Notice and information to be given on assignment of loans

Notice and information to be given on assignment of loans.—

1. (1) Where a loan advanced, whether before or after the date on which this Act come into force, or any interest of such loans or the benefit of any agreement made or security taken in respect of such loan or interest is assigned to any assignee, the assignor whether he is the money-lender by whom the money was lent or any person to whom the debt has been previously assigned shall, before the assignment is made—
   • (a) give the assignee notice in writing that the loan, interest, agreement or security is affected by the operation of this Act;
   • (b) supply to the assignee all information necessary to enable him to comply with the provisions of this Act; and
   • (c) give the debtor notice in writing of the assignment supplying the name and address of the assignee.
2. (2) Any person acting in contravention of the provisions of sub-section
3. (1) shall be liable to indemnify any other person who is prejudiced by the contravention.