(1) In this Act, unless the context otherwise requires,—
(a) “daily vatti” means interest on daily basis which will work out to an interest rate more than that specified under sub-section (1) of section 7 of the Kerala Money-Lenders Act, 1958 (35 of 1958);
(b) “debtor” means a person who receives loan for exorbitant interest;
(c) “exorbitant interest” means an interest at the rate more than the rate specified in sub-section (1) of section 7 of the Kerala Money- Lenders Act, 1958 and includes daily vatti, hourly vatti, kandu vatti, meter vatti and thandal;
*Received the assent of the Governor on the 4th day of January 2013 and published in the Kerala Gazette Extraordinary No. 65 dated 7th January, 2013.
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(d) “hourly vatti” means interest on hourly basis which will work out to an interest rate more than that specified under sub-section (1) of section 7 of the Kerala Money-Lenders Act, 1958 (35 of 1958);
(c) “kandu vatti’ means an interest which will work out to an interest rate more than that specified under sub-section (1) of section 7 of the Kerala Money-Lenders Act, 1958 (35 of 1958);
(f) “loan” means an advance of money for daily vatti, hourly vatti, kandu vatti, meter vatti or thandal;
(zg) “meter vatti’” means an interest which will work out to an interest rate more than that specified under sub-section (1) of section 7 of the Kerala Money-Lenders Act, 1958 (35 of 1958) for every day on the loan .
amount not paid within the stipulated time;
(h) “thandal’’ means interest which will work out to an interest rate more than that specified under sub-section (1) of section 7 of the Kerala Money-Lenders Act, 1958 (35 of 1958) which is to be recovered daily along with the part of the loan amount.
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(2) Words and expressions used but not defined in this Act and ek i in the Kerala Money-Lenders Act, 1958 (35 of 1958) shall have the meanings respectively assigned to them in that Act.