Vidhi Codex

Bare Act

The Goa Money-Lenders Act, 2001

Finance200151 sections

This Act establishes the legal framework governing the business of lending money within the state of Goa. It requires anyone engaged in advancing loans to obtain a government license, which ensures they operate within a regulated environment. The law sets strict maximum limits on interest charges and明确规定 lenders must maintain accurate records of their accounts. By enforcing these rules, the government aims to prevent the exploitation of borrowers through usurious rates and hidden fees, thereby protecting the financial security and rights of individuals who require credit.

Start reading →Read full ActSections
  1. 1. Short title, extent and commencement
  2. 2. Definitions
  3. 3. Explanation:— For the purposes of this clause, an “artisan” means a person who does not employ more than 10 workers in a manufacturing process on any one day of the twelve months immediately preceding.
  4. 4. Register of money-lenders
  5. 5. Money-lender not to carry on business of money-lending except for area under licence and except in accordance with terms of licence
  6. 6. Application for licence
  7. 7. Grant of licence and entry in register
  8. 8. Licence fee
  9. 9. Refusal of issue of licence
  10. 10. Registrar’s power to cancel licences
  11. 11. Term of licence
  12. 12. Fees for renewal of licence
  13. 13. Levy of inspection fee
  14. 14. Stay of suits by money-lender not holding licence
  15. 15. Regarding past transactions of money-lending
  16. 16. Application for cancellation of licence
  17. 17. Registrar and Assistant Registrar to have powers of Civil Court
  18. 18. Power of authorised officer to require production of records or documents
  19. 19. Disposal of property pledged with money-lender carrying on business of money-lending without valid licence
  20. 20. Court’s power to cancel or suspend a licence
  21. 21. No compensation for suspension or cancellation of licence
  22. 22. Persons debarred from doing business during period of suspension or cancellation of licence
  23. 23. Person whose licence is suspended or cancelled not to apply without giving particulars of endorsement or of disqualification
  24. 24. Duty of money-lender to keep accounts, and furnish copies
  25. 25. Such money-lender shall maintain the duplicates of such receipts in a separate register.
  26. 26. Debtor not bound to admit correctness of accounts
  27. 27. Procedure of Court in suit regarding loans
  28. 28. Provisions of certain sections not to apply to loans made by company or unincorporated body exempted by Government
  29. 29. Power of Court to limit interest recoverable in certain cases
  30. 30. Power of Court to direct payment of decretal amount by instalment
  31. 31. Limitation on rates of interest
  32. 32. Provision of charge for expenses on loans by money-lender
  33. 33. Notice and information to be given on assignment of loans
  34. 34. Application of Act as respects assignees
  35. 35. Reopening of transactions
  36. 36. Explanation:— For the purposes of this section, “excessive interest” means compounded interest or at a rate which contravenes any of the provisions of section 31.
  37. 37. Deposit in Court of money due to money-lender
  38. 38. When interest to be paid for entire month
  39. 39. Entry of a wrong sum in bond, etc., to be an offence
  40. 40. Penalty for making false statement
  41. 41. Penalty for obtaining licence under fictitious name, carrying on money-lending business without valid licence and entering into agreement in the course of money-lending business carried on under fictitious name
  42. 42. Penalty for molestation
  43. 43. Provided that a person who goes to search out for the place in order merely to obtain or communicate information shall not be deemed to molest.
  44. 44. Offences by corporations, etc
  45. 45. Certain offences to be cognizable
  46. 46. Cognizance of certain offences
  47. 47. Arrest and imprisonment in execution of decree for money, against agricultural debtors, abolished
  48. 48. Explanation:— “to cultivate personally” has the meaning assigned to it in clause (7) of section 2 of the Goa, Daman and Diu Agricultural Tenancy Act, 1964 (Act 7 of 1964).
  49. 49. Power of the Government to delegate its powers
  50. 50. Power to make rules
  51. 51. Legislature may make during the session in which they are so laid, or the session immediately following.

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