Any person who charges exorbitant interest may, within one month from the date of coming into force of this Act, file a petition before the Court disclosing his intention to charge only the rate specified under sub-section (1) of section 7 of the Kerala Money-Lenders Act, 1958 (35 of 1958) on the loan advanced by him and on such disclosure, the interest in respect of such loan shall be as specified under sub-section (1) of section 7 of the said Act and no prosecution for the offences under this Act shall be instituted in respect of such loan.
Section 7: Voluntary disclosure
The Kerala Prohibition of Charging Exorbitant Interest ActState Act of Kerala · Act 2 of 2013
Where this provision sits
| Act | The Kerala Prohibition of Charging Exorbitant Interest Act |
|---|---|
| Section | 7 |
| Marginal note | Voluntary disclosure |
| Jurisdiction | State of Kerala |
| Status | In force as published by the source |
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