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KARNATAKA ACT NO. 15 OF 2025

19 sections · 0 chapters

Preamble
Section 1 Short title, commencement and application.- (1) This Act may
Section 2 Definitions.- (1) In this Act, unless the context otherwise
Section 3 Registration of Micro Finance Institute or Money Lending
Section 4 Lending Agencies or Organizations or Lender having valid registration.
Section 5 Micro Finance Institution (MFI) or Money Lending Agencies or Organization or Lender.
Section 6 Micro Finance Institutions or Money Lending Agencies or
Section 7 Explanation: For the purpose of this Act “security” means, any form of collateral.
Section 8 Penalty for coercive actions against Micro Finance Institutions
Section 9 Power to require production of records or documents and
Section 10 Finance Institution (MFI) or Money Lending Agencies or Organization or Lender any person who in his/her opinion is in a position to furnish relevant information.
Section 11 Provided that, a Police officer not below the rank of Deputy Superintendent of Police shall be empowered to file a suo-moto case.
Section 12 Grievances redressal forum.- The Government shall establish
Section 13 Penalty for contravention of section 8 of the Act.- Any person
Section 14 The offences under this Act are cognizable and non-bailable.
Section 15 Relief to borrower from coercive action by the unlicensed and
Section 16 Power to remove difficulties.- If any difficulty arises in giving
Section 17 Provided that, no such order shall be made under this section after the expiry of the period of two years from the date of commencement of this Act.
Section 18 Power to make rules.- (1) The State Government may, by
Section 19 Repeal and savings.- (1) The Karnataka Micro Loan and Small

KARNATAKA ACT NO. 15 OF 2025

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Section 5

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State · Karnataka

Section 5 of KARNATAKA ACT NO. 15 OF 2025

Lending Norms.- The Government may, by notification, specify the lending norms, collection and recovery practices.

AI notes for this section are being prepared — this page will update on its own once they’re ready.

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