The Jammu and Kashmir Money Lenders and Accredited Loan Providers Act, 2010
Union territory Act of Jammu and Kashmir · Act 23 of 201030 provisions
The enactment
| Long title | An Act to regulate the transactions of money lending in the 1State of Jammu and Kashmir and for matters connected therewith and incidental thereto. An Act to regulate the transactions of money lending in the 1State of Jammu and Kashmir and for matters connected therewith and incidental thereto. |
|---|---|
| Type | Act |
| Citation | Act 23 of 2010 |
| Year | 2010 |
| Jurisdiction | Union territory of Jammu and Kashmir |
| Status | In force as published by the source |
| Provisions published | 30 |
| Subjects | financial |
Full text, provision by provision
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- Section 1 Short title, extent and commencement.
- Section 2 Definitions.
- Section 3 Appointment of registering authority.
- Section 4 Register of money lenders.
- Section 5 Money lender to obtain registration.
- Section 6 Duty of money lender to maintain accounts and furnish copies.
- Section 7 Submission of accounts, returns etc.
- Section 8 Power to require production of records or documents, and power of entry, inspection and seizure.
- Section 9 Borrowers not bound to admit correctness of accounts.
- Section 10 Procedure in disputes regarding loan.
- Section 11 Power of Panchayat or Lok Adalat to deposit money due on loan in Panchayat or Lok Adalat.
- Section 12 Suits and applications by un-registered money lenders barred.
- Section 13 Registration of accredited loan providers.
- Section 14 Submissions of accounts, returns etc.
- Section 15 Settlement of disputes.
- Section 16 Cancellation of registration.
- Section 17 Limitation on rates of interest charged by money lenders and accredited loan providers.
- Section 18 Maximum amount of interest recoverable on loans and discharge of loans in certain cases.
- Section 19 Entry of wrong sum in bond, etc. to be an offence.
- Section 20 Penalty for salami, batta, dharmada etc.
- Section 21 Penalty for molestation.
- Section 22 Penalty for carrying on business without registration.
- Section 23 Penalty for contravention of the provisions of the Act.
- Section 24 Composition of offences.
- Section 25 Cognizance of certain offences.
- Section 26 Every officer to be public servant.
- Section 27 Saving of laws relating to agriculturists’ indebtedness.
- Section 28 Power to make rules.
- Section 29 Power to exempt.
- Section 30 Annual report on the administration of the Act.
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