Vidhi Codex

Bare Act

The Bihar Protection of Interest of Depositors (In Financial Establishments) (Amendment) Act, 2017

General20175 sections

This Act amends the Bihar Protection of Interest of Depositors (In Financial Establishments) Act of 2002 to strengthen its rules on money lenders. It specifically modifies the proviso of Section 3 to prevent disqualified individuals from returning to the industry. The law requires the state government to thoroughly verify the background and criminal history of collectors before granting them contracts. This measure bans those involved in fraud or illicit activities from working in the financial sector, thereby better safeguarding the interests and money of depositors across the state.

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  1. 0. Preamble
  2. 1. Short title, extent and commencement
  3. 2. Amendment in section-3 of Bihar Act, 18 of 2002
  4. 3. Insertion of new section-3C in the Bihar Act, 18 of 2002
  5. 4. Amendment in section-9 of the Bihar Act, 18 of 2002

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