Bare Acts

The Maharashtra Moneylending (Regulation) Act, 2014

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

English PDF

Act Details

Act Number:

Act Year:

2014

Location:

Maharashtra

Enactment Date:

4/4/2014

Ministry:

Ministry of Govt of Maharashtra

Department:

Co-operation, Marketing and Textiles Department

Full List of Sections

Section 1 to Section 57

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

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.