Chapter I Chapter I

Preliminary

1. (1) This Act may be called the Goa Money Lenders and Accredited Loan Providers Act, 2013.
2. (2) It shall extend to the whole of the State of Goa.
3. (3) It shall come into force on such date as the Government may, by notification in the Official Gazette, appoint: Provided that different dates may be appointed for different sections of the Act.
4. (4) Nothing contained in this Act shall apply to the Reserve Bank of India or any other bank.

In this Act, unless the context otherwise requires—

1. (a) “accredited loan provider” means a person who has a contractual arrangement with an institutional creditor for receiving finance from such institutional creditor for the purpose of on

lending to the borrowers in his own name;

1. (b) “Administrative Tribunal” means Administrative Tribunal constituted under the Goa Administrative Tribunal Act, 1965 (Act 6 of 1965).
   • (i) a banking company or a co-operative bank to which the Banking Regulation Act, 1949 (Central Act 10 of1949) applies.
   • (ii) the State Bank of India constituted under the State Bank of India Act, 1955(Central Act 23 of 1955).
   • (iii) a subsidiary bank as defined in the State Bank of India (Subsidiary Banks) Act,1959 (Central Act 38 of 1959).
   • (iv) a corresponding new bank constituted under the Banking Companies (Acquisition and

Transfer of Undertakings) Act, 1970 (Central Act 5 of 1970).

1. (v) a corresponding new bank constituted under the Banking Companies (Acquisition and

Transfer of Undertakings) Act, 1980 (Central Act 40 of 1980); and

1. (vi) a regional rural bank established under the Regional Rural Banks Act, 1976 (Central Act 21 of 1976).

1. (d) “borrower” means a person to whom a loan is advanced and includes a successor-in- interest or surety.
2. (e) “Collector” means the Collector of the district and includes any officer appointed by the Government to exercise and perform all or any of the power and function of a Collector under the Goa, Daman and Diu Land Revenue Code, 1968 and Rules.
3. (f) “co-operative society” means a society registered or deemed to have been registered under

1. (g) “Government” means the Government of Goa.
2. (h) “institutional creditor” means any bank which has advanced or agreed to advance money to accredited loan provider for the purpose of on-lending.
   • (i) “interest” includes the return to be made over and above what is actually lent, whether the same is charged or sought to be recovered specifically by way of interest or otherwise, but does not include any sum lawfully charged by a money lender or accredited loan provider as costs, charges, expenses towards evaluation, assessment and creation of the security.
3. (j) “loan” means an advance whether of money or kind at interest, with or without security, and includes advance, discount, money paid for or on account of or on behalf of or at the request of any person, or the forbearance to require payment of money owing on any account whatsoever, and every agreement (whatever its terms or form may be) which is in substance or

effect a loan of money, and also an agreement to secure the repayment of any such loan, but does not include—

1. (i) a deposit of money or other property in a Government Post Office Bank or in a Government Savings Bank.
2. (ii) a loan advanced by the Government or by any local authority authorized by the Government.
3. (iii) a deposit of money with or a loan advanced by a co-operative society.
4. (iv) a loan advanced by the National Bank for Agriculture and Rural Development established under the National Bank for Agriculture and Rural Development Act, 1981 (Central Act 61of 1981).
5. (v) a loan advanced by the Export-Import Bank of India established under the Export-Import

Bank of India Act, 1981(Central Act 28 of 1981).

1. (vi) a loan advanced by the Small Industries Development Bank of India, established under

the Small Industries Development Bank of India Act, 1989 (Central Act 39 of 1989).

1. (vii) a loan advanced by the National Housing Bank, constituted under the National Housing Bank Act, 1987 (Central Act 53 of 1987).
2. (viii) a loan advanced by State Financial Corporation established under the State Financial Corporations Act, 1951 (Central Act 63 of 1951); and
3. (ix) a loan advanced by any institution,—

1. (a) established by or under an Act of Parliament or the Legislature of State, which rants

any loan or advance in pursuance of the provisions of that Act; or

1. (b) notified in this behalf by the Government, in consultation with the Reserve Bank of India.
   • (x) an advance made to a subscriber, or a depositor in a Provident Fund from the amount standing to his credit in the fund in accordance with the rules of the fund;
   • (xi) a loan to or by an insurance company as defined in the Insurance Act,1938 (Central Act 4 of 1938);
   • (xii) a loan or debenture in respect of which dealings are listed on any Stock Exchange;
   • (xiii) a loan or deposit to or by a non-banking financial company registered with Reserve

Bank of India under Chapter - III B of the Reserve Bank of India Act, 1934 (Central Act 2 of

1934);

1. (xiv) a loan to, or by, or a deposit with, any charitable society or association registered under the Societies Registration Act, 1860 (Central Act 21 of1860) or the (Public) Indian Trusts

Act,1882 (Central Act 2 of 1882), as the case may be;

1. (xv) an advance made on the basis of a negotiable instrument as defined in the Negotiable Instruments Act, 1881(Central Act 26 of 1881) other than a promissory note;
2. (xvi) a loan or advance made by a trader bonafidely carrying on any business, other than money lending, if such loan is advanced in the regular course of such business;

Explanation:— For the purposes of sub-clause (xvi), “trader” means a person who in the regular course of business buys and sells goods or other property, whether movable or immovable and includes a wholesale or a retail merchant;

1. (k) “Mamlatdar” means any officer appointed by Government to perform the duties of a Mamlatdar under the Agricultural Tenancy Act and Rules Government of Goa, Daman & Diu.
2. (l) “money lender” means a person whose main or subsidiary occupation is the business of advancing and realizing loans in the State.
3. (m) “Official Gazette” means the Official Gazette of the Governments.
4. (n) “prescribed” means prescribed by rules made under this Act.
5. (o) “principal” in relation to a loan, means the advance actually made to a borrower.
6. (p) “register” means a register of money lenders or accredited loan providers maintained under this Act.
7. (q) “registering authority” means a person or an officer appointed by the Government to perform the functions of a registering authority under this Act.
8. (r) “registration” means a money lender’s registration or accredited loan provider’s registration granted under this Act.
9. (s) “Reserve Bank of India” means the Reserve Bank of India constituted under section 3 of the Reserve Bank of India Act,1934 (Central Act 2 of 1934);
10. (t) “rules” means rules made under this Act.
11. (u) “State” means the State of Goa.