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Andhra Pradesh Micro Finance Institutions (Regulation of Money Lending) Rules, 2011

Andhra Pradesh Micro Finance Institutions (Regulation of Money Lending) Rules, 2011

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Sections

1. Short title and commencement.

Section 1

2. Definitions.

Section 2

3. Application for Registration.

Section 3

4. Verification by the Registering Authority.

Section 4

5. Consequences of furnishing incorrect inFormation.

Section 5

6. Undertaking to be given by Micro Finance Institution before according Registration.

Section 6

7. Time limit for Registration.

Section 7

8. Renewal of Registration.

Section 8

9. Register of Micro Finance Institutions operating in a district.

Section 9

10. Cancellation of the Registration.

Section 10

11. Suspension of Registration.

Section 11

12. Effect of cancellation or non-renewal of Registration.

Section 12

13. No dual membership.

Section 13

14. Disclosure of interest rates.

Section 14

15. All Charges to be subsumed under interest only.

Section 15

16. Discharge of certain loans.

Section 16

17. Procedure to be adopted in case of excess recovery.

Section 17

18. Procedure in case Micro Finance Institution wants to advance loan to a Self Help Group member.

Section 18

19. Granting multiple loans to be an offence.

Section 19

20. Manner, Form and Format of the loan.

Section 20

21. Issue of receipts for the repayments.

Section 21

22. Furnishing statement of account to the borrower.

Section 22

23. Place of collecting repayments in urban area.

Section 23

24. Micro Finance Institution not to employ recovery agents.

Section 24

25. Monthly Statement by Micro Finance Institution to Registering Authority.

Section 25

26. Procedure for summoning Witnesses and requiring production of documents.

Section 26

27. Power to search and seizure.

Section 27

28. Complaints.

Section 28

29. Prosecution of cases.

Section 29

1. Name of the Micro Finance Institution/Organization :

Section 1

2. Nature of the Organization:

Section 2

1. Whether Incorporated or not :

Section 1

2. Date of incorporation:

Section 2

3. Place of Incorporation:

Section 3

4. Reference number of Incorporation:

Section 4

5. Present Address of the registered office:

Section 5

6. Details of persons connected with and responsible For the day-to-day control, business and Management of the Micro Finance Institution:

Section 6

1. New Micro Finance Institution or Existing Micro Finance Institution

Section 1

2. List of the office(s) of the Micro Finance Institution in the district:

Section 2

3. Names and details of employees deployed in the district.

Section 3

1. Act in conFormity with all the provisions of the Act.

Section 1

2. Not seek any security from a borrower by way of pawn, pledge or other security for the loan.

Section 2

3. Not levy any hidden charges by any name or in any Form, in the name of insurance, application fee, processing fee, recovery fee and the like -except the interest rate duly disclosed to the borrower.

Section 3

4. Display the rates of interest charged in a conspicuous place in the Registered Office, Head Office and all Branch Offices in bold letters visible to members of the public.

Section 4

5. Not collect interest in respect of any loans advanced an amount in excess of the principal amount under different names.

Section 5

6. Not resort to further loaning to an Self Help Group or its members having an outstanding bank loan without prior approval in writing from the Registering Authority.

Section 6

7. Furnish and update the details of the borrowing Self Help Group group members and other inFormation in manner laid down under these Rules.

Section 7

8. Not deploy any agents for recovery nor shall use any other coercive action.

Section 8

9. Maintain the statutory records as per the Act and to cooperate with any officers acting under the provisions of the Act.

Section 9

10. Not carry out any money lending activity outside the area mentioned in the Form 1.

Section 10

11. Not to recover any loan not disclosed in Form 1.

Section 11

1. Name of the Micro Finance Institution:

Section 1

2. Registration Number:

Section 2

3. Area of operation: Urban/rural

Section 3

4. List of villages/wards permitted for operation (enclosed):

Section 4

5. Date of issue of Registration:

Section 5

6. Date of expiry of the Registration:

Section 6

1. Act in conFormity with all the provisions of the Act.

Section 1

2. Not seek any security from a borrower by way of pawn, pledge or other security for the loan.

Section 2

3. Not levy any hidden charges by any name or in any Form, in the name of insurance, application fee, processing fee, recovery fee and the like-except the interest rate duly disclosed to the borrower.

Section 3

4. Display the rates of interest charged in a conspicuous place in the Registered Office, Head Office and all Branch Offices in bold letters visible to members of the public.

Section 4

5. Not collect interest in respect of any loans advanced an amount in excess of the principal amount under different names.

Section 5

6. Not resort to further loaning to an Self Help Group or its members having an outstanding bank loan without prior approval in writing from the Registering Authority.

Section 6

7. Furnish and update the details of the borrowing Self Help Group group members and other inFormation in manner laid down under these Rules.

Section 7

8. Not deploy any agents for recovery nor shall use any other coercive action.

Section 8

9. Maintain the statutory records as per the Act and to cooperate with any officers acting under the provisions of the Act.

Section 9

10. Not carry out any money lending activity outside the area mentioned in the Form 1.

Section 10

11. Not to recover any loan not disclosed in Form 1.

Section 11

1. S.No.:

Section 1

2. Registration No. :

Section 2

3. Name of the Micro Finance Institution :

Section 3

4. Incorporation details :

Section 4

5. Address of the Head office ;

Section 5

6. Address of the Head Office in the District :

Section 6

7. Area of Operation :

Section 7

8. Name Micro Finance Institution Employees of the village/slum :

Section 8

9. No of the loans given in the village/slum :

Section 9

10. Effective Rate of Interest :

Section 10

11. Date of Expiry of Registration Certificate:

Section 11

1. The loan stated above taken from the said Micro Finance Institution by the said borrower stand discharged and the said Micro Finance Institution shall not recover any further amounts from the borrower.

Section 1

2. The said Micro Finance Institution shall return (Rs. ____________ ) being the interest portion that exceeded the principal amount to the borrower within 15 days from the date of this order.

Section 2

1. Name of the borrower :

Section 1

2. Amount sanctioned :

Section 2

3. Date of the sanction :

Section 3

4. Effective rate of interest (to include all charges) :

Section 4

5. No of instalment's :

Section 5

6. Periodicity of the repayment (monthly/quarterly/half-yearly):

Section 6

7. Equated instalment amount (Rs. )

Section 7

8. Purpose of the loan :

Section 8

9. Name and address of the Micro Finance Institution functionary :

Section 9