Amendment status not verified — confirm the current text below against the official source.
Repeal and savings STATEMENT OF OBJECTS AND REASONS Act 15 of 2025:- 1. The micro loan, small loan, private finance and other unregulated lending mafia are harassing and strangulating the borrowing community like poor rural indigents, urban workers, weaker and vulnerable section of the society. The borrower is constrained to pay sometimes double the amount or more, towards interest. The borrower is driven to streets and driven to commit suicide, on account of lenders. The proposed Legislation is to protect and rescue the helpless who happen to borrow loans and then are doomed in debts. The proposed Legislation is to protect and relieve the economically vulnerable groups and individuals, especially women and women self help groups from the undue hardship of usurious interests rates and coercive means of recovery by Micro Finance Institutions or Money Lending Agencies or Organizations involved in buying and selling Agricultural commodities by accepting agricultural produce from farmers or money lenders who lend money to poor and extract the principal with interest in form of cash or kind or shop or commercial establishment or estate entity and for this purpose to create an effective mechanism to regulate the Micro Finance Institutions or Money Lending Agencies or Organizations operating in the state of Karnataka and for matters connected therewith and incidental thereto.