Penalty for non-compliance with sections 3 and 4

Finance193410 sections

Statutory text

(1) In any suit or proceeding relating to a loan, if the Court finds that a creditor has not maintained an account as required by clause
- (a) of sub-section
(1) of section 3, or by sub-section
(1) of section 4, he shall not be allowed his costs.
(2) If a creditor fails to give to the debtor or his agent a receipt as required by clause
- (b) of sub-section
(1) of section 3 or to furnish, on a requisition made under clause
- (c) of that sub-section, a statement of account as required therein within one month after such requisition has been made, or if a pawnbroker fails to deliver to the pawner, a copy of the entries as required by sub-section
(2) of section 4, he shall not be entitled to any interest for the period of the default.

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