section 21(3) may be exercised notwithstanding that the moneylender's right of action for the recovery of the money lent is barred.
(4) In no case shall interest at any time be recoverable by a moneylender of an amount in excess of the sum then due as principal unless a court, having regard to all circumstances, otherwise decrees.
(5) No person who is neither a moneylender nor one of the persons referred to in paragraphs (a) to (d) inclusive in the definition of “moneylender” contained in section 2 shall, in respect of money lent by him or her, in any case recover in excess of the money actually lent by him or her (whether the excess be claimed by way of interest or otherwise) any sum greater than an amount equal to simple interest at the rate of 10% per annum on the money actually lent by him or her.

[subs (5) am Ordinance 23 of 1938 s 3, effective 7 December 1938; Act 21 of 1972 s 2, effective 8 December 1972]