Maharashtra MoneyLending (Regulation) Act, 2014

The Maharashtra MoneyLending (Regulation) Act, 2014

Rules Regulations Notifications Orders Circulars Ordinance Statutes

Act ID:	20148
Act Number:	8
Enactment Date:	2014-04-04
Act Year:	2014
Short Title:	The Maharashtra MoneyLending (Regulation) Act, 2014
Long Title:	An Act to regulate the transactions of money-lending in the State of Maharashtra.
Ministry:	Ministry of Govt of Maharashtra
Department:	Co-operation, Marketing and Textiles Department
Type:	STATE
Location:	Maharashtra

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The Maharashtra MoneyLending (Regulation) Act, 2014

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Section 1. Short title, extent and commencement.
Section 2. Definitions.
Section 3. Appointment of Registrar General and other officers to assist him.
Section 4. Money-lender not to carry on business of money-lending except for area under licence and except in accordance with terms of licence.
Section 5. Application for licence.
Section 6. Grant of licence and entry in register.
Section 7. Register of money lenders.
Section 8. Refusal of issue of licence.
Section 9. Revisionary powers of Registrar General.
Section 10. Term of licence.
Section 11. District Registrar’s power to cancel licence.
Section 12. Levy of inspection fee.
Section 13. Suits by money-lenders not holding licence.
Section 14. Application for cancellation of licence.
Section 15. Registrar General and his subordinates to have powers of Civil Court.
Section 16. Power of authorized officer to require production of records or documents.
Section 17. Disposal of property pledged with money-lender carrying on business of money-lending without valid licence.
Section 18. Return of immovable property acquired in course of money-lending.
Section 19. Court’s power to cancel or suspend licence.
Section 20. No compensation for suspension or cancellation of licence.
Section 21. Persons debarred from doing money-lending during period of suspension or cancellation of licence.
Section 22. Person whose licence is suspended or cancelled not to apply without giving particulars of endorsement or of disqualification.
Section 23. Promissory note, Bond, etc., to be factual.
Section 24. Duty of money-lender to keep accounts and furnish copies.
Section 25. Delivery of statements of accounts and copies thereof by money-lenders.
Section 26. Fees for certain statements supplied to debtors and Assistant Registrar.
Section 27. Debtor not bound to admit correctness of accounts.
Section 28. Procedure of Court in suit regarding loans.
Section 29. Power of Court to limit interest recoverable in certain cases.
Section 30. Power of Court to direct payment of decretal amount by installment.
Section 31. Limitation on rates of interest.
Section 32. Prohibition of charge for expenses on loans by money-lenders.
Section 33. Assignment of loans.
Section 34. Application of Act as to assignees.
Section 35. Re-opening of transactions.
Section 36. Inquiry for taking accounts and declaring amount due.
Section 37. Deposit in Court of money due to money-lenders.
Section 38. Calculation of interest.
Section 39. Penalty for doing money-lending without valid licence.
Section 40. Penalty for making false statement.
Section 41. Obtaining licence under fictitious name, carrying on money-lending at a place not mentioned in licence, etc.
Section 42. Penalty for wrong entry in promissory note, Bond, etc.
Section 43. Penalty for contravention of section 24 or 25.
Section 44. Penalty for charging rate of interest in contravention of section 31.
Section 45. Penalty for molestation.
Section 46. General provisions regarding penalties.
Section 47. Offences by corporations, etc.
Section 48. Certain offences to be cognizable.
Section 49. No arrest and imprisonment in execution of decree for money against agricultural debtors.
Section 50. Every officer to be public servant.
Section 51. Protection of action taken in good faith.
Section 52. Provision of XXVIII of 1947 saved.
Section 53. Power of State Government to delegate its powers.
Section 54. Rules.
Section 55. Power to remove difficult.
Section 56. Repeal of Bom. XXXI of 1947 and saving.
Section 57. Repeal of Mah. Ord. I of 2014 and saving.