(1) This Act may be called the 2Telangana Micro Finance Institutions (Regulation of Money Lending) Act,
2011.
(2) It extends to the whole of the State of 2Telangana.
(3) It shall be deemed to have come into force with effect from the 15th October, 2010.
(4) It shall apply to Micro Finance Institutions whether they had come into existence before or after the commencement of this Act.
2. In this Act, unless the context otherwise requires,-
(a) „Government‟ means the State Government of 2Telangana;
(b) „Interest‟ for the purposes of the terms defined under the provisions of this Act would mean a return on the amount lent by the MFI to a SHG;
1. The Andhra Pradesh Micro Finance Institutions (Regulation of Money Lending) Act, 2011 received the assent of the Governor on 31.12.2010.
The said Act in force in the combined State, as on 02.06.2014, has been adapted to the State of Telangana, under section 101 of the Andhra Pradesh Reorganisation Act, 2014 (Central Act 6 of 2014) vide. the Telangana Adaptation of Laws Order, 2016, issued in G.O.Ms.No.45, Law (F) Department, dated 01.06.2016.
2. Substituted by G.O.Ms.No.45, Law (F) Department, dated 01.06.2016.
Short title, extent and commencement.
Definitions.
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(c) „Loan‟ means an advance whether of money or in kind given to the borrowing SHG at interest, whether given before the commencement of this Act or after such commencement and includes advance, discount, money paid for or on account of or paid on behalf of or at the request of any person, or any account whatsoever, and every agreement (whatever its terms or form may be) which is in substance or effect a loan of money of in kind given to an SHG and further includes, an agreement relating to the repayment of any such loan;
(d) „Micro Finance Instituiion (MFI)‟ means any person, partnership firm, group of persons, including a Company registered under the provisions of the 3Companies Act 1956, a Non-Banking Finance Company as defined under the Reserve Bank of India Act, 1934, a Society registered under 4the Telangana Co-operative Societies Act, 1964, or 5the Telangana Societies Registration Act, 2001 and the like, in whichever manner formed and by whatever name called, whose principal or incidental activity is to lend money or offer financial support of whatsoever nature to the below poverty line population;
(e) „Notification‟ means a notification published in the 6Telangana Gazette and the word „notified‟ shall be construed accordingly;
(f) „Prescribed‟ means prescribed by rules made by Government under this Act;
3. Please also see now relevant provisions of the Companies Act, 2013 (Central Act No.18 of 2013).
4. Adapted by G.O.Ms.No.53, Agriculture & Co-operation (Coop.II) Department, dated 20.05.2016.
5. Adapted by G.O.Ms.No.20, Revenue (Regn - II) Department, dated
18.08.2014.
6. Substituted by G.O.Ms.No.45, Law (F) Department, dated 01.06.2016.
Central Act 1 of 1956.
Central Act 2 of 1934.
Act 7 of 1964.
Act 35 of 2001.
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(g) „Registering Authority‟ means the Project Director, District Rural Development Agency for the rural areas and Project Director, MEPMA for Urban areas; or any other person appointed by the District Collector to perform the functions of a registeiing authority under this Act for such District;
(h) „Registration‟ means registration granted to a MFI under this Act;
(i) „Self Help Group (SHG)‟ means a group of women formed on principles of self help and registered as such with the Society for Elimination of Rural Poverty (SERP) in the rural areas or Mission for Elimination of Urban Poverty in municipal areas (MEPMA) in urban areas;
(j) „SHG bank linkage‟ means provision of credit for the SHGs by the commercial banks based on a micro credit plan prepared by the SHGs for carrying out economic activities;
(k) „SHG Member‟ means a registered member of a SHG who intends to avail a loan through such SHG and thus a borrower under the provisions of this Act;
(l) „Society for Elimination of Rural Poverty (SERP)‟ is a Society formed by Government for the purpose of implementing pro-poor initiatives and thereby eliminating poverty in rual areas;
(m) „Society under Mission for eliminating poverty in municipal areas (MEPMA)‟ is a Society formed by Government for the purpose of implementing pro-poor initiatives and thereby eliminating poverty in urban areas;
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(n) Words used but not defined in this Act, shall have the same meaning assigned to them under the relevant Acts.