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

(1) This Act may be called the Mizoram Money Lenders and Accredited Loan Providers (Regulation) (First Amendment) Act, 2011. (2) It shall come into force from the date of publication in the Mizoram Gazette.

Sub-section (4) of section 1 of the Principal Act shall be substituted by the following, namely- "(4) Nothing contained in this Act shall apply to the Reserve Bank or any bank".

Sub-section (1) of section 2 of the Principal Act shall be substituted by the following, namely- "(1) "Accredited Loan Provider" means a person or a firm who or which has contractual arrangement with an institutional creditor for receiving finance from such institutional creditor for the purpose of lending to the borrowers in his or its own name, and it includes any Non-Banking Financial Companies/Micro Finance Companies registered under the Reserve Bank of India".

AN ACT to amend the Mizoram Money Lenders and Accredited Loan Providers (Regulation) Act, 2010 (Act No. 12 of 2010) (hereinafter referred to as the Principal Act). It is enacted by the Legislative Assembly of Mizoram in the sixty second year of the Republic of India as follows :-