[I957 : T.N. Act XXVI
Tamil Nadu Money-lenders Act, 1957
The Tamil Nadu Money-lenders Act, 1957, regulates the business of money-lending within the state to protect debtors from exploitation. It mandates that all money-lenders obtain a valid license from the designated authority to operate legally. The Act imposes strict obligations on lenders, including maintaining accurate accounts, issuing receipts for payments, and prohibiting the use of blank documents or charging excessive interest. It empowers the government to appoint inspectors to monitor compliance and grants courts the authority to re-open loan transactions and limit interest rates. This legislation ensures transparency, prevents predatory lending practices, and provides legal recourse for aggrieved borrowers.
- 1. Short title and commencement
- 2. Amendment of section 14
- 3. Amendment of section 15
- 4. Grant and refusal of licence
- 5. Amendment of section 18
- 8. Power of court to deposit money in court
- 9. Money-lender to keep books, give receipts, etc
- 10. Appointment of Inspectors and powers
- 10A. No money-lender to take blank documents
- 11. Money-lender advancing smaller amount than that specified in the accounts etc. to be punishable
- 14. [TITLE NOT PROVIDED]
- 15. Publication of order of cancellation
- 16. No compensation for cancellation of licence
- 17. Penalty for carrying on business without licence
- 18. Penalties
- 18A. Non-citizens not to carry on business of money-lending
- 19. Transfer of licence to legal representative
- 20. Jurisdiction to try offences
- 20A. Power of court to limit interest recoverable in certain cases
- 20B. Power of court to direct payment of decretal amount by instalments
- 20C. Re-opening of transactions
- 20D. Inquiry for taking accounts and declaring the amount due
- 21. Contracts not to be void on account of offence
- 21A. Savings
- 22. Power to make rules
PDF: pending for this language.