The Punjab Registration of Money Lenders Act, 1938
The Punjab Registration of Money Lenders Act, 1938
Finance193813 sections
This Act regulates the business of lending money in Punjab and Chandigarh by requiring money-lenders to register and obtain a license. It applies to individuals and companies that advance loans at interest, excluding banks, traders, and government bodies. The law matters because it protects borrowers from unlicensed lenders by preventing unregistered money-lenders from filing lawsuits to recover debts. By enforcing registration, the government ensures that lenders follow specific rules, promoting transparency and fair practices in the lending market.
- 1. Short title, extent and commencement
- 2. Definitions
- 3. Suits and applications by money-lenders barred unless money-lender is registered and licensed
- 4. Registration of money-lenders
- 5. Licensing of money-lenders
- 6. Cancellation of licence
- 7. Power of Collector
- 8. Effect of cancellation of licence
- 9. Saving
- 10. Further registration and licensing of money-lender after expiry of period for which licence was cancelled
- 11. Appeals, reviews and certificates
- 12. Exemption
- 13. Rule-making power
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