Interest and charges allowed to pawnbrokers

(1) No pawnbroker shall charge interest in respect of a loan on a pledge at a rate exceeding twelve per cent per annum simple interest (that is to say, one naya paisa per rupee per mensem simple interest). (2) A pawnbroker may demand and take from the pawner such charges and in such cases as may be prescribed. (3) A pawnbroker shall not demand or take from the pawner any profit, interest, charge or sum whatsoever, other than the interest due to him and the charges, if any, referred to in sub-section (2). (1) Notwithstanding anything contained in any law for the time being in force, every proceeding for the execution of a decree (other than the making of an application for the execution of a decree) including proceedings consequent on orders or decrees made in appeals, revision petitions or applications for review, for the recovery of any amount of debt (including interest, if any) which has been scaled down in accordance with the provisions of the Tamil Nadu Debt Relief Act, 1979 (Tamil Nadu Act 40 of 1979) (hereafter in this section referred to as the said Act), pending on the date of publication of this Act in the Tamil Nadu Government Gazette (hereafter in this section referred to as the said date), against any person who is a debtor within the meaning of the said Act, shall, subject to the next succeeding sub-section, stand stayed until the expiry of six months from the said date and where an application has been made by the judgment-debtor under sub-section (2) of section 10-A of the said Act, until the final disposal of the said application : Provided that nothing in this sub-section shall apply to the sale, in respect of any such debt, of- (i) any movable property held and concluded before the said date; (ii) any immovable property confirmed before the said date: Provided further that, nothing in this sub-section shall apply to any proceeding in respect of any debt secured by any mortgage of the description referred to in sub-section (1) of section 9 of the said Act. (2) Nothing contained in this section shall be deemed to invalidate any proceeding in which the order passed has been executed or satisfied in full before the said date. In section 10 of the principal Act,-(1) in sub-section (1), after clause (a), the following clause shall be inserted, namely :-"(aa) regularly record and maintain or cause to be recorded and maintained a cash book in the prescribed form indicating the actual cash balance;"; (2) in sub-section (2), the following shall be added at the end, namely :-"All such books, accounts and documents and other records and files shall be preserved by the pawnbroker for a period of three years from the date of redemption of the pledges or the date of disposal of the pledges in public auction, as the case may be: Provided that all entries made in the pawn-ticket shall be in English and in such language of the locality as may be prescribed."; (3) after sub-section (2), the following sub-section shall be inserted, namely :-"(2-A) The cash balance shown in the cash book maintained under clause (aa) of sub-section (1) shall tally with the entries made in the relevant registers and accounts.". In seotion 10 of the principal Act,- (1) in sub-seation (I), aftel clause (a), the following clausr shall be inserted, namely :"(aa) regularly rcoord and maintain or cause to be recorded and maintained a cash book in the prescribed form indicating the aotual cash balance;"; (2) in sub-seation (2), the Pollowing shall be added at the end, namely :"All such books, aooounts and doouments and other records and files shall be preserved by the pawnbroker for a period of throe years trom tho date of redemption of the pledges or the date of disposal of the pledges in publie auction, as the case may bo : Provided tbat all entries nlado in the pawn-tik.4 sball be in English and in saoh languag~ of tbe looalitv as may be prescribed." ; (3) after sub-section (2), the folJowing sub:srrtionshall be inst~.Md;, namely :" (2-A) Tbo aash balanee shown in the cash boo% maistainrd urdrr ol;-.*e-(aa) of subsootioo (1) sball tally with the entries mad8 in tho rrjwart ,registars and aeaounts!".