Bare Act

The Mizoram Money Lenders and Accredited Loan Providers (Regulation) (First Amendment) Act, 2011

This Act amends the 2010 law governing money lending in Mizoram to clarify its application. The amendment explicitly exempts banks and the Reserve Bank of India from state regulation while expanding the definition of "Accredited Loan Provider" to include companies licensed by the Reserve Bank that lend through contractual arrangements. This ensures that certain regulated financial institutions operate under federal oversight while local unlicensed money lenders fall under state consumer protection laws, maintaining a clear regulatory framework that prevents duplication but includes necessary loan providers in consumer protection measures.

PDF: pending for this language.