Anyone other than a bank or other exempt organisation who runs a business of lending money in the Isle of Man must be registered with the Office of Fair Trading. Also anyone who collects money on behalf of a lender must be registered.
The Office will only register people who are fit and proper to act as moneylenders. This prevents unscrupulous businesses from driving people into unregulated borrowing at exorbitant rates of interest.
Further information regarding the application process can be found here.
A copy of the current legislation can be found here.
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