Amendment status not verified — confirm the current text below against the official source.
(1) The State Govemment may, ftom time to time by notification in the Oficial Gazette, fix the maximum rates of interest for any local area or class of business of money-lehding in respect of secured and unsecured loans. (2) No agreement between a Money-Lender and a debtor for payment of interest at rates exceedi"g the maximum rates fixed by the State Government under sub-section (1) shall be valid and no Court shall in any suit to which this Act applies award interest exceed.ing the said rates. (3) No Moirey-Lender or a person advancing a loan shall make an oral or written demand or charge or receive from a debtor interest at a rate exeeeding the maximum rate,fixed by the State Govemment uder sub- section (1). (4) Any loan in respect of which the Money-Lender or any person has realized from the debtor an interest a1 mlss sxgsgding the maximum rates fixed by the State Govemment under sub-section (1), shall stand discharged and the amount ofexcessive interes! if any, 56 lgalized shall be refunded by the Money-Lender or any person, as the case may be, to the debtor. If the Money-Lender cir any person fails to pay such amount ofexcessive interest to the debtor, it shall be recoverable from him as an arrears of land revenue, and on recovery thereofl, it shall be paid to the debtor. z0 Probib)Don a/clzrTre/ar expenses on loans by Money-Lender Notice and itrformation to be given on assignment of loan. Application ofAct as resperts assignees. The Gujarat Money-Lenders Act, 2011 [2011 : Guj