The Karnataka Pawnbrokers Act, 1961
The Karnataka Pawnbrokers Act, 1961
General196129 sections
This law regulates the business of pawnbrokers in the state of Karnataka by requiring them to obtain a license and pay a security deposit. It defines who qualifies as a pawnbroker and sets rules for loans made against goods or chattels. The legislation excludes certain entities like banks and government bodies from these requirements. By establishing clear standards, the Act aims to protect both lenders and borrowers, ensuring fair practices and transparency in the lending of money against personal property.
- 0. Preamble
- 1. Short title, extent and commencement
- 2. Definitions
- 3. Pawn-broker to obtain licence
- 4. Grant and renewal of licences
- 4A. Conditions of licence
- 4B. Forfeiture of security
- 5. Pawn-brokers to exhibit their names over shops, etc
- 6. Interest and charges allowed to pawn-brokers
- 7. Pawn-ticket to be given to pawner
- 8. Person producing pawn-ticket presumed to be entitled to redeem the pledge
- 9. Protection of owners and of pawners not having pawn tickets
- 10. Pawnbrokers to keep books, give receipts, etc.
- 11. Redemption of pledge
- 12. Sale of pledge and inspection of sale book
- 13. Liability of pawnbroker in case of fire
- 14. Compensation for depreciation of pledge
- 15. Pawnbroker advancing smaller amount or receiving higher interest than that specified in accounts to be punishable
- 16. Certain other acts of pawnbrokers to be punishable
- 16A. Pawnbroker to redeem pledges.
- 17. Certain acts of pawners to be punishable.
- 18. General penalty for contravention of Act, etc.
- 19. Jurisdiction to try offences.
- 19A. Offences by Hindu undivided Family, Companies etc.
- 20. Certain offence to be cognizable.
- 21. Certain contracts not to be void for offences
- 22. Power to make rules
- 23. Savings
- 24. Repeal
PDF: pending for this language.