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Section 2: Definitions

The Karnataka Prohibition of Charging Exorbitant Interest Ordinance, 2003.State Ordinance of Karnataka · No. 14 of 2004

(1) In this Ordinance, unless the context otherwise requires,-

(a) “debtor” means a person who receives loan for exorbitant interest;

(Published in the Karnataka Gazette Part IV-A Extra Ordinary No. 1060 dated 5-9-2003 in Notification No. ÉâªÀâXµÖE 53 µÖÉâ}â 2003) 627

(b) “exorbitant interest” means and includes charging of interest on hourly basis, daily basis, installment basis, monthly basis or in any other form which works out to be an interest rate more than that fixed by the Government under section 28 of the Karnataka Money Lenders Act, 1961;

(c) "Karnataka Money Lenders Act, 1961" means the Karnataka Money Lenders Act, 1961 (Karnataka Act 12 of 1961);

(d) “loan” means an advance of money given to a debtor for exorbitant interest.

(2) Words and expressions used but not defined in this Ordinance shall have the meanings assigned to them in the Karnataka Money Lenders Act, 1961.

Where this provision sits

ActThe Karnataka Prohibition of Charging Exorbitant Interest Ordinance, 2003.
Section2
Marginal noteDefinitions
JurisdictionState of Karnataka
StatusIn force as published by the source

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