Exorbitantly - Bare Acts

Prohibition of Charging Exorbitant Interest Act, 2004 Preamble 1

Title: Prohibition of Charging Exorbitant Interest Act, 2004

State: Karnataka

Year: 2004

THE KARNATAKA PROHIBITION OF CHARGING EXORBITANT INTEREST ACT, 2004 [Act, No. 14 of 2004]1 [4th March, 2004] PREAMBLE An Act to prohibit the charging of exorbitant interest by any person and matters incidental thereto. Whereas, in order to obviate the difficulties experienced by the public at large who are falling prey to persons charging exorbitant interest, it is considered necessary to prohibit lending money for such exorbitant interest and to provide for stringent punishment thereof and for the purposes hereinafter appearing; Be it enacted by the Karnataka State Legislature in the Fifty fifth year of the Republic of India as follows;- _______________________ 1. First published in the Karnataka Gazette Extra-ordinary on the Sixth day of March, 2004.

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Prohibition of Charging Exorbitant Interest Act, 2004 Complete Act

Title: Prohibition of Charging Exorbitant Interest Act, 2004

State: Karnataka

Year: 2004

Preamble 1 - PROHIBITION OF CHARGING EXORBITANT INTEREST ACT, 2004 Section 1 - Short title, extent and commencement Section 2 - Definitions Section 3 - Prohibition of charging exorbitant interest Section 4 - Penalty Section 5 - Deposit of money and presentation of petition to court and the procedure thereof Section 6 - Restoration of possession of property Section 7 - Voluntary disclosure Section 8 - Adjustment of Interest Section 9 - Abetment of suicide Section 10 - Court fees Section 11 - Act not to be in derogation to other laws Section 12 - Application of provisions of the Karnataka Money Lenders Act, 1961 Section 13 - Deferment of repayment of loan Section 14 - Repeal and Savings

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Prohibition of Charging Exorbitant Interest Act, 2004 Section 3

Title: Prohibition of Charging Exorbitant Interest

State: Karnataka

Year: 2004

No person shall charge exorbitant interest on any loan advanced by him.

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Prohibition of Charging Exorbitant Interest Act, 2004 Section 2

Title: Definitions

State: Karnataka

Year: 2004

(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.

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Prohibition of Charging Exorbitant Interest Act, 2004 Section 1

Title: Short Title, Extent and Commencement

State: Karnataka

Year: 2004

(1) This Act may be called the Karnataka Prohibition of Charging Exorbitant Interest Act, 2004. (2) It extends to the whole of the State of Karnataka. (3) It shall be deemed to have come into force on the fifth day of September, 2003.

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Prohibition of Charging Exorbitant Interest Act, 2004 Section 7

Title: Voluntary Disclosure

State: Karnataka

Year: 2004

Any person who charges exorbitant interest may, within one month from the date of publication of this Act, file a petition before the Court disclosing his intention to charge only the rate fixed by the State Government under section 28 of the Karnataka Money Lenders Act, 1961, on the loan advanced by him and on such disclosure the interest in respect of such loan shall be as fixed by the State Government under Section 28 of the Karnataka Money Lenders Act, 1961, and no prosecution for the offenses under this Act shall be instituted in respect of such loan.

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Prohibition of Charging Exorbitant Interest Act, 2004 Section 14

Title: Repeal and Savings

State: Karnataka

Year: 2004

(1) The Karnataka Prohibition of Charging Exorbitant Interest Ordinance, 2003 (Karnataka Ordinance No.6 of 2003) is hereby repealed. (2) Notwithstanding such repeal, anything done or any action taken under the said Ordinance, shall be deemed to have been done or taken under this Act.

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Prohibition of Charging Exorbitant Interest Act, 2004 Section 4

Title: Penalty

State: Karnataka

Year: 2004

Notwithstanding anything contained in the Karnataka Money-Lenders Act, 1961, whoever contravenes the provision of section 3 or molests or abets the molestation of any debtor for recovery of any loan shall be punishable with imprisonment for a term which may extend to three years and also with fine which may extend to thirty thousand rupees.

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Prohibition of Charging Exorbitant Interest Act, 2004 Section 5

Title: Deposit of Money and Presentation of Petition to Court and the Procedure Thereof

State: Karnataka

Year: 2004

(1) A debtor may deposit the money due in respect of a loan received by him from any person together with interest at the rate fixed by the State Government under section 28 of the Karnataka Money Lenders Act, 1961 into the Court having jurisdiction, along with a petition to record that the amount deposited is in full or part, satisfaction of. the loan including the interest therefor, as the case may be. (2) The Court shall, on receipt of a petition under sub-section (1), refer a copy of the petition to the person mentioned in the petition, directing him to give his replies within a period of fifteen days as may be granted by the Court. The Court may, after due inquiry and after considering the versions of both the parties, pass orders recording the satisfaction of the loan and interest therefor in full or in part, as the case may be.

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Prohibition of Charging Exorbitant Interest Act, 2004 Section 6

Title: Restoration of Possession of Property

State: Karnataka

Year: 2004

The Court may, on filing a petition by the debtor, order the restoration of possession of property whether movable or immovable, if any, forcibly taken by any person towards repayment of the loan advanced or interest therefor.

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