Amendment status not verified — confirm the current text below against the official source.
Short title, commencement and application.- (1) This Act may be called the Karnataka Micro Loan and Small Loan (Prevention of Coercive Actions) Act, 2025. (2) It shall deemed to have come into force with effect from 12th day February, 2025. (3) Nothing in this Act shall be applicable to legal, registered and regulated bodies like Banks (including Small Finance Banks, Local Area Banks, Regional Rural Banks and Business Correspondents of Banks)regulated by RBI, all Co-operative Banks and all Co-operative Societies registered under the Karnataka Co-operative Societies Act, 1959 (Karnataka Act 11 of 1959 ) and all Souharda Societies registered under the Karnataka Souharda Sahakari Act,1997 (Karnataka Act 17 of 2000) and all Non-Banking Financial Companies and Housing Finance Corporations, registered with RBI. (4) The provisions of this Act shall be in continuation of and not in derogation of any existing law for the time being in force.