The Telangana Money Lenders Act, 1349 F
The Telangana Money Lenders Act, 1349 F
This Act regulates money lending activities across the State of Telangana to protect borrowers, particularly agricultural cultivators and wage-earning laborers, from exploitation. It requires money lenders and pawn-brokers to register and obtain an annual license to carry on business, making unlicensed lending a punishable offense. Lenders are mandated to maintain separate, transparent account records for each debtor, issue payment receipts, and provide annual financial statements. Additionally, the law caps permissible interest rates, allows courts to reduce excessive interest or arrange installment repayments, prohibits compounding unpaid interest into principal, bans physical molestation or harassment of debtors, and protects low-income farmers and laborers from civil imprisonment for debt default.
- 1. Short title, commencement and extent
- 2. Definitions
- 3. Money lenders to get their names registered
- 4. Power to cancel or suspend licence
- 5. Money lenders to maintain accounts and to furnish statements thereof to debtors.
- 6. Omitted
- 7. Debtors not bound to admit correctness of accounts.
- 8. Receipt for payment of loan.
- 9. Procedure of Court in suits for recovery of loans.
- 11. Power of Court to limit interest due in certain cases.
- 12. Order for payment of decretal amount by instalments.
- 13. Punishment for molestation of debtor.
- 14. Exemption from arrest.
- 16. Power to exempt.
PDF: pending for this language.