Gujarat Money Lenders Act, 2011
No: 14 Dated: Apr, 08 2011
Gujarat Money Lenders Act, 2011
(Gujarat Act No. 14 of 2011)
CHAPTER I
Preliminary
1. Short title extent and commencement. - (1) This Act may be called the Gujarat Money-Lenders Act, 2011.
(2) It extends to the whole of the State of Gujarat.
(3) It shall come into force on such date as the State Government may, by notification in the Official Gazette, appoint.
2. Definitions. - In this Act, unless the context otherwise requires, -
(1) "appointed day" means the date on which this Act comes into force;
(2) "bank" means -
(i) a banking company or a co-operative bank to which the Banking Regulations Act, 1949, (10 of 1949) applies;
(ii) the State Bank of India constituted under the State Bank of India Act, 1955, (23 of 1955);
(iii) a Subsidiary Bank as defined in the State Bank of India (Subsidiary Banks) Act, 1959, (38 of 1959.);
(iv) a corresponding new bank constituted under the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970, (5 of 1970) or the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980, (40 of 1980); and
(v) a regional rural bank established under section 3 of the Regional Rural Banks Act, 1976, (21 of 1976);
(3) "business of money-lending" means the business of advancing loans, whether in cash or kind and whether or not in connection with or in addition to, any other business and includes the business of payment of loan by an agreement under any law for the time being in force;
(4) "capital" means a sum of money which a Money-Lender invests in the business of money-lending;
(5) "company" means a company as defined in the Companies Act, 1956, (1 of 1956.);
(6) "co-operative society" means a society registered or deemed to have been registered under the Gujarat Co-operative Societies Act, 1961, (Gujarat 10 of 1962) or any other Act relating to co-operative societies and includes a Multi-State Co-operative Society registered under the Multi State Co-operative Societies Act, 2002, (39 of 2002);
(7) "debtor" means a person to whom a loan is advanced and includes a successor-in-interest or surety;
(8) "interest" includes the sum to be made over and above principal amount lent, whether the same is charged or sought to be recovered specifically by way of interest or otherwise, but does not include any sum lawfully charged by Money-Lender as costs, charges, expenses, towards evaluation, assessment and creation of the security;