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THE JAMMU AND KASHMIR MONEY LENDERS AND ACCREDITED LOAN PROVIDERS ACT, 2010

Jammu and Kashmir

An Act to regulate the transactions of money lending in the 1State of Jammu and Kashmir and for matters connected therewith and incidental thereto. An Act to regulate the transactions of money lending in the 1State of Jammu and Kashmir and for matters connected therewith and incidental thereto.

Act number
23 of 2010
Department
Finance
Enacted
23 Oct 2010
In force from
25 Oct 2010

Source: IndiaCode Portal, Legislative Department, Ministry of Law and Justice, Government of India. Open on India Code Check against the official text before relying on it.

30 sections

  1. Section 1Short title, extent and commencement.
  2. Section 2Definitions.
  3. Section 3Appointment of registering authority.
  4. Section 4Register of money lenders.
  5. Section 5Money lender to obtain registration.
  6. Section 6Duty of money lender to maintain accounts and furnish copies.
  7. Section 7Submission of accounts, returns etc.
  8. Section 8Power to require production of records or documents, and power of entry, inspection and seizure.
  9. Section 9Borrowers not bound to admit correctness of accounts.
  10. Section 10Procedure in disputes regarding loan.
  11. Section 11Power of Panchayat or Lok Adalat to deposit money due on loan in Panchayat or Lok Adalat.
  12. Section 12Suits and applications by un-registered money lenders barred.
  13. Section 13Registration of accredited loan providers.
  14. Section 14Submissions of accounts, returns etc.
  15. Section 15Settlement of disputes.
  16. Section 16Cancellation of registration.
  17. Section 17Limitation on rates of interest charged by money lenders and accredited loan providers.
  18. Section 18Maximum amount of interest recoverable on loans and discharge of loans in certain cases.
  19. Section 19Entry of wrong sum in bond, etc. to be an offence.
  20. Section 20Penalty for salami, batta, dharmada etc.
  21. Section 21Penalty for molestation.
  22. Section 22Penalty for carrying on business without registration.
  23. Section 23Penalty for contravention of the provisions of the Act.
  24. Section 24Composition of offences.
  25. Section 25Cognizance of certain offences.
  26. Section 26Every officer to be public servant.
  27. Section 27Saving of laws relating to agriculturists’ indebtedness.
  28. Section 28Power to make rules.
  29. Section 29Power to exempt.
  30. Section 30Annual report on the administration of the Act.