Vidhi Codex

Bare Act

The Goa Money Lenders' (First Amendment) Act, 1988

Finance198810 sections

TITLE: Goa Money Lenders' (First Amendment) Act, 1988. CHANGE_TITLE: NO. This amendment modifies laws governing money lending in Goa and Daman and Diu to protect borrowers and formalize the regulatory framework. It increases various fees associated with obtaining money lender licenses, particularly setting the fee at ₹500 for council areas versus ₹200 elsewhere. Licences are now valid for three years only. Most significantly, the Act caps the amount of court-decreed interest at the principal amount, ensuring borrowers cannot be trapped in cycles of debt due to excessive rates, with the exception of loans from banks. These changes strengthen oversight while making small loans more accessible by reducing entry barriers through adjusted fees.

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  1. 1. Short title and commencement
  2. 2. Amendment of section 2
  3. 3. Amendment of section 5
  4. 4. Amendment of section 7
  5. 5. Amendment of section 10
  6. 6. Amendment of section 13
  7. 7. Substitution of new section for section 18
  8. 8. Amendment of section 20
  9. 9. Amendment of section 25
  10. 10. Amendment of section 39

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