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The Arunachal Pradesh Money Lending (Regulation) Act, 2018

The Arunachal Pradesh Money Lending (Regulation) Act, 2018

General201846 sections

This Act regulates the business of money lending in the state of Arunachal Pradesh, specifically targeting individuals or entities engaged in advancing loans who are not banks or cooperative societies. It applies to these private lenders to protect farmers and debtors from harassment and excessive interest rates. By establishing a licensing system and stringent legal measures, the law aims to control transactions and ensure fair practices, thereby safeguarding vulnerable borrowers from unscrupulous practices.

Start reading →Read full ActSections
  1. 0. Preamble
  2. 2. Definition
  3. 3. Appointment of Registrar General and other officers to assist him
  4. 4. Money-lender not to carry on business of money-lending except for area under licence and except in accordance with terms and conditions of licence
  5. 7. Registrar of Money Lenders
  6. 8. Refusal of issue of licence
  7. 9. Revisionary power of Registrar General
  8. 10. Term of licence
  9. 11. District Registrar's power to cancel licence
  10. 12. Levy of inspection fee
  11. 13. Suits by money-lenders not holding licence
  12. 14. Application for cancellation of licence
  13. 15. Registrar General and his subordinates to have powers of Civil Court
  14. 16. Power of authorized office to require production of records or documents.
  15. 17. Disposal of property pledged with money-lender carrying on business of money-lending without valid licence.
  16. 18. Return of immovable property acquired in course of money-lending.
  17. 19. Court's power to cancel or suspend licence
  18. 21. Persons debarred from doing money-lending during period of suspension or cancellation of licence.
  19. 22. Person whose licence is suspended or cancelled not to apply without giving particulars of endorsement or of disqualification
  20. 23. Promissory note, Bond etc. to be factual
  21. 24. Duty of money-lender to keep accounts and furnish copies
  22. 25. Delivery of statements of accounts and copies thereof by money-lenders
  23. 26. Fees for certain statements supplied to debtors and Assistant Registrar
  24. 27. Debtor not bound to admit correctness of accounts
  25. 28. Procedure of Court in suit regarding loans
  26. 29. Power of Court to limit interest recoverable in certain cases
  27. 30. Power of Court to direct payment of decretal amount by instalment
  28. 31. Limitation on rates of interest.
  29. 32. Prohibition of charge for expenses on loans by money-lenders.
  30. 33. Assignment of loans.
  31. 34. Application of Act as to assignees.
  32. 35. Re-opening of transactions.
  33. 36. Inquiry for taking accounts and declaring amount due.
  34. 38. Calculation of interest.
  35. 39. Penalty for doing money-lending without valid licence.
  36. 40. Penalty for making false statement.
  37. 41. Obtaining licence under fictitious name, carrying on money-lending at a place not mentioned in licence, etc.
  38. 42. Penalty for wrong entry in promissory note, Bond etc.
  39. 43. Penalty for contravention of section 24 or 25.
  40. 44. Penalty for charging rate of interest in contravention of section 31.
  41. 45. Penalty for molestation.
  42. 46. General provisions regarding penalties.
  43. 47. Offences by corporations etc.
  44. 49. No arrest and imprisonment in execution of decree for money against agricultural debtors.
  45. 50. Every officer to be public servant
  46. 52. Power of State Government to delegate its powers

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