Assam Money Lenders Act, 1934

{
    "id": 15080,
    "slug": "assam-money-lenders-act-1934",
    "title": "Assam Money Lenders Act, 1934",
    "short_title": "Assam Money Lenders Act, 1934",
    "act_number": "(Assam Act No. 4 of 1934)",
    "act_year": 1934,
    "act_type": "STATE",
    "location": "Assam",
    "law_status": "unknown",
    "enactment_date": null,
    "description": "Assam Money Lenders Act, 1934",
    "preamble": "",
    "section_label": "Section",
    "sections": [
        {
            "number": "1",
            "title": "1. Short title extent and commencement.",
            "chapter": null,
            "content": "",
            "footnote": "",
            "is_definition": false,
            "sort_order": 0
        },
        {
            "number": "2",
            "title": "2. Definitions.",
            "chapter": null,
            "content": "[(1) \"Money lender\" means a person who in the regular course of business, advance a loan as defined in this Act and shall include, subject to the provisions of section 6, the legal representatives and the successors in interest whether by inheritance, assignment or otherwise of the person who advanced the loan the money-lending shall be construed accordingly ;]\n(2) \"Interest\" means rate of interest and include the return to be made over and above what was actually lent whether the name is charged or sought to be recovered specifically by way of interest or otherwise ;\n(3) \"Loan\" means an advance (whether of money or in kind) at interest made by a money-lender and shall include any bond bearing interest executed in respect of past liabilities and any transaction  which in substance in a loan ;\n(4) \"Prescribed\" means prescribed by rules made under this Act.\n[(5) 'Registrar' means any officer appointed by the State Government to perform the duties under this Act.]",
            "footnote": "",
            "is_definition": true,
            "sort_order": 1
        },
        {
            "number": "3",
            "title": "3. Penalty for stating larger amount in the bond than actually lent.",
            "chapter": null,
            "content": "",
            "footnote": "",
            "is_definition": false,
            "sort_order": 2
        },
        {
            "number": "4",
            "title": "4. Prohibition of compound interest and provisions as to defaulting.",
            "chapter": null,
            "content": "",
            "footnote": "",
            "is_definition": false,
            "sort_order": 3
        },
        {
            "number": "5",
            "title": "5. Prohibition of charge for expenses on loans by money-lenders.",
            "chapter": null,
            "content": "Exception.\n[6. Maintenance of accounts by Money Lender and supply of statements these of to borrower.\n(a) Regularly maintain an account for each borrower separately of all transactions with dates and places of such transactions in respect of any loan advanced to that borrower ;\n(b) Furnish such borrower every year with a legible statement of accounts in the prescribed manner signed by the money-lender or his authorised agent of any balance of amounts shall include all transactions in respect of the loan entered into during the year to which the statement relates.\n(i) If the loan has, since it was originally advanced, passed by inheritance of assignment to a widow or minor, such widow or minor shall not be bound to maintain and furnish the account under sub-section (1) for a period of two years from the date of such passing ;\n(ii) Nothing in this section shall be deemed to lay upon any person the duty of maintaining and furnishing the account under sub-section (1) in the case of a loan wherein the title to recover is sub-judice between two or more persons claiming as money-lenders adversely to each other unless and until the title has been finally decided by a court of competent jurisdiction.]\n[6A. Receipt for repayment of loan.",
            "footnote": "",
            "is_definition": false,
            "sort_order": 4
        },
        {
            "number": "7",
            "title": "7. Obligation of money lender to supply information as to state of loan and copies of documents relating thereto.",
            "chapter": null,
            "content": "(a) the date on which the loan was made, the amount of the principal of the loan, and the rate per cent. per annum of interest charged ; and\n(b) the amount of any payment already received by the money-lender in respect of the loan and the date on which it was made : and\n(c) the amount of every sum due to the money-lender, but unpaid, and the date upon which it became due and the amount of interest accrued due and unpaid in respect of every such sum ; and\n(d) The amount of every sum not yet due which remains outstanding and the date upon which it will become due :\n[7A. Register of Money lenders.\n[7B. Registration of Money lenders and registration certificates.\n[7C. Bar to carry on business without registration certificate.\n[7D. Suit not to proceed without registration certificate, etc.",
            "footnote": "",
            "is_definition": false,
            "sort_order": 5
        },
        {
            "number": "8",
            "title": "8. Presumption in the case of certain loans.",
            "chapter": null,
            "content": "",
            "footnote": "",
            "is_definition": false,
            "sort_order": 6
        },
        {
            "number": "9",
            "title": "9. Bar to recovery of interest exceeding the principal.",
            "chapter": null,
            "content": "",
            "footnote": "",
            "is_definition": false,
            "sort_order": 7
        },
        {
            "number": "10",
            "title": "10. Deposit in Court of money due to money-lender.",
            "chapter": null,
            "content": "",
            "footnote": "",
            "is_definition": false,
            "sort_order": 8
        },
        {
            "number": "11",
            "title": "11. Restrictions on money-lending advertisements.",
            "chapter": null,
            "content": "(a) to borrow money from a money-lender ; or\n(b) to enter into any transaction involving the borrowing of money from a money-lender ; or\n(c) to apply to any place with a view to obtaining information or advice as to borrowing any money from a money lender.\n[12. General provisions regarding penalties.\n(a) For the first offence with simple imprisonment which may extend to two months or with fine which may extend to rupees five hundred or with both, and\n(b) For the second or subsequent offence with imprisonment of either description which may extend to six months or with fine which may extend to rupees one thousand or with both.]\n[12A. Court competent to try offences under this Act and take cognizance of offence.",
            "footnote": "",
            "is_definition": false,
            "sort_order": 9
        },
        {
            "number": "13",
            "title": "13. Appeal.",
            "chapter": null,
            "content": "[13A.",
            "footnote": "",
            "is_definition": false,
            "sort_order": 10
        },
        {
            "number": "14",
            "title": "14. Power of local Government to make rules.",
            "chapter": null,
            "content": "[(i) The form and manner in which the money-lenders shall keep account and furnish the same in the borrower under sub-section (1) of section 6;\n(ii) The form of maintaining register, fixation and realisation of registration fees, issue of registration certificate as provided in section 7A and 7B;]\n(iii) the manner in which an application for a deposit is to be made under sub-section (1) of section 10, and a notice of the deposit is to be sent to the money-lender under the said sub-section ; and\n(iv) the enforcement of orders made under sub-section (1) of section 12.\n[(v) Any other matter which is required to be or may be prescribed.]",
            "footnote": "",
            "is_definition": false,
            "sort_order": 11
        }
    ],
    "metadata": {
        "Act ID": "Last Updated 5th February, 2020 [ass002]",
        "Act Number": "(Assam Act No. 4 of 1934)",
        "Enactment Date": "",
        "Act Year": "1934",
        "Short Title": "Assam Money Lenders Act, 1934",
        "Type": "STATE",
        "Location": "Assam"
    },
    "updated_at": "2026-09-29 21:55:19"
}