Skip to main content

The Maharashtra Money-Lending (Regulation) Act, 2014.

Maharashtra

An Act to regulate the transactions of money-lending in the State of Maharashtra.

Act number
8 of 2014
Ministry
Govt of Maharashtra
Department
Co-operation, Marketing and Textiles Department
Enacted
4 Apr 2014

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.

57 sections

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