section 24
Duty of money-lender to keep accounts and furnish copies
The Arunachal Pradesh Money Landing (Regulation) Act, 2018General201854 sections
Statutory text
- (1) Every money-lender shall keep and maintain a cashbook and a ledger in such form and in such manner as may be prescribed.
- (2) Every money-lender shall.-
- (a) deliver or cause to be delivered,-
- (i) to the debtor within thirty days from the date on which a loan is made, a statement in any recognized language showing in clear and distinct terms the amount and date of the loan and of its maturity, the nature of the security, if any, for the loan, the name and address of the debtor and of the money-lender and the rate of interest charged. Provided that, no such statement shall be required to be delivered to a debtor, if he is supplied by the money-lender with a pass book which shall be in the prescribed form and shall contain an up to date account of the transactions with the debtor;
- (ii) to the Assistant Registrar within the said period a statement containing the particulars referred to in sub-clause (i);
- (b) upon repayment of the loan in full, mark indelibly every paper signed by the debtor with words indicating payment or cancellation, and discharge every mortgage, restore every pledge, return every note and cancel or re-assign every assignment given by the debtor as security for the loan.
- (a) deliver or cause to be delivered,-
- (3) Notwithstanding anything contained in sub-clause
- (ii) of clause
- (a) of sub-section (2), the State Government may, by an order in writing, permit such class of money-lenders as may be specified in the order to deliver or cause to be delivered to the Assistant Registrar a statement containing the particulars referred to in sub-clause
- (i) of clause
- (a) of sub-section
- (2) in respect of all loans made during every such period as may be specified in the order, and upon the issue of such order a money-lender electing to deliver a periodical statement as provided in this sub-section, shall deliver or cause to be delivered the same within a period of thirty days from the date of expiry of every such period.
- (4) No money-lender shall receive any payment from a debtor on account of any loan without giving him a plain and complete receipt for such payment.
- (5) No money-lender shall accept from a debtor any article as a pawn, pledge or security for a loan without giving him a plain signed receipt for the same with its description, estimated value, the amount of loan advanced against it and such other particulars as may be prescribed.
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