Amendment status not verified — confirm the current text below against the official source.
Money lender and pawnbroker to keep books give receipt etc: (1) Every money lender and pawnbroker shall: (a) regularly record and maintain or cause to be recorded and maintained, an account showing for each debtor separately (i) the date of the loan, the amount of the principal of the loan and rate of interest charged on the loan; 4 the amount of every payment received by the money-lender inrespect of the loan, and the date of such payment; 5 ) if articles are taken in pawn (1) afull and detailed descriptionofthe article or ofeach of the articles taken in pawn; and (2) the time agreed upon for the redemption of the pawn; and (3) the name and address of the pawner, and where the pawner is not the owner of the article or of any of the articles pawned, the name and address of the owner thereof; keep and use inhis business, ifhe is apawn-broker, the following documents and books in the prescribed form and enter therein, from time to time, as occasion requires, in a fair and legible manner, such particulars and in accordance with such dictions, as may be prescribed: pawn-ticket; sale book of pledge; declaration under Section 9; and receipt on redemption of pledge; give to the debtor or his agent areceipt for every amount paid by him, duly signed and if necessary, stamped at the time of such payment; on requisitioninwriting made by the debtor furnish to hirnor, ifhe so requires, to any personmentioned by him in that behalf in his requisition, a statement of account signed by himself or his agent, showing the particulars referred to in clause (a) and also the amount which remains outstanding on account of the principal and of interest, and charge such sum as the Government may prescribed as fee therefor; Providedthat no such statement shall be required to be furnished to adebtor if he is supplied by the money-lender with a pass book in the prescribed form containing an up-to date account of the money-lender's transaction - with the debtor; and submit suchreturns relating to the loans advanced by him to such authority in such manner and at such time as may be prescribed. All records and entires made in the books, accounts and documents referred to in sub-section (10 shall be either in English or in such language of the locality as may be prescribed. Notwithstanding an* containdinthe IndianEvidence Act, 1872 (Centml Act 1 of 1872), a copy of the account referred to in clause (a) of sub- section (1), ceaitied in suchmanner as may be prescribed, shall be admissible in evidence inthe samemanner and to the same extent as the o r i d account. A debtor to whom a statement of account has been furnished under clause (d) of sub-section (1) and who fails to object to the corresctness of the account shall not, by such failure alone, be deemed to have admitted the correctness of such account. (5) In the receiptto te givenunder clause (c) of subsection (1) or in the statement of account to be fiunished under clause (d) of that sub-section or in the ~. pawn ticket fiunished to the pawner, the figures shall be entered only in Arabic numerals. (6) In any suit or proceeding relating to a loan, if the Court finds that a money lender has not maintained an account as required by clause (a) of sub-section (I), it shall disallow his costs. (7) If any money lender fails to give to the debtor or his agent a receipt as required by clause (c) of sub-section (1) or to furnish on a requisition made under clause (d) of that sub-section a statement of account as required within one month after such requisition has been made, or if a pawn-broker fails to deliver to the pawner a pawn-ticket as required by Section 8, he shall not be entitled to any interest for the period of his default.