THE TAMIL NADU PAWN BROKERS ACT
The Tamil Nadu Pawn Brokers Act, 1943
General194331 sections
This law regulates the lending of money against personal property in Tamil Nadu, focusing on the essential business activities of pawnbrokers. It applies to anyone who takes goods like jewelry or electronics as security for a loan known as a pledge. The Act matters because it prevents predatory lending by setting strict legal requirements for interest and charging premiums, ensuring transparency and fairness. By defining how loans must be recorded and enforced, it protects borrowers from exploitation and helps regulate the local credit economy, making borrowing secure and understandable for the general public.
- 1. Short title, extent and commencement
- 2. Definitions
- 3. Licensing of pawnbrokers
- 4. Grant of licences
- 5. Pawnbrokers to exhibit their names over shops
- 6. Interest and charges allowed to pawnbrokers
- 7. Pawn-ticket to be given to pawner
- 8. Conditions of redemption of pledge
- 9. Powers of Inspectors and other officers
- 10. Pawnbroker to maintain books, etc.
- 11. Redemption of pledge
- 12. Sale of pledge
- 12-A. Interest not to accrue in respect of certain loans and pledges not to be disposed of during the period of operation of the Tamil Nadu Indebted Persons (Temporary Relief) Act, 1975
- 13. Liability of pawnbroker in case of fire
- 14. Compensation for depreciation of pledge
- 14-A. Power to cancel licences
- 14-B. Publication of order of cancellation
- 14-C. No compensation for cancellation of licence
- 14-D. Auctioneers to maintain certain registers
- 15. Pawnbroker advancing smaller amount or receiving higher interest than that specified to be punishable
- 16. Certain other acts of pawnbrokers punishable
- 17. Certain acts of pawners punishable
- 18. Penalties
- 19. Jurisdiction to try offences
- 20. Section 20
- 21. Section 21
- 22. Power to make rules
- 23. Modifications of Tamil Nadu Debtors' Protection Act, 1934
- 24. Amendment of Madras City Police Act, 1888
- 25. Savings
- Unnumbered-Miscellaneous-Pawn-Ticket-Rules. Rules pertaining to pawn-tickets, assignments, and redemption
PDF: pending for this language.