section 2
Definitions.
The Kerala Prohibition of charging Exorbitant Interest Act 2012General201214 sections
Statutory text
- (1) In this Act, unless the context otherwise requires,-
- (a) "daily vatti" means interest on daily basis which will work out to an interest rate more than that specified under sub-section (1) of section 7 of the Kerala Money-Lenders Act, 1958 (35 of 1958);
- (b) "debtor" means a person who receives loan for exorbitant interest;
- (c) "exorbitant interest" means an interest at the rate more than the rate specified in sub-section (1) of section 7 of the Kerala Money Lenders Act, 1958 and includes daily vatti, hourly vatti, kandu vatti, meter vatti and thandal;
- (d) "hourly vatti" means interest on hourly basis which will work out to an interest rate more than that specified under sub-section (1) of section 7 of the Kerala Money-Lenders Act, 1958 (35 of 1958);
- (e) "kandu vatti" means an interest which will work out to an interest rate more than that specified under sub-section (l) of section 7 of the Kerala Money Lenders Act, 1958 (35 of 1958); (f)"loan" means an advance of money for daily vatti, hourly vatti, kandu vatti, meter vatti or thandal; Received the assent of the Governor on the 4th day of January,2013 and published in the Kerala Extraordinary Gazette No. 65 dated 07-01-2013.
- (g) "meter vatti" means an interest which will work out to an interest rate more than that specified under sub-section (1) of section 7 of the Kerala MoneyLenders Act, 1958 (35 of 1958) for every day on the loan amount not paid within the stipulated time;
- (h) "thandal" means interest which will work out to an interest rate more than that specified under sub-section (1) of section 7 of the Kerala MoneyLenders Act, 1958 (35 of 1958) which is to be recovered daily along with the part of the loan amount; (2)Words and expressions used but not defined in this Act and defined in the Kerala Money-Lenders Act, 1958 (35 of 1958) shall have the meanings respectively assigned to them in that Act.
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