Act Text
Section1 - Short title, extent and commencement
Section2 - Definitions
Section3 - Registration of factors
Section4 - Provisions of non-banking financial companies apply to factor
Section5 - Requirement for registration as a factor not to apply to bank or Statutory corporation or Government company
Section6 - Powers of Reserve Bank to give directions and to collect information from factors
Section7 - Assignment of receivables
Section8 - Notice to debtor and discharge of obligation of such debtor
Section9 - Discharge of liability of debtor on payment to assignee
Section10 - Payment made by debtor to assignor to be held in trust for benefit of assignee in certain cases
Section11 - Rights and obligations of parties to contract for assignment of receivables
Section12 - Liability of debtor
Section13 - Assignor to be trustee of assignee
Section14 - Liability of debtor in case of an assignor being mircro or small enterprises
Section15 - Principle of debtor protection
Section16 - Defences and right of set off of debtor
Section17 - Modification of original contract
Section18 - Breach of contract
Section19 - Registration of certain assignments of receivables transactions
Section20 - Public inspection
Section21 - Penalties
Section22 - Penalties for non-compliance of direction of Reserve Bank
Section23 - Offences
Section24 - Cognizance of offences
Section25 - Offences by factors
Section26 - Provisions of this Act to override other laws
Section27 - Application of other laws not barred
Section28 - Limitation
Section29 - Confidentiality of information
Section30 - Power to exempt
Section31 - Provisions of this Act not to apply or affect in certain cases
Section31A - Power to make regulations
Section32 - Power of Central Government to make rules
Section33 - Laying of rules
Section34 - Power to remove difficulties
Section35 - Amendments to certain enactments
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