The Madhya Pradesh Moneylenders (Amendment) Act, 2020

This Act may be called the Madhya Pradesh Moneylenders (Amendment)) Act, 2020.

In Section 2 of the Madhya Prdesh Moneylenders Act, 1934 (No. 13 of 1934) (hereinafter referred to as the principal Act), in clause (vii), after sub-clause (d), the following sub-clause shall be inserted, namely:—

“(da) a loan advanced by a “non-banking financial company” as defined in Section 45-I(f) of the Reserve Bank of India Act, 1934, (No. 2 of 1934),”.

After Section 2-A of the principal Act, the following section shall be inserted, namely:—

“2-B. No moneylender shall charge interest more than the rate notified by the State Government from time to time.”.

Section 11-FF of the principal Act shall be renumbered as Section 11-FFF and before Section 11-FFF as