Amendment status not verified — confirm the current text below against the official source.
(1) Every Money-Lender shall keep and mankn proper accolnb and a cash book, ledger, register of securities, register of debtors and such other books of accounts in such form and in such manner as may be prescribed. The cash book, the ledger and the register of securities shall contain an up-to-date and true accounts ofall Eansactions, particulars ofa pawrq pledge of secwity and where it is kept. (2) Every Money-Lender shall,- (a) deliver or cause to be delivered to the debtor on the same day on which a loan is advanced- (i) a statement in the prescribed form containing an up- to-date and tue account of ttre ransaction with the debtor, the amount (both in words and figuies) and the date of the loan, the alate of its maturity, the nature of security, if any, for the loan, the rate of interest charged and the nemes and fu[ ad&esses of the debtor and the Money-Lender aad such other particulars as may be prescribed; and if the loan advanced is in kin4 the statement shall show, in place of the amount of the loan and the rate of interest, the correct value ofthe thing or commodity on the date on which it is advanced and the quantity of the thi-ng or commodity in excess of the loan recoverable in /iea,of interest; (ii) a pass book in the prOscribed form conaining an up to date and true account of all tansactions relating to the loan; (b) submit to the Registrar such retums sf 1[s [sans advanced by him, in such form and at such time, as may be prescribed; (c) keep and maintain with himself a copy of the statement referred to in sub-clause (i) of clause (a); (d) upon repayment of a loan in firll, mark indelible entry ir every paper signed by the debtor with words indicating payment or cancellatibn, and discharge every mortgage, restore every pledge, retum every note and cancel or reassign every assiepment given by the debtor as a security for the loan. (3) Atl the particulars requted to be entered in the statement and the pass book referred to in clause (a) ofsub-section (2) shall be entered therein in clear, distinct and legible terms in local language, or, if so requted by debtor then in Hindi or English. (4) No Money-Lender shall receive any payment from a debtor on account of any loan without giving him a plain and complete receipt for such payment a.nd without obtaining the signature or thumb impression of the debtor or his agent on the copy of such receipt to be kept with the Money-Lender where the payment is made in person. e.t: [20u ll 2011 : Guj. 14 I The Gujoat'Monzy-Lenders Act, 20 I I 15 (5) No Money-Lender shall accept from a debtor any article as a pawn, pledge or security for a loan without giving him a plain receipt foi such arricle, signed by the Money-Lender and showing therein the description and the estimated value of the article, the amount ofloan advancea against it and such other particulars as may be prescribed. (6) A Money-Lender shall keep and maintain articles received as a pawn, pledge or security in safe custody and produce the same to the authority referred to in sub-secpion (l) of section 19 on demand. (7) Where any dispute arises as to the corectness of the market value of the commodity advanced as a loar:, the matter shall be referred to the Registrar having jurisdiction in the area in which such loan is, or is to be, advanced and the decision of the Registrar shall be final. (8) A Money-Lender who has not maintained the record of any tansaction relating to a loan advanced by him in the books of accounts as required under this Act shall be deemed to have advanced such loan in conhavention of the provisions of this Act. (9) A Money-Lender sh4ll keep and maintain relevant books of accounts as referred to in this s6ction for five years except in the cases where the Registrar or Court require5 s1 has ysquired such books of accounts or stratements or pass books for any longer period" as the case may be.