Amendment status not verified — confirm the current text below against the official source.
commencement of the Usurious Act x of Loans Act, 1918, it is - found 1918. that the interest charged exceeds the rate of 9} per cent. per annum in the case of a secured loan or 12! per cent. per annum in the case of an unsecured Joan, the Court shall not decree as interc.-st any sum in excess of 9# per cent. per annum and 12! per cent. per annum respectively. [Pnce anna I or ld.l 2 Explanation.-" Secured Loans " means mort· gage debts as well as bonds, for the satisfaction of the interest whereof land has been delivered by debtors, in conformity with local custom, into the posse\tioon of creditors to be enjoyed in lieu of interest by the latter." Amen~me~~t