The Andhra Pradesh Micro Finance Institutions (Regulation of Money Lending) Act, 2011
andhra-pradesh · 2011
The scanned source for this Act is imperfect — headings or section boundaries may be off. Verify against the official source.
- S. 1Short title, extent and commencement
- S. 2Definitions
- S. 3Register of MFIs
- S. 4Register of MFIs
- S. 5Power to suspend/ cancel registration
- S. 6—
- S. 7MFIs not to seek security for loan
- S. 8Display of rates of interest charged by MFIs
- S. 9Maximum amount of interest recoverable on loans and discharge of loans in certain cases
- S. 10Prior approval for grant of further loans to SHGs or their members
- S. 11Duty of MFIs to maintain accounts and furnish copies
- S. 12Section mandates Micro Finance Institutions to submit monthly statements to the Registering Authority detailing borrower lists, loans, and interest rates.
- S. 13Section 13 grants the Registering Authority power to inspect MFI premises, demand records, and seize documents for regulatory compliance verification.
- S. 14Section 14 allows SHGs, their members, or the public to file complaints against MFIs for Act violations, with the Registering Authority conducting investigations and imposing penalties.
- S. 15Section 15 establishes Fast-Track Courts to expedite resolution of disputes between SHGs, their members, and MFIs related to loans under the Act.
- S. 16Section 16 penalizes MFIs and their employees for coercive actions against SHG members, imposing up to three years' imprisonment or a fine of up to one lakh rupees.
- S. 17Section penalizes unregistered or improperly managed Micro Finance Institutions with up to three years imprisonment and a fine.
- S. 18Section 18 imposes imprisonment or fine for violating most provisions of the Andhra Pradesh Micro Finance Institutions Act, 2011.
- S. 19Section 19 designates all government officers and agents under the Act as public servants per the Indian Penal Code.
- S. 20Section 20 protects government officers and employees from lawsuits for actions taken in good faith under the Act.
- S. 21The section grants the government authority to issue orders to resolve any difficulties in implementing the Act.
- S. 22Section 22 grants the government authority to issue necessary orders for enforcing the Act.
- S. 23Power to make rules - (1) The State Government may, by notification, make rules for carrying out the purposes of this A
- S. 24The section mandates the government to prepare and present an annual report on the Act's administration to the State Legislature.
- S. 25Repeal of Ordinance 9 of 2010 ANDHRA PRADESH MICRO FINANCE INSTITUTIONS (REGULATION OF MONEY LENDING) ACT, 2011
- S. 2011(2) It extends to the whole of the State of Andhra Pradesh