Amendment status not verified — confirm the current text below against the official source.
Every money-lender shall keep accounts in the form prescribed. Obligation of 7 (1) I t f t t f tb mooc1.Jender to • n respec o every con rac or e re- rnpply Inform•· payment of a. loan made by a money-lender t ion as io 11ate • or loon and wbetlier ma.de before or after the commencement . ~r~~: 0 :e1:tfu~ of this Act, the money-lender shall on demand in ther~to. writing being made by the borrower at tlie time of executing the contract or at - any time durine the continuance of the contract, s\1pply to the borrower, or, if the borrower so requires, to any p1nson specified in that behalf in the demand, a statemei:it signed by the money-lender or bis agent showing- (") the date on which the loan was made, the amount of the principal of the loan, and the rate per cent. per annum of interest charged ; and (b) the amount of any payment already receind by the money-lender in respect of the loan and the date on which it was made : and (c) the amount of every sum due to the money-lender, but unpaid, and the date upon which it became due and the amount of interest accrued due and unpaid in respect of every &uch sum ; and (d) the amount of every sum not yet due which re1~ains outstanding and the date upon which it will become due : Provided that when a demand under this sub- section bas once been complied with, a second domnincl may not be ma.de in respect of the sa.mo loan within six months. ~~~ ro~ 1 g~~~: (2) A money-lender shall on demand in writing uwor, by the borrower, and on tender of the prescribed sum for expenses, supply a copy of any document relating to a. loan made by him or any security therefor, to the borrower, .or if the borrower so requires, to any person specified in that behalf in the demand. Ohll effee.11 of (3) If a money-lender to whom a demand has aon-eomphauce, h' . £ 'l . h been made under t is section a.1 w1t out reason- able excuse to compl v therewith within one month after the demand has been lllade, he shall not so long as the default continues be entitled to sue for or recover any sum due under the con- tract on accoum either of principal or interest, and interest shall not be chargeable in respect of the period of the default. 4 ib!'9:a'~t~f 0c~:. /)3. Where in any suit iu tcspect of any loan taln 10•01. made or any security taken for a loa.n mad~ by a. money-lender after the commencement of the Usurious Loans Act, HUS, it is found that the Act :<of 101s. interest charged exceeds the l'ate of 12i per cent. 71 per annum in the case of a secured loan or 18~ ~ ; -::; f :_ _ / per cent. per annum in the ca.;e of an un~ecuretl ~ r"\ 1.l loan, the t ourt shall, until the contrary is proved, J.,,1(J;J-"''-· P!esumo for the purposes of seQLion :3 of Lhe , ;:;:, '1 Usurious Loans Act, Hll8, that lhO' inLerest Att x or ma. J_ - """". ·-" - "7 tr" charged is excessive and that the transacLion was, ~ frl'""""' as between the parties thereto, sttbstn.11tiailly · / r> lf ~ · unfair, but this provision shall be without pre- "' .It' judice to the powers of the Court under the said section where the Coui t iF: satisfied tlrn.t the ..'.J interest cha.rged though not exceeding 12~ per cent. per annum or 18! per cent. per annum, as the ca.so may be, is excessive7 nar to rt1Co•ery L9. No Courts shall, in respec·t of any loan mado of fntereat t•:i:· • • 1 c; coedtng Ibo beforo or after the cvmmenc" moot of t Ins ,\ct, ..i..v-· prlorlpat. decree on account of arrears of interest a. i:;um ~ r./lrf'~ greater than the principal of the loan) ~ · >.'~4) ' ~ ./ f fY' ~o~f'::'lt-moo!;