The Factoring Regulation Act, 2011
Central Act · Act 12 of 201236 provisions
The enactment
| Long title | An Act to provide for and regulate assignment of receivables by making provision for registration there for and rights and obligations of parties to contract for assignment of receivables and for matters connected therewith or incidental thereto. |
|---|---|
| Type | Act |
| Citation | Act 12 of 2012 |
| Year | 2012 |
| Jurisdiction | Central |
| Ministry | Ministry of Finance |
| Status | In force as published by the source |
| Provisions published | 36 |
| Subjects | financial |
Full text, provision by provision
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- Section 1 Short title, extent and commencement.
- Section 2 Definitions.
- Section 3 Registration of factors.
- Section 4 Provisions of non-banking financial companies apply to factor.
- Section 5 Requirement for registration as a factor not to apply to bank or Statutory corporation or Government company.
- Section 6 Powers of Reserve Bank to give directions and to collect information from factors.
- Section 7 Assignment of receivables.
- Section 8 Notice to debtor and discharge of obligation of such debtor.
- Section 9 Discharge of liability of debtor on payment to assignee.
- Section 10 Payment made by debtor to assignor to be held in trust for benefit of assignee in certain cases.
- Section 11 Rights and obligations of parties to contract for assignment of receivables.
- Section 12 Liability of debtor.
- Section 13 Assignor to be trustee of assignee.
- Section 14 Liability of debtor in case of an assignor being mircro or small enterprises.
- Section 15 Principle of debtor protection.
- Section 16 Defences and right of set off of debtor.
- Section 17 Modification of original contract.
- Section 18 Breach of contract.
- Section 19 Registration of certain assignments of receivables transactions.
- Section 20 Public inspection.
- Section 21 Penalties.
- Section 22 Penalties for non-compliance of direction of Reserve Bank.
- Section 23 Offences.
- Section 24 Cognizance of offences.
- Section 25 Offences by factors.
- Section 26 Provisions of this Act to override other laws.
- Section 27 Application of other laws not barred.
- Section 28 Limitation.
- Section 29 Confidentiality of information.
- Section 30 Power to exempt.
- Section 31 Provisions of this Act not to apply or affect in certain cases.
- Section 31A Power to make regulations.
- Section 32 Power of Central Government to make rules.
- Section 33 Laying of rules.
- Section 34 Power to remove difficulties.
- Section 35 Amendments to certain enactments.
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