The Factoring Regulation Act, 2011
Central · 2012
- S. 1Short title, extent and commencement.
- S. 2Definitions.
- S. 3Registration of factors.
- S. 4Provisions of non-banking financial companies apply to factor.
- S. 5Requirement for registration as a factor not to apply to bank or Statutory corporation or Government company.
- S. 6Powers of Reserve Bank to give directions and to collect information from factors.
- S. 7Assignment of receivables.
- S. 8Notice to debtor and discharge of obligation of such debtor.
- S. 9Discharge of liability of debtor on payment to assignee.
- S. 10Payment made by debtor to assignor to be held in trust for benefit of assignee in certain cases.
- S. 11Rights and obligations of parties to contract for assignment of receivables.
- S. 12Liability of debtor.
- S. 13Assignor to be trustee of assignee.
- S. 14Liability of debtor in case of an assignor being mircro or small enterprises.
- S. 15Principle of debtor protection.
- S. 16Defences and right of set off of debtor.
- S. 17Modification of original contract.
- S. 18Breach of contract.
- S. 19Registration of certain assignments of receivables transactions.
- S. 20Public inspection.
- S. 21Penalties.
- S. 22Penalties for non-compliance of direction of Reserve Bank.
- S. 23Offences.
- S. 24Cognizance of offences.
- S. 25Offences by factors.
- S. 26Provisions of this Act to override other laws.
- S. 27Application of other laws not barred.
- S. 28Limitation.
- S. 29Confidentiality of information.
- S. 30Power to exempt.
- S. 31Provisions of this Act not to apply or affect in certain cases.
- S. 31APower to make regulations.
- S. 32Power of Central Government to make rules.
- S. 33Laying of rules.
- S. 34Power to remove difficulties.
- S. 35Amendments to certain enactments.