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THE KARNATAKA MONEY-LENDERS ACT, 1961

43 sections · 0 chapters

Preamble
Section 1 Adapted by the Karnataka Adaptations of Laws Order, 1973 w.e.f. 1.11.1973
Section 2 Definitions.
Section 3 Appointment of Registrar General, Registrars and Assistant Registrars.
Section 4 Register of money-lenders.
Section 5 Money-lenders to obtain licence.
Section 6 Application for licence.
Section 7 Grant of licence and entry in register.
Section 7A Conditions of licence.
Section 7B Forfeiture of security.
Section 8 Refusal of issue of licence.
Section 9 Registrar’s power to cancel licences.
Section 9A Repayment of Security Deposit.
Section 10 Term of licence.
Section 13 Application for cancellation of licence.
Section 14 Registrar and Assistant Registrar to have powers of Civil Court.
Section 15 Power of authorised officer to require production of records or documents
Section 16 Court’s power to cancel or suspend a licence.
Section 17 No compensation for suspension or cancellation of licence.
Section 18 Persons debarred from doing business during period of suspension or
Section 19 State.
Section 20 Duty of money-lender to keep accounts and furnish copies.
Section 21 Delivery of statement of accounts and copies thereof by money-lender.
Section 22 Fees for certain statements supplied to debtors and Assistant Registrars.
Section 23 Debtors not bound to admit correctness of accounts.
Section 24 Procedure of court in suits regarding loans.
Section 25 Provisions of certain sections not to apply to loans made by company or
Section 26 Power of Court to limit interest recoverable in certain cases.
Section 27 Power of Court to direct payment of decretal amount by instalments.
Section 28 Limitation on rates of interest.
Section 29 Prohibition of charge for expenses on loans by money-lenders.
Section 30 Notice and information to be given on assignment of loan.
Section 31 Application of Act as respects assignees.
Section 32 Reopening of transactions.
Section 33 Inquiry for taking accounts and declaring the amount due.
Section 34 Deposit in Court of money due to money-lender.
Section 35 When interest to be paid for entire month.
Section 36 Money-lenders to exhibit their names over shops.
Section 37 Entry of wrong sum in bond, etc., to be an offence.
Section 38 Penalty for molestation.
Section 38A Prohibition of using coercive action.- (1) No person shall charge exorbitant
Section 39 General provision regarding penalties.
Section 40 Offences by Hindu Joint Family, Corporation, etc.
Section 41 Certain offences to be cognizable.
Section 42 Every officer to be public servant.
Section 43 Saving of laws relating to agriculturists’ indebtedness.
Section 44 Rules.
Section 45 Repeal and savings.

THE KARNATAKA MONEY-LENDERS ACT, 1961

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Section 17

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State · Karnataka

Section 17 of THE KARNATAKA MONEY-LENDERS ACT, 1961

Where any licence is suspended or cancelled under this Act, no person shall be entitled to any compensation or the refund of any licence fee.

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

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