Prohibition of Charging Exorbitant Interest Act, 2004 Section 2 - Bare Act

(1) In this Act, unless the context otherwise requires,-

(a) "debtor" means a person who receives loan for exorbitant interest;

(b) "exorbitant interest" means and includes charging of interest on hourly basis, daily basis, installment basis, monthly basis or in any other form which works out to be an interest at rate more than that fixed by the State Government under section 28 of the Karnataka Money Lenders Act, 1961;

(c) "Karnataka Money Lenders Act, 1961" means the Karnataka Money Lenders Act, 1961 (Karnataka Act 12 of 1961);

(d) "loan" means an advance of money given to a debtor for exorbitant interest.

(2) Words and expressions used but not defined in this Act shall have the meanings assigned to them in the Karnataka Money Lenders Act, 1961.